IRIS Accounts Production v25.1.4.42 SC470626 director 1.2.24 31.1.25 31.1.25 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4706262024-01-31SC4706262025-01-31SC4706262024-02-012025-01-31SC4706262023-01-31SC4706262023-02-012024-01-31SC4706262024-01-31SC470626ns15:Scotland2024-02-012025-01-31SC470626ns14:PoundSterling2024-02-012025-01-31SC470626ns10:Director12024-02-012025-01-31SC470626ns10:PrivateLimitedCompanyLtd2024-02-012025-01-31SC470626ns10:SmallEntities2024-02-012025-01-31SC470626ns10:AuditExempt-NoAccountantsReport2024-02-012025-01-31SC470626ns10:SmallCompaniesRegimeForDirectorsReport2024-02-012025-01-31SC470626ns10:SmallCompaniesRegimeForAccounts2024-02-012025-01-31SC470626ns10:FullAccounts2024-02-012025-01-31SC47062612024-02-012025-01-31SC470626ns10:RegisteredOffice2024-02-012025-01-31SC470626ns5:CurrentFinancialInstruments2025-01-31SC470626ns5:CurrentFinancialInstruments2024-01-31SC470626ns5:ShareCapital2025-01-31SC470626ns5:ShareCapital2024-01-31SC470626ns5:RetainedEarningsAccumulatedLosses2025-01-31SC470626ns5:RetainedEarningsAccumulatedLosses2024-01-31SC470626ns5:IntangibleAssetsOtherThanGoodwill2024-02-012025-01-31SC470626ns5:PatentsTrademarksLicencesConcessionsSimilar2024-02-012025-01-31SC470626ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-02-012025-01-31SC470626ns5:LeaseholdImprovements2024-02-012025-01-31SC470626ns5:PlantMachinery2024-02-012025-01-31SC470626ns5:FurnitureFittings2024-02-012025-01-31SC470626ns5:MotorVehicles2024-02-012025-01-31SC470626ns5:ComputerEquipment2024-02-012025-01-31SC470626ns5:IntangibleAssetsOtherThanGoodwill2024-01-31SC470626ns5:IntangibleAssetsOtherThanGoodwill2025-01-31SC470626ns5:IntangibleAssetsOtherThanGoodwill2024-01-31SC470626ns5:LandBuildings2024-01-31SC470626ns5:LeaseholdImprovements2024-01-31SC470626ns5:PlantMachinery2024-01-31SC470626ns5:LandBuildings2024-02-012025-01-31SC470626ns5:LandBuildings2025-01-31SC470626ns5:LeaseholdImprovements2025-01-31SC470626ns5:PlantMachinery2025-01-31SC470626ns5:LandBuildings2024-01-31SC470626ns5:LeaseholdImprovements2024-01-31SC470626ns5:PlantMachinery2024-01-31SC470626ns5:FurnitureFittings2024-01-31SC470626ns5:MotorVehicles2024-01-31SC470626ns5:ComputerEquipment2024-01-31SC470626ns5:FurnitureFittings2025-01-31SC470626ns5:MotorVehicles2025-01-31SC470626ns5:ComputerEquipment2025-01-31SC470626ns5:FurnitureFittings2024-01-31SC470626ns5:MotorVehicles2024-01-31SC470626ns5:ComputerEquipment2024-01-31SC470626ns5:WithinOneYearns5:CurrentFinancialInstruments2025-01-31SC470626ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-31
REGISTERED NUMBER: SC470626 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Onward Marine Ltd

Onward Marine Ltd (Registered number: SC470626)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Onward Marine Ltd

Company Information
for the Year Ended 31 January 2025







DIRECTOR: Mr J Kensett





REGISTERED OFFICE: 22 Blackcraig Road
Cruden Bay
Peterhead
Aberdeenshire
AB42 0PW





REGISTERED NUMBER: SC470626 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Onward Marine Ltd (Registered number: SC470626)

Balance Sheet
31 January 2025

31.1.25 31.1.24
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,586 15,501
Tangible assets 5 431,992 342,946
442,578 358,447

CURRENT ASSETS
Debtors 6 2,684 5,821
Cash at bank 293,745 383,655
296,429 389,476
CREDITORS
Amounts falling due within one year 7 27,493 44,450
NET CURRENT ASSETS 268,936 345,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

711,514

703,473

PROVISIONS FOR LIABILITIES 79,382 88,495
NET ASSETS 632,132 614,978

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 632,032 614,878
SHAREHOLDERS' FUNDS 632,132 614,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Onward Marine Ltd (Registered number: SC470626)

Balance Sheet - continued
31 January 2025


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 July 2025 and were signed by:





Mr J Kensett - Director


Onward Marine Ltd (Registered number: SC470626)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Onward Marine 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.

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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing licences & quota are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 15% on reducing balance
Fishing vessel - 4% on cost
Marine equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Onward Marine Ltd (Registered number: SC470626)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2024
and 31 January 2025 49,144
AMORTISATION
At 1 February 2024 33,643
Charge for year 4,915
At 31 January 2025 38,558
NET BOOK VALUE
At 31 January 2025 10,586
At 31 January 2024 15,501

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Fishing
property property vessel
£    £    £   
COST
At 1 February 2024 - - 358,872
Additions 111,510 6,231 -
At 31 January 2025 111,510 6,231 358,872
DEPRECIATION
At 1 February 2024 - - 71,774
Charge for year 2,230 935 14,355
At 31 January 2025 2,230 935 86,129
NET BOOK VALUE
At 31 January 2025 109,280 5,296 272,743
At 31 January 2024 - - 287,098

Onward Marine Ltd (Registered number: SC470626)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

5. TANGIBLE FIXED ASSETS - continued

Marine Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2024 57,216 56,650 992 473,730
Additions 2,255 - - 119,996
At 31 January 2025 59,471 56,650 992 593,726
DEPRECIATION
At 1 February 2024 37,507 20,515 988 130,784
Charge for year 4,393 9,033 4 30,950
At 31 January 2025 41,900 29,548 992 161,734
NET BOOK VALUE
At 31 January 2025 17,571 27,102 - 431,992
At 31 January 2024 19,709 36,135 4 342,946

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Other debtors 2,684 5,821

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Trade creditors 552 1,571
Taxation and social security 22,522 35,925
Other creditors 4,419 6,954
27,493 44,450