Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Alexander Archibald Dobbie 01/01/2011 Allan Macbean Laing 20/05/2015 Douglas Arthur Macinnes 30/10/2009 David Walter Mackie 30/10/2009 Paul Leonard Smith 01/01/2011 27 May 2025 The principal activity of the company is the manufacture of chemical products from seaweed.

During the period, the company continued towards its key goal of commercial manufacture of seaweed components, including alginate. Its main activities during the 12 months period were:

• Progressing a full scale Seaweed Biorefinery, either solely or in conjunction with other parties
• Operation of a Pilot facility to produce commercial scale samples and to further develop and optimise its Seaweed Biorefining process
• Progression, and defence of, Intellectual Property matters, particularly relating to seaweed pre-treatment
• Development work, including via Grant supported projects, focused on high value components including Cellulose and Fucoidan, and all within the context of an overall Zero Waste Process
• Engaging with external investors as required in respect of the main phase of development of the afore mentioned seaweed biorefinery

The company continued to operate under careful financial control and the company’s directors provided necessary (temporary financial) support if and when required
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Company No: SC367807 (Scotland)

MARINE BIOPOLYMERS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

MARINE BIOPOLYMERS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

MARINE BIOPOLYMERS LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
MARINE BIOPOLYMERS LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 476 3,931
476 3,931
Current assets
Debtors 5 45,496 4,747
Cash at bank and in hand 15,584 2,197
61,080 6,944
Creditors: amounts falling due within one year 6 ( 2,983,299) ( 2,786,041)
Net current liabilities (2,922,219) (2,779,097)
Total assets less current liabilities (2,921,743) (2,775,166)
Creditors: amounts falling due after more than one year 7 ( 5,627) ( 13,901)
Net liabilities ( 2,927,370) ( 2,789,067)
Capital and reserves
Called-up share capital 8 37,929 37,929
Share premium account 485,348 485,348
Profit and loss account ( 3,450,647 ) ( 3,312,344 )
Total shareholders' deficit ( 2,927,370) ( 2,789,067)

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Marine Biopolymers Ltd (registered number: SC367807) were approved and authorised for issue by the Board of Directors on 27 May 2025. They were signed on its behalf by:

David Walter Mackie
Director
MARINE BIOPOLYMERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
MARINE BIOPOLYMERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Marine Biopolymers Ltd (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 Unit 54 Boundary Road, Heathfield Industrial Estate, Ayr, KA8 9DJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 company’s Balance Sheet, and the likely future cash flows at the date of approving these financial statements. The directors of the company were engaged in active conversations with interested parties to secure new contracts for future revenue and initial ones were concluded, firstly in early 2024 and then post year end, which provide such future revenue. Discussions on expansion of the scope of such contracts continue. The directors also confirm their continuing support for the business and have confirmed they will not seek any repayment of loans due to the detriment of the company’s ability to trade. The directors therefore have reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing, approving and submitting them.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 4 years straight line
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 at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line over its expected useful life, as follows:

Plant and machinery etc. 2 - 4 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
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets 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 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Convertible loan notes
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Convertible loans that do not contain an equity element are initially recorded at fair value, which is normally the transaction price. Such liabilities are subsequently carried at fair value and the changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, not including directors 5 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 October 2023 43,461 43,461
At 30 September 2024 43,461 43,461
Accumulated amortisation
At 01 October 2023 43,461 43,461
At 30 September 2024 43,461 43,461
Net book value
At 30 September 2024 0 0
At 30 September 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 67,092 67,092
Additions 242 242
At 30 September 2024 67,334 67,334
Accumulated depreciation
At 01 October 2023 63,161 63,161
Charge for the financial year 3,697 3,697
At 30 September 2024 66,858 66,858
Net book value
At 30 September 2024 476 476
At 30 September 2023 3,931 3,931

5. Debtors

2024 2023
£ £
Other debtors 45,496 4,747

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 8,266 8,062
Trade creditors 283,863 269,406
Convertible loan notes 917,186 871,114
Other taxation and social security 10,336 9,808
Other creditors 1,763,648 1,627,651
2,983,299 2,786,041

In May 2018 a loan was agreed from Rettenmaier & Sohne of £300,000 with a coupon rate at 6% per annum. This loan is secured by a floating charge over the assets of the company.

Convertible Loan notes were first issued by the company on 15 November 2012. Further funding was raised in May 2015 and an additional £235,000 was raised in 2017. It was a condition of this additional funding that any interest accrued not paid will be capitalised and included in the liability balance. These loan notes had rights to convert in 2022 with an interest rate of 10%. The holders of the loan notes have agreed to defer conversion or repayment and interest continues to accrue at the same rate.

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

2024 2023
£ £
Bank loans 5,627 13,901

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,210,000 Ordinary 1 shares of £ 0.01 each 12,100 12,100
806,666 Ordinary 2 shares of £ 0.01 each 8,067 8,067
403,333 Ordinary 3 shares of £ 0.01 each 4,033 4,033
1,372,859 Ordinary 4 shares of £ 0.01 each 13,729 13,729
37,929 37,929

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 43,313 59,063

10. Related party transactions

Other related party transactions

2024 2023
£ £
Key management personnel 698,654 624,745

Interest is charged on loans from key management personnel at rates between 3% and 6%. These loans have no fixed repayment terms.