IRIS Accounts Production v24.3.2.46 SC504574 Board of Directors Board of Directors 1.5.23 30.4.24 30.4.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5045742023-04-30SC5045742024-04-30SC5045742023-05-012024-04-30SC5045742022-04-30SC5045742022-05-012023-04-30SC5045742023-04-30SC504574ns15:Scotland2023-05-012024-04-30SC504574ns14:PoundSterling2023-05-012024-04-30SC504574ns10:Director12023-05-012024-04-30SC504574ns10:Director22023-05-012024-04-30SC504574ns10:PrivateLimitedCompanyLtd2023-05-012024-04-30SC504574ns10:SmallEntities2023-05-012024-04-30SC504574ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-30SC504574ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-30SC504574ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-30SC504574ns10:FullAccounts2023-05-012024-04-30SC50457412023-05-012024-04-30SC504574ns10:RegisteredOffice2023-05-012024-04-30SC504574ns5:CurrentFinancialInstruments2024-04-30SC504574ns5:CurrentFinancialInstruments2023-04-30SC504574ns5:Non-currentFinancialInstruments2024-04-30SC504574ns5:Non-currentFinancialInstruments2023-04-30SC504574ns5:ShareCapital2024-04-30SC504574ns5:ShareCapital2023-04-30SC504574ns5:RetainedEarningsAccumulatedLosses2024-04-30SC504574ns5:RetainedEarningsAccumulatedLosses2023-04-30SC504574ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-30SC504574ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-04-30SC504574ns5:PlantMachinery2023-05-012024-04-30SC504574ns5:MotorVehicles2023-05-012024-04-30SC504574ns5:ComputerEquipment2023-05-012024-04-30SC504574ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-30SC504574ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-30SC504574ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-30SC504574ns5:PlantMachinery2023-04-30SC504574ns5:MotorVehicles2023-04-30SC504574ns5:ComputerEquipment2023-04-30SC504574ns5:PlantMachinery2024-04-30SC504574ns5:MotorVehicles2024-04-30SC504574ns5:ComputerEquipment2024-04-30SC504574ns5:PlantMachinery2023-04-30SC504574ns5:MotorVehicles2023-04-30SC504574ns5:ComputerEquipment2023-04-30SC504574ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-30SC504574ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-04-30SC504574ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-012024-04-30SC504574ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-30SC504574ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-30SC504574ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-30SC504574ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-04-30SC504574ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-04-30
REGISTERED NUMBER: SC504574 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Voe Marine Engineering Ltd

Voe Marine Engineering Ltd (Registered number: SC504574)






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


Voe Marine Engineering Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: R G Tait
G P Tait





REGISTERED OFFICE: Kirkidale Business Park
Walls
Shetland
ZE2 9QX





REGISTERED NUMBER: SC504574 (Scotland)





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

Voe Marine Engineering Ltd (Registered number: SC504574)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,909 13,447
Tangible assets 5 144,245 119,625
157,154 133,072

CURRENT ASSETS
Stocks 165,510 45,228
Debtors 6 2,378,584 341,394
Cash at bank 556,697 102,055
3,100,791 488,677
CREDITORS
Amounts falling due within one year 7 1,360,016 167,551
NET CURRENT ASSETS 1,740,775 321,126
TOTAL ASSETS LESS CURRENT LIABILITIES 1,897,929 454,198

CREDITORS
Amounts falling due after more than one
year

8

(60,810

)

(74,172

)

PROVISIONS FOR LIABILITIES (22,870 ) (13,819 )
NET ASSETS 1,814,249 366,207

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 1,813,949 365,907
SHAREHOLDERS' FUNDS 1,814,249 366,207

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.

Voe Marine Engineering Ltd (Registered number: SC504574)

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 23 January 2025 and were signed on its behalf by:




R G Tait - Director



G P Tait - Director


Voe Marine Engineering Ltd (Registered number: SC504574)

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

1. STATUTORY INFORMATION

Voe Marine Engineering 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.

Patents and licences are being amortised evenly over their estimated useful life of twenty five years.

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.
Plant and machinery - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.


Voe Marine Engineering Ltd (Registered number: SC504574)

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

2. ACCOUNTING POLICIES - continued
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
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 15 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 May 2023
and 30 April 2024 14,293
AMORTISATION
At 1 May 2023 846
Amortisation for year 538
At 30 April 2024 1,384
NET BOOK VALUE
At 30 April 2024 12,909
At 30 April 2023 13,447

Voe Marine Engineering Ltd (Registered number: SC504574)

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

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 44,913 87,674 36,431 169,018
Additions 48,442 - 13,630 62,072
At 30 April 2024 93,355 87,674 50,061 231,090
DEPRECIATION
At 1 May 2023 12,271 19,653 17,469 49,393
Charge for year 8,806 17,005 11,641 37,452
At 30 April 2024 21,077 36,658 29,110 86,845
NET BOOK VALUE
At 30 April 2024 72,278 51,016 20,951 144,245
At 30 April 2023 32,642 68,021 18,962 119,625

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 87,674
Transfer to ownership (4,600 )
At 30 April 2024 83,074
DEPRECIATION
At 1 May 2023 19,653
Charge for year 16,179
Transfer to ownership (1,294 )
At 30 April 2024 34,538
NET BOOK VALUE
At 30 April 2024 48,536
At 30 April 2023 68,021

6. DEBTORS
30.4.24 30.4.23
£    £   
Amounts falling due within one year:
Trade debtors 2,029,561 236,664
Other debtors 222,023 104,730
2,251,584 341,394

Voe Marine Engineering Ltd (Registered number: SC504574)

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

6. DEBTORS - continued
30.4.24 30.4.23
£    £   
Amounts falling due after more than one year:
Other debtors 127,000 -

Aggregate amounts 2,378,584 341,394

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 13,987 23,353
Trade creditors 713,262 52,186
Taxation and social security 501,611 63,920
Other creditors 131,156 28,092
1,360,016 167,551

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 24,130 38,116
Other creditors 36,680 36,056
60,810 74,172

9. 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.