Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Alice Rhonwyn Bessell 08/07/2024 Nicholas Allan Bright 08/07/2024 Paul Brown 08/07/2024 Amber Louise Knight 08/07/2024 07/02/2018 Michael John Macneil 08/07/2024 07/02/2018 03 February 2025 The principal activity of the company during the year was that of a fishing vessel. SC587930 2023-12-31 SC587930 bus:Director1 2023-12-31 SC587930 bus:Director2 2023-12-31 SC587930 bus:Director3 2023-12-31 SC587930 bus:Director4 2023-12-31 SC587930 bus:Director5 2023-12-31 SC587930 2022-12-31 SC587930 core:CurrentFinancialInstruments 2023-12-31 SC587930 core:CurrentFinancialInstruments 2022-12-31 SC587930 core:Non-currentFinancialInstruments 2023-12-31 SC587930 core:Non-currentFinancialInstruments 2022-12-31 SC587930 core:ShareCapital 2023-12-31 SC587930 core:ShareCapital 2022-12-31 SC587930 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC587930 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC587930 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 SC587930 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 SC587930 core:PlantMachinery 2022-12-31 SC587930 core:OtherPropertyPlantEquipment 2022-12-31 SC587930 core:PlantMachinery 2023-12-31 SC587930 core:OtherPropertyPlantEquipment 2023-12-31 SC587930 core:CurrentFinancialInstruments core:Secured 2023-12-31 SC587930 core:MoreThanFiveYears 2023-12-31 SC587930 core:MoreThanFiveYears 2022-12-31 SC587930 bus:OrdinaryShareClass1 2023-12-31 SC587930 bus:OrdinaryShareClass2 2023-12-31 SC587930 2023-01-01 2023-12-31 SC587930 bus:FilletedAccounts 2023-01-01 2023-12-31 SC587930 bus:SmallEntities 2023-01-01 2023-12-31 SC587930 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC587930 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC587930 bus:Director1 2023-01-01 2023-12-31 SC587930 bus:Director2 2023-01-01 2023-12-31 SC587930 bus:Director3 2023-01-01 2023-12-31 SC587930 bus:Director4 2023-01-01 2023-12-31 SC587930 bus:Director5 2023-01-01 2023-12-31 SC587930 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-01-01 2023-12-31 SC587930 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC587930 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC587930 2022-01-01 2022-12-31 SC587930 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 SC587930 core:PlantMachinery 2023-01-01 2023-12-31 SC587930 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC587930 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC587930 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC587930 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC587930 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC587930 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC587930 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC587930 (Scotland)

MACMAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MACMAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MACMAR LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MACMAR LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 416,403 456,312
Tangible assets 4 1,760,905 1,956,104
2,177,308 2,412,416
Current assets
Debtors 5 65,947 15,676
Cash at bank and in hand 24,852 113,133
90,799 128,809
Creditors: amounts falling due within one year 6 ( 3,042,351) ( 313,177)
Net current liabilities (2,951,552) (184,368)
Total assets less current liabilities (774,244) 2,228,048
Creditors: amounts falling due after more than one year 7 0 ( 2,782,684)
Net liabilities ( 774,244) ( 554,636)
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account ( 775,244 ) ( 555,636 )
Total shareholders' deficit ( 774,244) ( 554,636)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Macmar Limited (registered number: SC587930) were approved and authorised for issue by the Board of Directors on 03 February 2025. They were signed on its behalf by:

Nicholas Allan Bright
Director
Paul Brown
Director
MACMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MACMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Macmar Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 2 Middleton Avenue Middleton Avenue, Strutherhill Industrial Estate, Larkhall, ML9 2TL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £774,244. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 16 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 16 years straight line
Other property, plant and equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 588,000 588,000
At 31 December 2023 588,000 588,000
Accumulated amortisation
At 01 January 2023 131,688 131,688
Charge for the financial year 39,909 39,909
At 31 December 2023 171,597 171,597
Net book value
At 31 December 2023 416,403 416,403
At 31 December 2022 456,312 456,312

4. Tangible assets

Plant and machinery Other property, plant
and equipment
Total
£ £ £
Cost
At 01 January 2023 2,017,776 606,145 2,623,921
At 31 December 2023 2,017,776 606,145 2,623,921
Accumulated depreciation
At 01 January 2023 451,466 216,351 667,817
Charge for the financial year 133,036 62,163 195,199
At 31 December 2023 584,502 278,514 863,016
Net book value
At 31 December 2023 1,433,274 327,631 1,760,905
At 31 December 2022 1,566,310 389,794 1,956,104

5. Debtors

2023 2022
£ £
Trade debtors 20,864 15,676
VAT recoverable 83 0
Other debtors 45,000 0
65,947 15,676

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 1,374,057 224,573
Trade creditors 6,618 6,309
Other loans 1,659,673 79,055
Accruals 2,003 2,949
Other taxation and social security 0 291
3,042,351 313,177

Bank loans are secured against the vessel owned by the company.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 1,392,768
Other loans 0 1,389,916
0 2,782,684

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 0 928,753
Other loans 0 985,587
0 1,914,340

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
500 Ordinary A shares of £ 1.00 each 500 500
500 Ordinary B shares of £ 1.00 each 500 500
1,000 1,000

9. Related party transactions

An amount of £1,081,668 (2022: £811,910) is owed to Macneil Shellfish Limited. As of August 2023, MacNeil Shellfish Limited owns 100% (2022: 50%) of the share capital of Macmar Limited. The loan is interest free with no fixed date for repayment.