Company Registration No. SC120672 (Scotland)
MB DAYSTAR BF. 250 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MB DAYSTAR BF. 250 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MB DAYSTAR BF. 250 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,000
9,000
Tangible assets
4
631,793
505,179
Investment properties
5
84,120
84,120
Investments
6
31,141,848
29,734,614
31,866,761
30,332,913
Current assets
Debtors
7
1,554,654
229,191
Cash at bank and in hand
796,067
1,851,482
2,350,721
2,080,673
Creditors: amounts falling due within one year
8
(2,660,820)
(3,099,066)
Net current liabilities
(310,099)
(1,018,393)
Total assets less current liabilities
31,556,662
29,314,520
Creditors: amounts falling due after more than one year
9
(4,291,438)
(4,217,406)
Provisions for liabilities
(186,738)
(261,147)
Net assets
27,078,486
24,835,967
Capital and reserves
Called up share capital
1,128,347
1,128,347
Profit and loss reserves
25,950,139
23,707,620
Total equity
27,078,486
24,835,967

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MB DAYSTAR BF. 250 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
ALEXANDER WEST JNR
ANNE HUGHES
Alexander West Jnr
Anne Hughes
Director
Director
Company Registration No. SC120672
MB DAYSTAR BF. 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

MB Daystar BF. 250 Limited is a private company limited by shares incorporated in Scotland. The registered office is Heritage House, 141 Shore Street, Fraserburgh, Aberdeenshire, United Kingdom, AB43 9BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management charges for services provided, and is shown net of VAT and other sales related taxes. Turnover is recognised as services are provided.

 

Profit share from a partnership in which the company is a partner is recognised in the period in which it relates to.

1.4
Intangible fixed assets other than goodwill

No provision for amortisation is made in respect of fishing quota and licenses introduced to the company on its formation because the directors believe there will be no further permanent diminution below the present carrying value.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MB DAYSTAR BF. 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

The company is a corporate partner in a partnership. The initial share of costs along with the share of annual profits are recognised within investments as this is similar to a loan due from participating interest. Any distributions made to the Company is offset against the balance.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.11
Equity instruments

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MB DAYSTAR BF. 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
MB DAYSTAR BF. 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Fishing licences
£
Cost
At 1 January 2023 and 31 December 2023
9,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
9,000
At 31 December 2022
9,000
4
Tangible fixed assets
Freehold land and buildings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
525,386
5,225
181,877
712,488
Additions
-
0
3,238
222,026
225,264
Disposals
-
0
-
0
(97,566)
(97,566)
At 31 December 2023
525,386
8,463
306,337
840,186
Depreciation and impairment
At 1 January 2023
103,963
2,629
100,717
207,309
Depreciation charged in the year
9,008
1,107
65,865
75,980
Eliminated in respect of disposals
-
0
-
0
(74,896)
(74,896)
At 31 December 2023
112,971
3,736
91,686
208,393
Carrying amount
At 31 December 2023
412,415
4,727
214,651
631,793
At 31 December 2022
421,423
2,596
81,160
505,179
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
84,120

The fair value of the investment property has been arrived at on the basis of a valuation carried by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

MB DAYSTAR BF. 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
27,108,725
25,701,491
Other investments other than loans
4,033,123
4,033,123
31,141,848
29,734,614
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
25,701,491
4,033,123
29,734,614
Additions
920,000
-
920,000
Share of profit
3,938,935
-
3,938,935
Drawings
(3,451,701)
-
(3,451,701)
At 31 December 2023
27,108,725
4,033,123
31,141,848
Carrying amount
At 31 December 2023
27,108,725
4,033,123
31,141,848
At 31 December 2022
25,701,491
4,033,123
29,734,614
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
223,030
223,030
Other debtors
1,331,624
6,161
1,554,654
229,191
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
60,000
20,000
Amounts owed to group undertakings
1,836,018
1,836,018
Corporation tax
728,038
776,956
Other taxation and social security
3,881
17,555
Other creditors
32,883
448,537
2,660,820
3,099,066
MB DAYSTAR BF. 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Creditors: amounts falling due within one year
(Continued)
- 8 -

Included within other creditors are obligations under finance leases totalling £11,250 (2022: £11,250) which are secured over the assets to which they relate.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,291,438
4,217,406

Included within other creditors are obligations under finance leases totalling £15,000 (2022: £26,250) which are secured over the assets to which they relate.

10
Related party transactions

During the year, the company made advances to the directors of £558,156. Credits were received of £312,500, which resulted in amounts due to the company at the year end of £14,338 (2022: £238,668 amounts due to the directors).

 

There are no fixed repayment terms, nor is interest charged on the above outstanding balance.

11
Parent company

The ultimate controlling party as at 31 December 2023 is Place D'Or 456 Limited.

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