Zenith Marine Supplies Limited

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—6

Report to the directors on the preparation of the unaudited statutory accounts of Zenith Marine Supplies Limited for the year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Zenith Marine Supplies Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Zenith Marine Supplies Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Zenith Marine Supplies Limited and state those matters that we have agreed to state to the directors of Zenith Marine Supplies Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zenith Marine Supplies Limited and its directors as a body for our work or for this report.

It is your duty to ensure that Zenith Marine Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Zenith Marine Supplies Limited . You consider that Zenith Marine Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Zenith Marine Supplies Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

3 November 2025

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Zenith Marine Supplies Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: SC624655

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		27,794		45,754

			27,794		45,754
CURRENT ASSETS
Stocks	5	15,047		13,378
Debtors	6	29,153		62,791
Cash at bank and in hand		24,947		62,462

		69,147		138,631
Creditors: Amounts Falling Due Within One Year	7	(33,224 )		(66,910 )

NET CURRENT ASSETS (LIABILITIES)			35,923		71,721

TOTAL ASSETS LESS CURRENT LIABILITIES			63,717		117,475

PROVISIONS FOR LIABILITIES
Deferred Taxation			(6,948 )		(11,438 )

NET ASSETS			56,769		106,037

CAPITAL AND RESERVES
Called up share capital			100		100
Profit and Loss Account			56,669		105,937

SHAREHOLDERS' FUNDS			56,769		106,037

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Zenith Marine Supplies Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Ms F Eite

Director

3 November 2025

The notes on pages 4 to 6 form part of these financial statements.

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Zenith Marine Supplies Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Zenith Marine Supplies Limited is a private company, limited by shares, incorporated in Scotland, registered number SC624655 . The registered office is Gavenwood, Banff, AB45 3LA.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

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

2.3. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% on cost
Fixtures & Fittings	33% on cost
Computer Equipment	33% on cost

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

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Zenith Marine Supplies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 2)

4. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	77,698	1,253	10,103	89,054
Additions	-	117	575	692

As at 31 March 2025	77,698	1,370	10,678	89,746

Depreciation
As at 1 April 2024	36,450	983	5,867	43,300
Provided during the period	15,540	229	2,883	18,652

As at 31 March 2025	51,990	1,212	8,750	61,952

Net Book Value
As at 31 March 2025	25,708	158	1,928	27,794

As at 1 April 2024	41,248	270	4,236	45,754

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Zenith Marine Supplies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Stocks

	2025	2024
	£	£
Stock	15,047	13,378

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	24,222	55,893
Prepayments and accrued income	1,727	1,337
VAT	3,204	5,561

	29,153	62,791

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	889	13,588
Corporation tax	13,035	25,481
Other taxes and social security	2,403	17,132
Other creditors	300	-
Directors' loan accounts	16,597	10,709

	33,224	66,910

8. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2024	11,438	11,438
Deferred taxation	(4,490 )	(4,490 )

Balance at 31 March 2025	6,948	6,948

9. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Ms Fiona Eite	(5,354 )	5,354	(8,299 )	-	(8,299 )
Mr Jurgen Eite	(5,354 )	5,354	(8,298 )	-	(8,298 )

The above loan is interest free and has no fixed repayment terms.

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