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REGISTERED NUMBER: SC615634 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Atlantic Mariculture Ltd

Atlantic Mariculture Ltd (Registered number: SC615634)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Atlantic Mariculture Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A C A Hamilton
D Stewart Howitt
O M Routledge





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Midlothian
EH7 4HG





REGISTERED NUMBER: SC615634 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Atlantic Mariculture Ltd (Registered number: SC615634)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,728 7,788
Tangible assets 5 158,460 100,671
167,188 108,459

CURRENT ASSETS
Stocks 36,280 2,440
Debtors 6 18,563 25,428
Cash at bank 18,043 226,904
72,886 254,772
CREDITORS
Amounts falling due within one year 7 200,553 132,711
NET CURRENT (LIABILITIES)/ASSETS (127,667 ) 122,061
TOTAL ASSETS LESS CURRENT LIABILITIES 39,521 230,520

PROVISIONS FOR LIABILITIES 8 98,678 78,871
NET (LIABILITIES)/ASSETS (59,157 ) 151,649

CAPITAL AND RESERVES
Called up share capital 9 379,996 379,996
Share premium 155,006 155,006
Retained earnings (594,159 ) (383,353 )
SHAREHOLDERS' FUNDS (59,157 ) 151,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





D Stewart Howitt - Director


Atlantic Mariculture Ltd (Registered number: SC615634)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Atlantic Mariculture Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on the continued support of the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, [other than investment properties and freehold land], at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings - 25% per annum
Plant and machinery - 15% per annum
Computer equipment - 33% per annum
Motor vehicles - 20% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Atlantic Mariculture Ltd (Registered number: SC615634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 1 ) .

Atlantic Mariculture Ltd (Registered number: SC615634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 January 2023 740 10,480 11,220
Additions - 3,332 3,332
At 31 December 2023 740 13,812 14,552
AMORTISATION
At 1 January 2023 196 3,236 3,432
Amortisation for year 74 2,318 2,392
At 31 December 2023 270 5,554 5,824
NET BOOK VALUE
At 31 December 2023 470 8,258 8,728
At 31 December 2022 544 7,244 7,788

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 122,685 2,832 - 1,250 126,767
Additions 74,841 - 15,148 2,142 92,131
At 31 December 2023 197,526 2,832 15,148 3,392 218,898
DEPRECIATION
At 1 January 2023 23,842 1,060 - 1,194 26,096
Charge for year 30,115 443 3,030 754 34,342
At 31 December 2023 53,957 1,503 3,030 1,948 60,438
NET BOOK VALUE
At 31 December 2023 143,569 1,329 12,118 1,444 158,460
At 31 December 2022 98,843 1,772 - 56 100,671

Atlantic Mariculture Ltd (Registered number: SC615634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 71,250
DEPRECIATION
At 1 January 2023 10,688
Charge for year 12,327
At 31 December 2023 23,015
NET BOOK VALUE
At 31 December 2023 48,235
At 31 December 2022 60,562

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 439 -
Other debtors 18,124 25,428
18,563 25,428

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 14,469 24,029
Taxation and social security - 3,214
Other creditors 186,084 105,468
200,553 132,711

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 27,428 7,621
Warrant provision 71,250 71,250
98,678 78,871

Deferred
tax
£   
Balance at 1 January 2023 7,621
Provided during year 19,807
Balance at 31 December 2023 27,428

Atlantic Mariculture Ltd (Registered number: SC615634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
379,996 Ordinary £1 379,996 379,996

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31st December 2023 the company owed the directors £117,898 (2022: £96,618).

11. RELATED PARTY DISCLOSURES




Movement in
the year ended

Movement in
the year ended
Balance receivable from /
(payable to) related party
as at
Balance receivable from
/ (payable to) related
party as at
31.12.23 31.12.22 31.12.23 31.12.22

£ £ £ £
Moidart Capital Limited
Loan balance (10,000) (7,200) (17,200) (7,200)

Loaned assets - 71,250 - -

Greensea Solutions Limited (GS)

Loan 439 - 439 -

During the year ended 31st December 2022, a share warrant of 285,002 shares was granted to Moidart Capital Ltd (MC) in exchange for provision of lease on plant and machinery equipment to Atlantic Mariculture Ltd (AML). The warrant has a vesting period of three years and shares are exercisable at a price of £0.25 per share.

A director of Atlantic Mariculture Limited is also a director of Moidart Capital Limited.

A director of Atlantic Mariculture Limited is also a director of Greensea Solutions Limited.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Richard Buccleuch.