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REGISTERED NUMBER: SC388070 (Scotland)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Moray Firth Marine Surveys Ltd.

Moray Firth Marine Surveys Ltd. (Registered number: SC388070)






Contents of the Financial Statements
for the Year Ended 29 February 2024

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Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Moray Firth Marine Surveys Ltd.

Company Information
for the Year Ended 29 February 2024







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DIRECTORS: Mr S J Oakes
Mrs S G Oakes





REGISTERED OFFICE: 8 West End
Whitehills
Banff
Aberdeenshire
AB45 2NL





REGISTERED NUMBER: SC388070 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

Moray Firth Marine Surveys Ltd. (Registered number: SC388070)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
DRAFT
FIXED ASSETS
Intangible assets 4 18,900 -
Tangible assets 5 16,854 21,183
35,754 21,183

CURRENT ASSETS
Stocks 6 39,240 36,923
Debtors 7 55,936 46,487
Cash at bank 13,275 67,536
108,451 150,946
CREDITORS
Amounts falling due within one year 8 111,824 62,554
NET CURRENT (LIABILITIES)/ASSETS (3,373 ) 88,392
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,381

109,575

PROVISIONS FOR LIABILITIES 9 4,267 3,154
NET ASSETS 28,114 106,421

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 28,104 106,411
SHAREHOLDERS' FUNDS 28,114 106,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

Moray Firth Marine Surveys Ltd. (Registered number: SC388070)

Balance Sheet - continued
29 February 2024

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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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:




Mr S J Oakes - Director



Mrs S G Oakes - Director


Moray Firth Marine Surveys Ltd. (Registered number: SC388070)

Notes to the Financial Statements
for the Year Ended 29 February 2024
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1. STATUTORY INFORMATION

Moray Firth Marine Surveys 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Moray Firth Marine Surveys Ltd. (Registered number: SC388070)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024
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3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 21,000
At 29 February 2024 21,000
AMORTISATION
Amortisation for year 2,100
At 29 February 2024 2,100
NET BOOK VALUE
At 29 February 2024 18,900

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 5,087 6,178 12,879
Additions - - -
Disposals - (711 ) -
At 29 February 2024 5,087 5,467 12,879
DEPRECIATION
At 1 March 2023 509 4,102 7,586
Charge for year 508 381 1,058
Eliminated on disposal - (541 ) -
At 29 February 2024 1,017 3,942 8,644
NET BOOK VALUE
At 29 February 2024 4,070 1,525 4,235
At 28 February 2023 4,578 2,076 5,293

Moray Firth Marine Surveys Ltd. (Registered number: SC388070)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued
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Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 36,912 15,383 76,439
Additions - 476 476
Disposals - (9,947 ) (10,658 )
At 29 February 2024 36,912 5,912 66,257
DEPRECIATION
At 1 March 2023 28,153 14,906 55,256
Charge for year 2,189 499 4,635
Eliminated on disposal - (9,947 ) (10,488 )
At 29 February 2024 30,342 5,458 49,403
NET BOOK VALUE
At 29 February 2024 6,570 454 16,854
At 28 February 2023 8,759 477 21,183

6. STOCKS
29.2.24 28.2.23
£    £   
Work-in-progress 39,240 36,923

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 51,438 45,543
Prepayments 4,498 944
55,936 46,487

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Tax 75,587 37,285
Social security and other taxes 1,155 636
VAT 24,863 21,471
Other creditors 7,356 198
Directors' current accounts 125 125
Accrued expenses 2,738 2,839
111,824 62,554

9. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 4,267 3,154

Moray Firth Marine Surveys Ltd. (Registered number: SC388070)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. PROVISIONS FOR LIABILITIES - continued
DRAFT

Deferred
tax
£   
Balance at 1 March 2023 3,154
Provided during year 1,113
Balance at 29 February 2024 4,267

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr & Mrs Oakes.