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Company No: SC431015 (Scotland)

SEAFARI ADVENTURES (OBAN) LTD

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

SEAFARI ADVENTURES (OBAN) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

SEAFARI ADVENTURES (OBAN) LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2024
SEAFARI ADVENTURES (OBAN) LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 63,135 65,246
63,135 65,246
Current assets
Debtors 4 98,611 86,349
Cash at bank and in hand 5 38,136 39,099
136,747 125,448
Creditors: amounts falling due within one year 6 ( 114,863) ( 100,014)
Net current assets 21,884 25,434
Total assets less current liabilities 85,019 90,680
Creditors: amounts falling due after more than one year 7 ( 5,797) ( 15,861)
Net assets 79,222 74,819
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 79,122 74,719
Total shareholder's funds 79,222 74,819

For the financial year ending 30 November 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 Seafari Adventures (Oban) Ltd (registered number: SC431015) were approved and authorised for issue by the Board of Directors on 31 July 2025. They were signed on its behalf by:

Michael Anthony Hill
Director
SEAFARI ADVENTURES (OBAN) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
SEAFARI ADVENTURES (OBAN) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 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

Seafari Adventures (Oban) 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 Easdale Village Shop, Easdale, Oban, PA34 4RF, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Reporting period length

In accordance with Section 390 of the Companies Act 2006, the financial statements cover the year to 30 November 2024.

Turnover

Turnover represents amounts receivable for excursions and boat charter income net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Computer equipment 3 years straight line

No depreciation is provided in respect of freehold land and buildings or leasehold improvements. While the non-depreciation does not comply with the requirements of the Companies Act 2006, the directors are of the opinion that as the assets are well maintained, any depreciation would be immaterial and therefore it is not considered appropriate to depreciate.

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.

Impairment of assets

Assets, other than those measured at fair value, 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 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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including bank loans and loans from fellow group companies 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 December 2023 55,483 68,727 1,250 125,460
Additions 0 0 550 550
Disposals 0 ( 2,045) 0 ( 2,045)
At 30 November 2024 55,483 66,682 1,800 123,965
Accumulated depreciation
At 01 December 2023 0 59,335 879 60,214
Charge for the financial year 0 1,307 481 1,788
Disposals 0 ( 1,172) 0 ( 1,172)
At 30 November 2024 0 59,470 1,360 60,830
Net book value
At 30 November 2024 55,483 7,212 440 63,135
At 30 November 2023 55,483 9,392 371 65,246

4. Debtors

2024 2023
£ £
Deferred tax asset 23,450 25,988
Other debtors 75,161 60,361
98,611 86,349

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 38,136 39,099

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,648 10,648
Amounts owed to Group undertakings 96,544 84,670
Amounts owed to related parties 58 11
Other creditors 7,613 4,685
114,863 100,014

Bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee

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

2024 2023
£ £
Bank loans 5,797 15,861

Bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 25,988 9,001
(Charged)/credited to the Profit and Loss Account ( 2,538) 16,987
At the end of financial year 23,450 25,988

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 A Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed to Group Companies 96,544 84,670

Amounts owed to group companies are unsecured, interest free and repayable on demand.

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Directors 3,251 764

Other related party transactions

2024 2023
£ £
Amounts owed to other related parties 58 11

The above loan with other related parties has been provided to a Scottish partnership of which the directors of Seafari Adventures (Oban) Ltd are partners. S455 tax will be payable on any amounts not repaid by the partnership within 9 months of the company year end.