Company registration number SC154761 (Scotland)
DUNSTAFFNAGE MARINA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DUNSTAFFNAGE MARINA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DUNSTAFFNAGE MARINA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
28 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,132,052
2,205,380
Current assets
Stocks
25,000
25,000
Debtors
5
38,788
238,248
Cash at bank and in hand
25,733
153,929
89,521
417,177
Creditors: amounts falling due within one year
6
(318,388)
(684,767)
Net current liabilities
(228,867)
(267,590)
Total assets less current liabilities
1,903,185
1,937,790
Creditors: amounts falling due after more than one year
7
(1,592,877)
(1,659,861)
Provisions for liabilities
9
(67,519)
(62,285)
Government grants
(86,213)
(90,154)
Net assets
156,576
125,490
Capital and reserves
Called up share capital
10
2,916,085
2,916,085
Profit and loss reserves
(2,759,509)
(2,790,595)
Total equity
156,576
125,490
DUNSTAFFNAGE MARINA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 September 2025 and are signed on its behalf by:
T Olsen
Director
Company registration number SC154761 (Scotland)
DUNSTAFFNAGE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Dunstaffnage Marina Limited is a private company limited by shares incorporated in Scotland. The registered office is Dunbeg, Oban, Argyll, PA37 1PX.

1.1
Reporting period

The period covered by the financial statements is 1 March 2024 to 31 December 2024, therefore the comparative information is not directly comparable to that of the current period. The reason for the shortened period is to better align to the commercial trading season of the business.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
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 at least twelve months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.5
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:

Leasehold land and buildings
2% straight line
Plant and equipment
4%-25% reducing balance
Fixtures and fittings
15% reducing balance
IT equipment
33% reducing balance

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.

1.6
Impairment of fixed assets

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

DUNSTAFFNAGE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

Debtors

Debtors with no stated interest or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

All interest bearing loans and borrowings which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.

1.10
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.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

DUNSTAFFNAGE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2024
Number
Number
Total
19
11
DUNSTAFFNAGE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2024
2,504,272
1,659,262
4,163,534
Additions
-
0
7,560
7,560
At 31 December 2024
2,504,272
1,666,822
4,171,094
Depreciation and impairment
At 1 March 2024
1,046,083
912,071
1,958,154
Depreciation charged in the period
41,738
39,150
80,888
At 31 December 2024
1,087,821
951,221
2,039,042
Carrying amount
At 31 December 2024
1,416,451
715,601
2,132,052
At 29 February 2024
1,458,189
747,191
2,205,380
5
Debtors
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
38,788
238,248
6
Creditors: amounts falling due within one year
2024
2024
£
£
Bank loans
8
-
0
13,897
Trade creditors
36,083
8,604
Taxation and social security
57,988
197,770
Other creditors
6,866
3,248
Accruals and deferred income
217,451
461,248
318,388
684,767
7
Creditors: amounts falling due after more than one year
2024
2024
Notes
£
£
Other borrowings
8
1,592,877
1,659,861
DUNSTAFFNAGE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
8
Loans and overdrafts
2024
2024
£
£
Bank loans
-
0
13,897
Director loan
1,592,877
1,659,861
1,592,877
1,673,758
Payable within one year
-
0
13,897
Payable after one year
1,592,877
1,659,861

The director E F Bell provides the loan to the company interest free and is not seeking repayment within twelve months of the date of approval of the financial statements.

9
Provisions for liabilities
2024
2024
£
£
Onerous contract
67,519
62,285
Movements on provisions:
Onerous contract
£
At 1 March 2024
62,285
Additional provisions in the year
24,319
Reversal of provision
12,925
Utilisation of provision
(32,010)
At 31 December 2024
67,519

A lease commitment has been identified as onerous and therefore a provision has been made for the cost of fulfilling the contract in full.

10
Called up share capital
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,916,085
2,916,085
2,916,085
2,916,085
DUNSTAFFNAGE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2024
£
£
812,125
842,542
12
Related party transactions

Included within creditors due more than 1 year is a director loan balance of £1,592,877 (202 4 - £1,659,861). This is due to E F Bell and is provided interest free with no fixed repayment terms. The director is not seeking repayment of this loan within the next twelve months and continues to financially support the company.

The directors are of the opinion that all other related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

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