SHIP VENTURE LIMITED

Company Registration Number:
SC166242 (Scotland)

Unaudited statutory accounts for the year ended 31 December 2024

Period of accounts

Start date: 1 January 2024

End date: 31 December 2024

SHIP VENTURE LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

SHIP VENTURE LIMITED

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Principal activities of the company

The principal activity and core business of the company continues to be that of commercial letting and event hire of the group property. The company is a wholly owned subsidiary of The Merchants House of Glasgow, a registered Scottish charity, and pays all available profits, after making allowances for working capital requirements, to the charity.



Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Alasdair Ronald
Andrew McFarlane


Secretary Craig Vickery

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
22 April 2025

And signed on behalf of the board by:
Name: Alasdair Ronald
Status: Director

SHIP VENTURE LIMITED

Profit And Loss Account

for the Period Ended 31 December 2024

2024 2023


£

£
Turnover: 835,662 850,214
Cost of sales: ( 633,703 ) ( 688,235 )
Gross profit(or loss): 201,959 161,979
Distribution costs: 0 0
Administrative expenses: ( 90,344 ) ( 101,458 )
Other operating income: 2,650 2,650
Operating profit(or loss): 114,265 63,171
Interest receivable and similar income: 3,178 931
Interest payable and similar charges: 0 ( 3,896 )
Profit(or loss) before tax: 117,443 60,206
Tax: 0 0
Profit(or loss) for the financial year: 117,443 60,206

SHIP VENTURE LIMITED

Balance sheet

As at 31 December 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 42,995 85,990
Investments:   0 0
Total fixed assets: 42,995 85,990
Current assets
Stocks:   0 0
Debtors: 4 270,715 166,068
Cash at bank and in hand: 249,020 301,871
Investments:   0 0
Total current assets: 519,735 467,939
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 407,674 ) ( 366,710 )
Net current assets (liabilities): 112,061 101,229
Total assets less current liabilities: 155,056 187,219
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 155,056 187,219
Capital and reserves
Called up share capital: 50,000 50,000
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 105,056 137,219
Total Shareholders' funds: 155,056 187,219

The notes form part of these financial statements

SHIP VENTURE LIMITED

Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 22 April 2025
and signed on behalf of the board by:

Name: Andrew McFarlane
Status: Director

The notes form part of these financial statements

SHIP VENTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is the total amount of property rental and venue hire invoiced by the company and for services provided, excluding value added tax during the year. The turnover is attributable to the continuing activities, the management and rental of property and event hire.

    Tangible fixed assets depreciation policy

    Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Office equipment 33.3% per annum

    Other accounting policies

    1.2 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. 1.3 Turnover Turnover is the total amount of property rental and venue hire invoiced by the company and for services provided, excluding value added tax during the year. The turnover is attributable to the continuing activities, the management and rental of property and event hire. 1.4 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Office equipment 33.3% per annum 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. 1.5 Impairment of fixed assets At each reporting end date, the company reviews the carrying amounts of its tangible 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). 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. 1.7 Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans and receivables Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Basic financial liabilities Basic financial liabilities are initially measured 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. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. 1.8 Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. 1.9 Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes except to the extent that no liability is expected to crystallise. Any deferred tax balance is not discounted. 1.10 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SHIP VENTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

SHIP VENTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2024 438,095 438,095
Additions 2,744 2,744
Disposals ( 16,028 ) ( 16,028 )
Revaluations
Transfers
At 31 December 2024 424,811 424,811
Depreciation
At 1 January 2024 352,105 352,105
Charge for year 38,034 38,034
On disposals ( 8,323 ) ( 8,323 )
Other adjustments
At 31 December 2024 381,816 381,816
Net book value
At 31 December 2024 42,995 42,995
At 31 December 2023 85,990 85,990

SHIP VENTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

4. Debtors

2024 2023
£ £
Trade debtors 78,595 45,649
Other debtors 192,120 120,419
Total 270,715 166,068

SHIP VENTURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 52,362 73,499
Taxation and social security 9,021 10,253
Other creditors 346,291 282,958
Total 407,674 366,710