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Registration number: SC719010

MD Marine Shetland Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

MD Marine Shetland Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

MD Marine Shetland Ltd

Company Information

Directors

Mr Mark Robert Davies

Shelley Kay

Registered office

11 Lingapund
Brae
Shetland
ZE2 9SN

Accountants

Gray Associates Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

 

MD Marine Shetland Ltd

(Registration number: SC719010)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

1,301

133

Current assets

 

Debtors

5

612

209

Cash at bank and in hand

 

225,983

130,670

 

226,595

130,879

Creditors: Amounts falling due within one year

6

(50,562)

(32,172)

Net current assets

 

176,033

98,707

Total assets less current liabilities

 

177,334

98,840

Creditors: Amounts falling due after more than one year

6

(2,609)

(9,989)

Provisions for liabilities

(325)

(25)

Net assets

 

174,400

88,826

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

174,300

88,726

Shareholders' funds

 

174,400

88,826

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 May 2025 and signed on its behalf by:
 

.........................................
Mr Mark Robert Davies
Director

 

MD Marine Shetland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
11 Lingapund
Brae
Shetland
ZE2 9SN

These financial statements were authorised for issue by the Board on 7 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MD Marine Shetland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MD Marine Shetland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

MD Marine Shetland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2024

266

266

Additions

1,646

1,646

At 31 January 2025

1,912

1,912

Depreciation

At 1 February 2024

133

133

Charge for the year

478

478

At 31 January 2025

611

611

Carrying amount

At 31 January 2025

1,301

1,301

At 31 January 2024

133

133

5

Debtors

Current

2025
£

2024
£

Prepayments

89

-

Other debtors

523

209

 

612

209

6

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Taxation and social security

49,288

30,942

Accruals and deferred income

1,274

1,230

50,562

32,172

 

MD Marine Shetland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

2,609

9,989

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares - A class of £1 each

50

50

50

50

Ordinary shares - B class of £1 each

50

50

50

50

100

100

100

100

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Other borrowings

2,609

9,989

9

Related party transactions

Transactions with directors

2025

At 1 February 2024
£

Advances from director
£

Repayments to director
£

At 31 January 2025
£

Mr Mark Robert Davies

Directors loan account

8,609

2,417

(10,109)

917

-

-

-

-

 

8,609

2,417

(10,109)

917

       

Shelley Kay

Ms Shelley Kay

1,380

10,312

(10,000)

1,692

-

-

-

-

 

1,380

10,312

(10,000)

1,692

       

 

 

MD Marine Shetland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr Mark Robert Davies

Directors loan account

8,037

37,820

(37,248)

8,609

-

-

-

-

8,037

37,820

(37,248)

8,609

Shelley Kay

Ms Shelley Kay

-

19,380

(18,000)

1,380

-

-

-

-

-

19,380

(18,000)

1,380