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REGISTERED NUMBER: SC592057 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

M.V DEESIDE BCK595 LTD

M.V DEESIDE BCK595 LTD (REGISTERED NUMBER: SC592057)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M.V DEESIDE BCK595 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: N Wilson
M Wilson
Mrs G Wilson





REGISTERED OFFICE: Bath House
7 Bath Street
Peterhead
Aberdeenshire
AB42 1DX





REGISTERED NUMBER: SC592057 (Scotland)

M.V DEESIDE BCK595 LTD (REGISTERED NUMBER: SC592057)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 559,063 621,181
Tangible assets 6 399,574 429,395
958,637 1,050,576

CURRENT ASSETS
Debtors 7 49,049 58,522
Cash at bank 103,019 46,726
152,068 105,248
CREDITORS
Amounts falling due within one year 8 1,264,975 1,599,510
NET CURRENT LIABILITIES (1,112,907 ) (1,494,262 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(154,270

)

(443,686

)

CREDITORS
Amounts falling due after more than one
year

9

(281,152

)

-

PROVISIONS FOR LIABILITIES (96,964 ) (67,645 )
NET LIABILITIES (532,386 ) (511,331 )

CAPITAL AND RESERVES
Called up share capital 64 64
Retained earnings (532,450 ) (511,395 )
SHAREHOLDERS' FUNDS (532,386 ) (511,331 )

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

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

M.V DEESIDE BCK595 LTD (REGISTERED NUMBER: SC592057)

BALANCE SHEET - continued
31 MARCH 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 6 December 2024 and were signed on its behalf by:





N Wilson - Director


M.V DEESIDE BCK595 LTD (REGISTERED NUMBER: SC592057)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

M.v Deeside Bck595 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fishing licences and quota
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Fishing licence and quota - 10% reducing balance

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on reducing balance
Fishing vessel - 5% on cost
Fixtures and fittings - 5% on reducing balance
Motor vehicles - 25% on reducing balance


M.V DEESIDE BCK595 LTD (REGISTERED NUMBER: SC592057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in 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 current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. INTANGIBLE FIXED ASSETS
Fishing
licences
and quota
£   
COST
At 1 April 2023
and 31 March 2024 1,051,600
AMORTISATION
At 1 April 2023 430,419
Amortisation for year 62,118
At 31 March 2024 492,537
NET BOOK VALUE
At 31 March 2024 559,063
At 31 March 2023 621,181

M.V DEESIDE BCK595 LTD (REGISTERED NUMBER: SC592057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS
Fixtures
Freehold Fishing and Motor
property vessel fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 15,000 545,407 1,373 32,323 594,103
DEPRECIATION
At 1 April 2023 3,394 136,350 311 24,653 164,708
Charge for year 580 27,270 53 1,918 29,821
At 31 March 2024 3,974 163,620 364 26,571 194,529
NET BOOK VALUE
At 31 March 2024 11,026 381,787 1,009 5,752 399,574
At 31 March 2023 11,606 409,057 1,062 7,670 429,395

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,908 949
Other debtors 32,141 57,573
49,049 58,522

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 380,710
Trade creditors 33,914 38,069
Taxation and social security 8,672 -
Other creditors 1,172,389 1,180,731
1,264,975 1,599,510

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 281,152 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 170,276 -

M.V DEESIDE BCK595 LTD (REGISTERED NUMBER: SC592057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 331,152 380,710

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

11. ULTIMATE CONTROLLING PARTY

The controlling party is N Wilson.