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REGISTERED NUMBER: SC348705 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

North Isles Marine Limited

North Isles Marine Limited (Registered number: SC348705)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


North Isles Marine Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: G I Clark
Mrs M L Clark





SECRETARY: Mrs M L Clark





REGISTERED OFFICE: Halcyon
East Voe
Scalloway
Shetland
ZE1 0US





REGISTERED NUMBER: SC348705 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

North Isles Marine Limited (Registered number: SC348705)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 254,823 252,284
Investments 5 623,371 603,997
878,194 856,281

CURRENT ASSETS
Debtors: amounts falling due within one
year

6

544,406

347,316
Debtors: amounts falling due after more
than one year

6

5,113,162

5,474,834
Cash at bank 460,356 128,221
6,117,924 5,950,371
CREDITORS
Amounts falling due within one year 7 98,414 68,819
NET CURRENT ASSETS 6,019,510 5,881,552
TOTAL ASSETS LESS CURRENT LIABILITIES 6,897,704 6,737,833

CAPITAL AND RESERVES
Called up share capital 130,000 130,000
Revaluation reserve 8 123,321 103,947
Retained earnings 6,644,383 6,503,886
SHAREHOLDERS' FUNDS 6,897,704 6,737,833

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

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

North Isles Marine Limited (Registered number: SC348705)

Balance Sheet - continued
31 December 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 28 April 2025 and were signed on its behalf by:




G I Clark - Director



Mrs M L Clark - Director


North Isles Marine Limited (Registered number: SC348705)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

North Isles 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.

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 as modified by the revaluation of certain assets.

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.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

North Isles Marine Limited (Registered number: SC348705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 250,190 2,780 608 9,754 263,332
Additions - 1,505 - 3,383 4,888
Disposals - (274 ) (608 ) (4,332 ) (5,214 )
At 31 December 2024 250,190 4,011 - 8,805 263,006
DEPRECIATION
At 1 January 2024 - 2,666 608 7,774 11,048
Charge for year - 188 - 1,411 1,599
Eliminated on disposal - (160 ) (608 ) (3,696 ) (4,464 )
At 31 December 2024 - 2,694 - 5,489 8,183
NET BOOK VALUE
At 31 December 2024 250,190 1,317 - 3,316 254,823
At 31 December 2023 250,190 114 - 1,980 252,284

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2024 603,997
Revaluations 19,374
At 31 December 2024 623,371
NET BOOK VALUE
At 31 December 2024 623,371
At 31 December 2023 603,997

North Isles Marine Limited (Registered number: SC348705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2024 is represented by:

Other
investments
£   
Valuation in 2017 4,412
Valuation in 2018 9,021
Valuation in 2019 9,220
Valuation in 2020 14,798
Valuation in 2021 44,663
Valuation in 2022 27,471
Valuation in 2023 (5,638 )
Valuation in 2024 19,374
Cost 500,050
623,371

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 500,050 500,050

Fixed asset investments were valued on an open market basis on 31 December 2024 by The Prudential Assurance Company .

6. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 1,800 1,800
Other debtors 542,606 345,516
544,406 347,316

Amounts falling due after more than one year:
Other debtors 5,113,162 5,474,834

Aggregate amounts 5,657,568 5,822,150

North Isles Marine Limited (Registered number: SC348705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 3,703 389
Taxation and social security 93,211 67,240
Other creditors 1,500 1,190
98,414 68,819

8. RESERVES
Revaluation
reserve
£   
At 1 January 2024 103,947
Revaluation increase 19,374

At 31 December 2024 123,321