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REGISTERED NUMBER: SC160987 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

ARGONAUT MARINE LIMITED

ARGONAUT MARINE LIMITED (REGISTERED NUMBER: SC160987)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

ARGONAUT MARINE LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2024







DIRECTORS: Mr P N Trubshaw
Mr J C West





SECRETARY: Mackinnons Solictors LLP





REGISTERED OFFICE: Unit 19, Denmore Industrial Estate
Denmore Road
Bridge of Don
Aberdeen
AB23 8JW





REGISTERED NUMBER: SC160987 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

ARGONAUT MARINE LIMITED (REGISTERED NUMBER: SC160987)

STATEMENT OF FINANCIAL POSITION
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 53,662 67,245

CURRENT ASSETS
Stocks 5 30,355 45,604
Debtors 6 101,368 101,581
Cash at bank 56 108
131,779 147,293
CREDITORS
Amounts falling due within one year 7 448,926 373,272
NET CURRENT LIABILITIES (317,147 ) (225,979 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(263,485

)

(158,734

)

CREDITORS
Amounts falling due after more than one year 8 (17,947 ) (33,417 )

PROVISIONS FOR LIABILITIES 11 (13,415 ) (15,407 )
NET LIABILITIES (294,847 ) (207,558 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (294,849 ) (207,560 )
SHAREHOLDERS' FUNDS (294,847 ) (207,558 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 27 February 2025 and were signed on its behalf by:





Mr P N Trubshaw - Director


ARGONAUT MARINE LIMITED (REGISTERED NUMBER: SC160987)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Argonaut Marine Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts have been prepared on a going concern basis as the director believes the company will be trading favourably in the forthcoming year despite the current economic climate in the area following the downturn in the oil and gas industry. The director also gives his assurance that any liabilities would be met personally and that the director's loan balance will not be repaid until the company is in a better financial position.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Inventories
Inventories have been valued at the lower cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

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 6 (2023 - 6 ) .

ARGONAUT MARINE LIMITED (REGISTERED NUMBER: SC160987)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2023 276,317 3,793 3,999 284,109
Additions 7,082 - - 7,082
At 31 October 2024 283,399 3,793 3,999 291,191
DEPRECIATION
At 1 November 2023 212,851 14 3,999 216,864
Charge for year 19,907 758 - 20,665
At 31 October 2024 232,758 772 3,999 237,529
NET BOOK VALUE
At 31 October 2024 50,641 3,021 - 53,662
At 31 October 2023 63,466 3,779 - 67,245


5. STOCKS
2024 2023
£    £   
Stocks 18,000 5,000
Work-in-progress 12,355 40,604
30,355 45,604

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 69,879 82,371
Other debtors 9,643 9,577
Prepayments and accrued income 21,846 9,633
101,368 101,581

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 44,597 27,536
Trade creditors 86,450 57,066
Social security and other taxes 50,227 35,368
VAT 39,435 11,584
Other creditors 40,865 52,626
Hire purchase <year 10,108 10,108
Directors' current accounts 174,174 178,550
Accrued expenses 3,070 434
448,926 373,272

ARGONAUT MARINE LIMITED (REGISTERED NUMBER: SC160987)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 10,366 15,728
Hire purchase >year 7,581 17,689
17,947 33,417

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 19,129 17,430
Bank loans 25,468 10,106
44,597 27,536

Amounts falling due between two and five years:
Bank loans - 2-5 years 10,366 15,728

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 43,980 46,709
Between one and five years 3,665 47,644
47,645 94,353

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 13,415 15,407

Deferred
tax
£   
Balance at 1 November 2023 15,407
Movement in the year (1,992 )
Balance at 31 October 2024 13,415

ARGONAUT MARINE LIMITED (REGISTERED NUMBER: SC160987)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
Mr P N Trubshaw
Balance outstanding at start of year (47,501 ) (54,001 )
Amounts advanced 1,000 6,500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (46,501 ) (47,501 )

Mr J C West
Balance outstanding at start of year (131,049 ) (10,000 )
Amounts advanced 81,100 23,150
Amounts repaid (77,100 ) (144,199 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (127,049 ) (131,049 )

These loans are unsecured, interest free and there are no fixed repayment terms.

13. RELATED PARTY DISCLOSURES

As at 31 October 2024, there is a loan balance due of £39,753 (2023: £51,753) to a family member of the director which is included in other creditors.

The loan is unsecured, interest free and there are no fixed repayment terms.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ARGONAUT MARINE LIMITED (REGISTERED NUMBER: SC160987)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Argonaut Marine Limited for the year ended 31 October 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Argonaut Marine Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Argonaut Marine Limited and state those matters that we have agreed to state to the Board of Directors of Argonaut Marine Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Argonaut Marine Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Argonaut Marine Limited. You consider that Argonaut Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Argonaut Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The directors have given assurances that the shortfall in funds to meet company creditors will be met personally and subject to favourable trading conditions, profits will be retained in the year to 31 October 2018 to regularise the position.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


27 February 2025