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REGISTERED NUMBER: SC563688 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Northerly Marine Services Ltd

Northerly Marine Services Ltd (Registered number: SC563688)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Northerly Marine Services Ltd

Company Information
for the year ended 30 April 2024







DIRECTORS: S A Brough
P J Phillips





SECRETARY:





REGISTERED OFFICE: An Darrach
Tankerness
Orkney
KW17 2QU





REGISTERED NUMBER: SC563688 (Scotland)





ACCOUNTANTS: Foubister & Bain
4 Broad Street
Kirkwall
Orkney
KW15 1NX

Northerly Marine Services Ltd (Registered number: SC563688)

Balance Sheet
30 April 2024

2023 2024
£    £    Notes £    £   
FIXED ASSETS
269,859 Tangible assets 4 277,825

CURRENT ASSETS
26,182 Debtors 5 38,602
12,851 Cash at bank and in hand 128,178
39,033 166,780
CREDITORS
120,473 Amounts falling due within one year 6 108,527
(81,440 ) NET CURRENT ASSETS/(LIABILITIES) 58,253

188,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

336,078

51,274 PROVISIONS FOR LIABILITIES 52,787
137,145 NET ASSETS 283,291

CAPITAL AND RESERVES
200 Called up share capital 200
136,945 Retained earnings 283,091
137,145 283,291

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

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

Northerly Marine Services Ltd (Registered number: SC563688)

Balance Sheet - continued
30 April 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 25 September 2024 and were signed on its behalf by:




S A Brough - Director



P J Phillips - Director


Northerly Marine Services Ltd (Registered number: SC563688)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Northerly Marine Services 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

Northerly Marine Services Ltd (Registered number: SC563688)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
Totals Vessels etc
£    £    £   
COST
At 1 May 2023 334,162 277,390 56,772
Additions 45,000 37,500 7,500
At 30 April 2024 379,162 314,890 64,272
DEPRECIATION
At 1 May 2023 64,303 39,878 24,425
Charge for year 37,034 27,501 9,533
At 30 April 2024 101,337 67,379 33,958
NET BOOK VALUE
At 30 April 2024 277,825 247,511 30,314
At 30 April 2023 269,859 237,512 32,347

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 38,602 26,182

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 64,436 69,454
Trade creditors 42,275 52,418
Taxation 17 (1,565 )
Other creditors 1,799 166
108,527 120,473