Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Bruce Mclean 24/03/2005 Elizabeth Mclean 24/03/2005 Mark Mclean 01/04/2019 Mary Mclean 24/03/2005 25 February 2025 The principal activity of the company continued to be that of fishing. The company owns and operate the fishing vessel MB Stella Maris CY250. SC282160 2024-03-31 SC282160 bus:Director1 2024-03-31 SC282160 bus:Director2 2024-03-31 SC282160 bus:Director3 2024-03-31 SC282160 bus:Director4 2024-03-31 SC282160 2023-03-31 SC282160 core:CurrentFinancialInstruments 2024-03-31 SC282160 core:CurrentFinancialInstruments 2023-03-31 SC282160 core:Non-currentFinancialInstruments 2024-03-31 SC282160 core:Non-currentFinancialInstruments 2023-03-31 SC282160 core:ShareCapital 2024-03-31 SC282160 core:ShareCapital 2023-03-31 SC282160 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC282160 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC282160 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 SC282160 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 SC282160 core:LandBuildings 2023-03-31 SC282160 core:PlantMachinery 2023-03-31 SC282160 core:Vehicles 2023-03-31 SC282160 core:OtherPropertyPlantEquipment 2023-03-31 SC282160 core:LandBuildings 2024-03-31 SC282160 core:PlantMachinery 2024-03-31 SC282160 core:Vehicles 2024-03-31 SC282160 core:OtherPropertyPlantEquipment 2024-03-31 SC282160 core:CurrentFinancialInstruments core:Secured 2024-03-31 SC282160 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 SC282160 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC282160 bus:OrdinaryShareClass1 2024-03-31 SC282160 bus:OrdinaryShareClass2 2024-03-31 SC282160 bus:OrdinaryShareClass3 2024-03-31 SC282160 2023-04-01 2024-03-31 SC282160 bus:FilletedAccounts 2023-04-01 2024-03-31 SC282160 bus:SmallEntities 2023-04-01 2024-03-31 SC282160 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC282160 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC282160 bus:Director1 2023-04-01 2024-03-31 SC282160 bus:Director2 2023-04-01 2024-03-31 SC282160 bus:Director3 2023-04-01 2024-03-31 SC282160 bus:Director4 2023-04-01 2024-03-31 SC282160 core:PlantMachinery 2023-04-01 2024-03-31 SC282160 core:Vehicles 2023-04-01 2024-03-31 SC282160 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC282160 2022-04-01 2023-03-31 SC282160 core:LandBuildings 2023-04-01 2024-03-31 SC282160 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC282160 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC282160 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC282160 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC282160 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC282160 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC282160 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC282160 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC282160 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC282160 (Scotland)

MB STELLA MARIS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

MB STELLA MARIS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MB STELLA MARIS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MB STELLA MARIS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 176,300 176,300
Tangible assets 4 65,124 72,984
241,424 249,284
Current assets
Debtors 5 138,768 18,200
Cash at bank and in hand 8,721 24,334
147,489 42,534
Creditors: amounts falling due within one year 6 ( 228,034) ( 192,365)
Net current liabilities (80,545) (149,831)
Total assets less current liabilities 160,879 99,453
Creditors: amounts falling due after more than one year 7 ( 7,411) ( 14,581)
Provision for liabilities ( 25,427) ( 26,242)
Net assets 128,041 58,630
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 127,941 58,530
Total shareholders' funds 128,041 58,630

For the financial year ending 31 March 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 MB Stella Maris Limited (registered number: SC282160) were approved and authorised for issue by the Board of Directors on 25 February 2025. They were signed on its behalf by:

Bruce Mclean
Director
MB STELLA MARIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MB STELLA MARIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

MB Stella Maris 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, 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 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

Fishing quota and licence are presented at cost. No amortisation has been included in these accounts. The directors believe that they would have a higher residual cost value than the current book value.

Trademarks, patents and licences not amortised
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:

Land and buildings not depreciated
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.

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.

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 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 01 April 2023 176,300 176,300
At 31 March 2024 176,300 176,300
Accumulated amortisation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 176,300 176,300
At 31 March 2023 176,300 176,300

4. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2023 44,417 4,500 37,600 214,745 301,262
At 31 March 2024 44,417 4,500 37,600 214,745 301,262
Accumulated depreciation
At 01 April 2023 0 1,688 12,807 213,783 228,278
Charge for the financial year 0 703 6,198 959 7,860
At 31 March 2024 0 2,391 19,005 214,742 236,138
Net book value
At 31 March 2024 44,417 2,109 18,595 3 65,124
At 31 March 2023 44,417 2,812 24,793 962 72,984

5. Debtors

2024 2023
£ £
Other debtors 138,768 18,200

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 4,844 4,844
Trade creditors 18,273 4,585
Amounts owed to related parties 27,145 27,145
Taxation and social security 59,183 35,262
Obligations under finance leases and hire purchase contracts (secured) 3,236 4,103
Other creditors 115,353 116,426
228,034 192,365

The bank holds a floating charge over all company assets.

Security for the finance leases is over the related asset.

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

2024 2023
£ £
Bank loans (secured) 6,368 11,345
Obligations under finance leases and hire purchase contracts (secured) 1,043 3,236
7,411 14,581

The bank holds a floating charge over all company assets.

Security for the finance leases is over the related asset.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
56 A ordinary shares of £ 1.00 each 56 56
34 B ordinary shares of £ 1.00 each 34 34
10 C ordinary shares of £ 1.00 each 10 10
100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to Bruce Mclean 23,056 22,798
Amounts due to Mary McLean 34,024 34,583
Amounts due to Elizabeth McLean 42,486 42,046
Amounts due to Mark McLean 12,838 13,498
Total amount due to directors 112,404 112,925

These loans are interest free and have no set repayment terms.

Other related party transactions

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

This loan is interest free and has no set repayment terms