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REGISTERED NUMBER: SC303508 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

BK Marine Limited

BK Marine Limited (Registered number: SC303508)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BK Marine Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mrs M I T Williamson
J G Williamson
D G F Ross





SECRETARY: Mrs M I T Williamson





REGISTERED OFFICE: Unit 6
Toll Clock Shopping Centre
26 North Road
Lerwick
Shetland
ZE1 0PE





REGISTERED NUMBER: SC303508 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

BK Marine Limited (Registered number: SC303508)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,213,982 2,109,534

CURRENT ASSETS
Debtors 5 307,451 535,942
Cash at bank 371,720 383,743
679,171 919,685
CREDITORS
Amounts falling due within one year 6 288,898 387,984
NET CURRENT ASSETS 390,273 531,701
TOTAL ASSETS LESS CURRENT LIABILITIES 2,604,255 2,641,235

CREDITORS
Amounts falling due after more than one year 7 (916,649 ) (1,067,182 )

PROVISIONS FOR LIABILITIES (257,452 ) (286,808 )
NET ASSETS 1,430,154 1,287,245

CAPITAL AND RESERVES
Called up share capital 90,318 90,318
Share premium 90,516 90,516
Revaluation reserve 8 233,656 -
Capital redemption reserve 34,166 34,166
Retained earnings 981,498 1,072,245
SHAREHOLDERS' FUNDS 1,430,154 1,287,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

BK Marine Limited (Registered number: SC303508)

Balance Sheet - continued
30 June 2024


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 8 December 2024 and were signed on its behalf by:




Mrs M I T Williamson - Director J G Williamson - Director




D G F Ross - Director


BK Marine Limited (Registered number: SC303508)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

BK Marine Limited 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 as modified by the revaluation of certain assets.

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

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.
Boats - 5% on reducing balance
Plant and machinery - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

BK Marine Limited (Registered number: SC303508)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property Boats machinery
£    £    £   
COST OR VALUATION
At 1 July 2023 35,278 2,230,018 419,908
Additions - - -
Revaluations - 233,656 -
At 30 June 2024 35,278 2,463,674 419,908
DEPRECIATION
At 1 July 2023 - 368,435 228,541
Charge for year - 93,073 82,341
At 30 June 2024 - 461,508 310,882
NET BOOK VALUE
At 30 June 2024 35,278 2,002,166 109,026
At 30 June 2023 35,278 1,861,583 191,367

BK Marine Limited (Registered number: SC303508)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 53,807 7,674 2,746,685
Additions 55,000 - 55,000
Revaluations - - 233,656
At 30 June 2024 108,807 7,674 3,035,341
DEPRECIATION
At 1 July 2023 32,543 7,632 637,151
Charge for year 8,752 42 184,208
At 30 June 2024 41,295 7,674 821,359
NET BOOK VALUE
At 30 June 2024 67,512 - 2,213,982
At 30 June 2023 21,264 42 2,109,534

Cost or valuation at 30 June 2024 is represented by:

Freehold Plant and
property Boats machinery
£    £    £   
Valuation in 2024 - 233,656 -
Cost 35,278 2,230,018 419,908
35,278 2,463,674 419,908

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - 233,656
Cost 108,807 7,674 2,801,685
108,807 7,674 3,035,341

Revaluation of boat M/V BK Marjorie has been made in accordance with the valuation placed on the boat by Stuart T. Balfour, Dip Mar Surv MCMS.

BK Marine Limited (Registered number: SC303508)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 178,500 26,282 204,782
Additions - 55,000 55,000
At 30 June 2024 178,500 81,282 259,782
DEPRECIATION
At 1 July 2023 142,800 6,570 149,370
Charge for year 35,700 8,365 44,065
At 30 June 2024 178,500 14,935 193,435
NET BOOK VALUE
At 30 June 2024 - 66,347 66,347
At 30 June 2023 35,700 19,712 55,412

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 249,860 429,591
Other debtors 57,591 106,351
307,451 535,942

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 153,527 138,828
Hire purchase contracts 22,979 39,249
Trade creditors 67,534 180,797
Taxation and social security 366 -
Other creditors 44,492 29,110
288,898 387,984

BK Marine Limited (Registered number: SC303508)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 892,287 1,045,814
Hire purchase contracts 24,362 21,368
916,649 1,067,182

8. RESERVES
Revaluation
reserve
£   
Revaluation of boats 233,656

At 30 June 2024 233,656

9. CAPITAL COMMITMENTS
30.6.24 30.6.23
£    £   
Contracted but not provided for in the
financial statements 1,423 5,692

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102
"The financial reporting standard in the UK and Ireland", not to disclose related party transactions whereby
they have occurred under normal market conditions.