Silverfin false false 05/04/2024 06/04/2023 05/04/2024 Caley Fisheries Limited 09/04/2014 Andrew Renwick Mclean 09/04/2014 Bruce Mclean 09/04/2014 Elizabeth Mclean 09/04/2014 25 February 2025 The principal activity of the Company during the financial year was that of ownership and operation of the fishing vessel MFV Antaries BF27. SC474872 2024-04-05 SC474872 bus:Director1 2024-04-05 SC474872 bus:Director2 2024-04-05 SC474872 bus:Director3 2024-04-05 SC474872 bus:Director4 2024-04-05 SC474872 2023-04-05 SC474872 core:CurrentFinancialInstruments 2024-04-05 SC474872 core:CurrentFinancialInstruments 2023-04-05 SC474872 core:ShareCapital 2024-04-05 SC474872 core:ShareCapital 2023-04-05 SC474872 core:RetainedEarningsAccumulatedLosses 2024-04-05 SC474872 core:RetainedEarningsAccumulatedLosses 2023-04-05 SC474872 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-05 SC474872 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-05 SC474872 core:PlantMachinery 2023-04-05 SC474872 core:Vehicles 2023-04-05 SC474872 core:OtherPropertyPlantEquipment 2023-04-05 SC474872 core:PlantMachinery 2024-04-05 SC474872 core:Vehicles 2024-04-05 SC474872 core:OtherPropertyPlantEquipment 2024-04-05 SC474872 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-04-05 SC474872 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-05 SC474872 bus:OrdinaryShareClass1 2024-04-05 SC474872 bus:OrdinaryShareClass2 2024-04-05 SC474872 bus:OrdinaryShareClass3 2024-04-05 SC474872 bus:OrdinaryShareClass4 2024-04-05 SC474872 2023-04-06 2024-04-05 SC474872 bus:FilletedAccounts 2023-04-06 2024-04-05 SC474872 bus:SmallEntities 2023-04-06 2024-04-05 SC474872 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SC474872 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 SC474872 bus:Director1 2023-04-06 2024-04-05 SC474872 bus:Director2 2023-04-06 2024-04-05 SC474872 bus:Director3 2023-04-06 2024-04-05 SC474872 bus:Director4 2023-04-06 2024-04-05 SC474872 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-04-06 2024-04-05 SC474872 core:PlantMachinery 2023-04-06 2024-04-05 SC474872 core:Vehicles 2023-04-06 2024-04-05 SC474872 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-06 2024-04-05 SC474872 2022-04-06 2023-04-05 SC474872 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-06 2024-04-05 SC474872 core:OtherPropertyPlantEquipment 2023-04-06 2024-04-05 SC474872 bus:OrdinaryShareClass1 2023-04-06 2024-04-05 SC474872 bus:OrdinaryShareClass1 2022-04-06 2023-04-05 SC474872 bus:OrdinaryShareClass2 2023-04-06 2024-04-05 SC474872 bus:OrdinaryShareClass2 2022-04-06 2023-04-05 SC474872 bus:OrdinaryShareClass3 2023-04-06 2024-04-05 SC474872 bus:OrdinaryShareClass3 2022-04-06 2023-04-05 SC474872 bus:OrdinaryShareClass4 2023-04-06 2024-04-05 SC474872 bus:OrdinaryShareClass4 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC474872 (Scotland)

M.B. PROSPERITY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

M.B. PROSPERITY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024

Contents

M.B. PROSPERITY LIMITED

BALANCE SHEET

AS AT 05 APRIL 2024
M.B. PROSPERITY LIMITED

BALANCE SHEET (continued)

AS AT 05 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 567,000 756,000
Tangible assets 4 416,230 447,906
983,230 1,203,906
Current assets
Debtors 5 35,981 38,173
Cash at bank and in hand 7,954 9,789
43,935 47,962
Creditors: amounts falling due within one year 6 ( 763,753) ( 922,093)
Net current liabilities (719,818) (874,131)
Total assets less current liabilities 263,412 329,775
Provision for liabilities ( 71,260) ( 64,426)
Net assets 192,152 265,349
Capital and reserves
Called-up share capital 7 8 8
Profit and loss account 192,144 265,341
Total shareholders' funds 192,152 265,349

For the financial year ending 05 April 2024 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 M.B. Prosperity Limited (registered number: SC474872) were approved and authorised for issue by the Board of Directors on 25 February 2025. They were signed on its behalf by:

Andrew Renwick Mclean
Director
M.B. PROSPERITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
M.B. PROSPERITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
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

M.B. Prosperity 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 Braighe Lonemore, Strath, Gairloch, IV21 2DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at the point of settling.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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 Balance Sheet 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 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 16 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

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

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 06 April 2023 945,000 945,000
At 05 April 2024 945,000 945,000
Accumulated amortisation
At 06 April 2023 189,000 189,000
Charge for the financial year 189,000 189,000
At 05 April 2024 378,000 378,000
Net book value
At 05 April 2024 567,000 567,000
At 05 April 2023 756,000 756,000

4. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 06 April 2023 4,500 26,530 466,219 497,249
At 05 April 2024 4,500 26,530 466,219 497,249
Accumulated depreciation
At 06 April 2023 1,688 19,195 28,460 49,343
Charge for the financial year 703 1,834 29,139 31,676
At 05 April 2024 2,391 21,029 57,599 81,019
Net book value
At 05 April 2024 2,109 5,501 408,620 416,230
At 05 April 2023 2,812 7,335 437,759 447,906

5. Debtors

2024 2023
£ £
Trade debtors 2,628 2,628
Amounts owed by related parties 27,145 27,145
Other debtors 6,208 8,400
35,981 38,173

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,361 11,302
Taxation and social security 375 9,060
Other creditors 754,017 901,731
763,753 922,093

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3 A ordinary shares of £ 1.00 each 3 3
2 B ordinary shares of £ 1.00 each 2 2
2 C ordinary shares of £ 1.00 each 2 2
1 D ordinary share of £ 1.00 1 1
8 8

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to Bruce McLean 32,997 32,997
Amounts due to Elizabeth McLean 24,998 24,998
Amounts due from Andrew McLean (51) 224
Amounts due to Caley Fisheries Limited 24,999 24,999

These loans are interest free and have no set repayment terms. The amount due from Andrew McLean was fully repaid within 9 months of the year end.

Other related party transactions

2024 2023
£ £
Amount due from a company where the directors are also directors in 27,145 27,145

This loan is interest free and has no set repayment terms.