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REGISTERED NUMBER: SC128293 (Scotland)
















Financial Statements for the Year Ended 30 September 2024

for

Malin Abram Ltd

Malin Abram Ltd (Registered number: SC128293)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Malin Abram Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J.A. MacSween
S R Thornley
L McDougall





REGISTERED OFFICE: South Rotunda
100 Govan Road
Glasgow
G51 1AY





REGISTERED NUMBER: SC128293 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Malin Abram Ltd (Registered number: SC128293)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 64,682 76,611
Investments 5 283,121 526,368
347,803 602,979

CURRENT ASSETS
Stocks 2,093 569,544
Debtors 6 7,396,935 9,618,143
Cash at bank 2,293,188 2,033,849
9,692,216 12,221,536
CREDITORS
Amounts falling due within one year 7 (5,162,476 ) (2,290,255 )
NET CURRENT ASSETS 4,529,740 9,931,281
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,877,543

10,534,260

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Retained earnings 4,862,543 10,519,260
SHAREHOLDERS' FUNDS 4,877,543 10,534,260

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





J.A. MacSween - Director


Malin Abram Ltd (Registered number: SC128293)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Malin Abram 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and estimates
The preparation of these financial statements requires the directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. Judgements and estimates are continually evaluated and are based on historical experiences of future events that are believed to be reasonable under the circumstances.

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

Revenue recognition
Turnover in respect of heavy lift and logistics contracts is assessed on a contract by contract basis, whereby turnover and related costs are reflected in the profit and loss account in accordance with the stage of completion of the contract.

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 etc - 100% on cost, 33% on cost, 20% on cost, 15% on cost and Straight line over 10 years

The company's policy is to review the remaining useful lives and residual vale of all tangible fixed assets on an on-going basis ad to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Malin Abram Ltd (Registered number: SC128293)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and held at bank.

Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss account.

Investments in joint ventures
Investments in joint ventures are recognised at cost.

Sea transportation contracts
The company is involved in the heavy lift and logistics industry and generates the majority of its turnover from these contracts. The profitability of each contract varies over its life. The directors regularly review the performance of each contract to assess periodic recognition.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 21 ) .

Malin Abram Ltd (Registered number: SC128293)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 346,840
Additions 950
At 30 September 2024 347,790
DEPRECIATION
At 1 October 2023 270,229
Charge for year 12,879
At 30 September 2024 283,108
NET BOOK VALUE
At 30 September 2024 64,682
At 30 September 2023 76,611

5. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 October 2023 526,368
Share of profit/(loss) (43,247 )
Dividends received (200,000 )
At 30 September 2024 283,121
NET BOOK VALUE
At 30 September 2024 283,121
At 30 September 2023 526,368


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 3,145,828 1,375,093
Amounts owed by group undertakings - 5,345,396
Amounts owed by participating interests 2,277,590 2,277,590
Other debtors 18,748 6,444
Prepayments and accrued income 1,954,769 613,620
7,396,935 9,618,143

Malin Abram Ltd (Registered number: SC128293)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 2,266,528 619,989
VAT 612,618 229,197
Accrued expenses 2,283,330 1,441,069
5,162,476 2,290,255

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Fiona Russell (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

9. CONTINGENT LIABILITIES

£350,000 has been set aside in a Performance Bond and will be released to the customer should the obligations of one of the company's major contracts not be met. The Performance Bond expires on 31 December 2026.

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Malin Group Limited, a company incorporated in Scotland due to their 100% holding of the company's ordinary share capital.

The ultimate controlling party is J. A. MacSween due to his 55% holding of the ordinary share capital in the ultimate parent company Malin Group Limited.

Malin Group Limited is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office:

South Rotunda
100 Govan Road
Glasgow
G51 1AY