Registered number
SC690684
Tobermory Freshwater Ltd
Unaudited Filleted Accounts
31 March 2024
Tobermory Freshwater Ltd
Registered number: SC690684
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 387 535
Tangible assets 4 96,886 110,525
97,273 111,060
Current assets
Debtors 5 21,880 13,573
Cash at bank and in hand 71,921 17,305
93,801 30,878
Creditors: amounts falling due within one year 6 (182,821) (165,544)
Net current liabilities (89,020) (134,666)
Total assets less current liabilities 8,253 (23,606)
Creditors: amounts falling due after more than one year 7 (10,667) -
Net liabilities (2,414) (23,606)
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,514) (23,706)
Shareholders' funds (2,414) (23,606)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Douglas Stewart Ingram
Director
Approved by the board on 20 November 2024
Tobermory Freshwater Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery - including outboard motor, sandbags, boat console cover, tarpaulin hoover, netting, torches, navigation light, jerry cans, poles and nets over 2 years
Plant & machinery - including tarpaulin and filter bag over 4 years
Plant & machinery - including various chains, air compressors, burn boxes, connection straps, fender, outboard motor, roundslings, mooring slings, heat gun, gabion baskets, transformers, temperature probs and water testing meter over 5 years
Plant & machinery - including raft, straps, flanges, boat (inc. chart plotter, anchor, windscreen, fender), batteries and navigation markers over 10 years
Plant & machinery - including cages, straightened plastic pipes, tank connectors, inlet hose and mooring chains over 20 years
Government Grants
Government grants received are asset grants and have been recognised on the accruals basis, recognised in income on a systematic basis over the expected useful life of the assets purchased with the grant. The remaining grant for recognition in future years is disclosed as deferred income.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
SEPA & Marine Scotland licences:
Cost
At 1 April 2023 854
At 31 March 2024 854
Amortisation
At 1 April 2023 319
Provided during the year 148
At 31 March 2024 467
Net book value
At 31 March 2024 387
At 31 March 2023 535
Marine Scotland licence is being amortised in equal annual instalments over its economic life of 5 years. SEPA licence is being amortised in equal instalments over the expected life of the facility, 20 years.
4 Tangible fixed assets
Plant & Machinery
£
Cost
At 1 April 2023 110,525
Additions 7,754
Disposals (1,089)
At 31 March 2024 117,190
Depreciation
Charge for the year 20,304
At 31 March 2024 20,304
Net book value
At 31 March 2024 96,886
At 31 March 2023 110,525
5 Debtors 2024 2023
£ £
Deferred Tax 14,019 -
VAT Reclaimable 763 5,304
Prepayments 7,098 8,269
21,880 13,573
6 Creditors: amounts falling due within one year 2024 2023
£ £
Deferred Tax 3,287 -
Directors' Loan Accounts 131,969 126,279
Corporation Tax - 3
Trade Creditors 10,795 7,957
Deferred Income (Government Grants) 22,045 29,025
CT61 Tax 1,212 1,188
Accruals 13,513 1,092
182,821 165,544
7 Creditors: amounts falling due after one year 2024 2023
£ £
Deferred Tax 10,667 -
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 30,000 30,000
9 Related party transactions
At the year end the director, Alasdair Ingram, was owed £58,441 (2023: £54,074) by the company. This balance includes interest of £5,062 (2023: £4,938), at a rate of 9%, charged to the company on the outstanding balance owed to the director, and expensed to the profit and loss in the year. There is no fixed term of repayment for this loan.

At the year end the director, Douglas Ingram, was owed £73,528 (2023: £72,205) by the company. This balance includes interest of £1,000 (2023: £1,000), charged to the company on the outstanding balance owed to the director, and expensed to the profit and loss in the year. There is no fixed term of repayment for this loan.
10 Other information
Tobermory Freshwater Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Strongarbh Park
Tobermory
Isle of Mull
Scotland
PA75 6RB
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