BrightAccountsProduction v1.0.0 v1.0.0 2024-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the sale of fishing gear. 10 March 2025 0 0 SC722504 2024-12-31 SC722504 2023-12-31 SC722504 2022-12-31 SC722504 2024-01-01 2024-12-31 SC722504 2023-01-01 2023-12-31 SC722504 uk-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC722504 uk-curr:PoundSterling 2024-01-01 2024-12-31 SC722504 uk-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC722504 uk-bus:FullAccounts 2024-01-01 2024-12-31 SC722504 uk-core:ShareCapital 2024-12-31 SC722504 uk-core:ShareCapital 2023-12-31 SC722504 uk-core:RetainedEarningsAccumulatedLosses 2024-12-31 SC722504 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC722504 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-12-31 SC722504 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 SC722504 uk-bus:FRS102 2024-01-01 2024-12-31 SC722504 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 SC722504 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 SC722504 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 SC722504 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 SC722504 uk-core:CurrentFinancialInstruments 2024-12-31 SC722504 uk-core:CurrentFinancialInstruments 2023-12-31 SC722504 uk-core:WithinOneYear 2024-12-31 SC722504 uk-core:WithinOneYear 2023-12-31 SC722504 uk-core:ParentEntities 2024-01-01 2024-12-31 SC722504 2024-01-01 2024-12-31 SC722504 uk-bus:Director1 2024-01-01 2024-12-31 SC722504 uk-bus:Director2 2024-01-01 2024-12-31 SC722504 uk-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: SC722504
 
 
Sharpes of Aberdeen Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 December 2024
Sharpes of Aberdeen Ltd
Company Registration Number: SC722504
BALANCE SHEET
as at 31 December 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 5 8,154 10,872
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Current Assets
Stocks 6 66,340 66,733
Debtors 7 15,549 11,797
Cash and cash equivalents 9,064 4,031
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90,953 82,561
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Creditors: amounts falling due within one year 8 (128,156) (119,220)
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Net Current Liabilities (37,203) (36,659)
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Total Assets less Current Liabilities (29,049) (25,787)
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Capital and Reserves
Called up share capital 50 50
Retained earnings (29,099) (25,837)
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Equity attributable to owners of the company (29,049) (25,787)
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 10 March 2025 and signed on its behalf by
           
           
________________________________     ________________________________
Mr. Mark Gamble     Mr. Aaron Gamble
Director     Director
           



Sharpes of Aberdeen Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024

   
1. General Information
 
Sharpes of Aberdeen Ltd is a company limited by shares incorporated and registered in the Scotland. The registered number of the company is SC722504. The registered office of the company is 1-7 East Craibstone Street, Aberdeen, Scotland, AB11 6YQ. The principal activity of the company is the sale of fishing gear. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
Intangible assets are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 0 years.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at 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 where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Research and development
Development expenditure is written off in the same financial year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
The balance sheet shows a net liability of £29,049. However, £47,371 of the deficiency has been created by the existence of a loan from the group company which is not repayable in the forseeable future.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 0, (2023 - 0).
       
5. Intangible assets
  Development  
  Costs Total
  £ £
Cost
At 1 January 2024 13,590 13,590
  ───────── ─────────
 
At 31 December 2024 13,590 13,590
  ───────── ─────────
Amortisation
At 1 January 2024 2,718 2,718
Charge for financial year 2,718 2,718
  ───────── ─────────
At 31 December 2024 5,436 5,436
  ───────── ─────────
Net book value
At 31 December 2024 8,154 8,154
  ═════════ ═════════
At 31 December 2023 10,872 10,872
  ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 66,340 66,733
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 7,164 4,375
Other debtors - 4,366
Taxation 8,385 3,056
  ───────── ─────────
  15,549 11,797
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 78,712 81,087
Amounts owed to group undertakings 47,371 36,633
Accruals 2,073 1,500
  ───────── ─────────
  128,156 119,220
  ═════════ ═════════
       
9. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2024.
           
10. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
11. Parent company
 
The company regards MAG NI Holdings Ltd as its parent company.
 
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.