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Registration number: SC729647

Marine Fire Safety (Scotland) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Marine Fire Safety (Scotland) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Marine Fire Safety (Scotland) Limited

Company Information

Directors

A Webster

S J Duguid

M Bresnahan

Registered office

30 Castle Street
Fraserburgh
Aberdeenshire
AB43 9DH

 

Marine Fire Safety (Scotland) Limited

(Registration number: SC729647)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

184,182

81,443

Current assets

 

Stocks

5

30,276

18,967

Debtors

6

51,233

57,895

Cash at bank and in hand

 

67,679

50,294

 

149,188

127,156

Creditors: Amounts falling due within one year

7

(88,080)

(94,939)

Net current assets

 

61,108

32,217

Total assets less current liabilities

 

245,290

113,660

Provisions for liabilities

(46,046)

(20,361)

Net assets

 

199,244

93,299

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

199,144

93,199

Shareholders' funds

 

199,244

93,299

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Marine Fire Safety (Scotland) Limited

(Registration number: SC729647)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 8 January 2025 and signed on its behalf by:
 

.........................................
A Webster
Director

.........................................
S J Duguid
Director

 

Marine Fire Safety (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 Castle Street
Fraserburgh
Aberdeenshire
AB43 9DH
Scotland

These financial statements were authorised for issue by the Board on 8 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Marine Fire Safety (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line per annum

Lifeboats

Over 10 years

Plant and machinery

20% reducing balance per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Marine Fire Safety (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

792

92,643

93,435

Additions

-

126,872

126,872

At 30 September 2024

792

219,515

220,307

Depreciation

At 1 October 2023

264

11,728

11,992

Charge for the year

264

23,869

24,133

At 30 September 2024

528

35,597

36,125

Carrying amount

At 30 September 2024

264

183,918

184,182

At 30 September 2023

528

80,915

81,443

5

Stocks

2024
£

2023
£

Other inventories

30,276

18,967

6

Debtors

Current

2024
£

2023
£

Trade debtors

47,134

54,211

Prepayments

4,079

3,664

Other debtors

20

20

 

51,233

57,895

 

Marine Fire Safety (Scotland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

27,280

34,079

Taxation and social security

24,274

6,647

Accruals and deferred income

1,100

1,055

Other creditors

35,426

53,158

88,080

94,939

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100