Silverfin false false 31/03/2025 01/04/2024 31/03/2025 Ian Ellis 17/01/2014 Clifford Lawrence Ritchie 22/03/1993 John Watt 17/02/1999 04 November 2025 The principal activity of the company during the year was that of naval architects and marine consultants. SC143359 2025-03-31 SC143359 bus:Director1 2025-03-31 SC143359 bus:Director2 2025-03-31 SC143359 bus:Director3 2025-03-31 SC143359 2024-03-31 SC143359 core:CurrentFinancialInstruments 2025-03-31 SC143359 core:CurrentFinancialInstruments 2024-03-31 SC143359 core:ShareCapital 2025-03-31 SC143359 core:ShareCapital 2024-03-31 SC143359 core:SharePremium 2025-03-31 SC143359 core:SharePremium 2024-03-31 SC143359 core:CapitalRedemptionReserve 2025-03-31 SC143359 core:CapitalRedemptionReserve 2024-03-31 SC143359 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC143359 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC143359 core:Goodwill 2024-03-31 SC143359 core:Goodwill 2025-03-31 SC143359 core:LandBuildings 2024-03-31 SC143359 core:Vehicles 2024-03-31 SC143359 core:FurnitureFittings 2024-03-31 SC143359 core:LandBuildings 2025-03-31 SC143359 core:Vehicles 2025-03-31 SC143359 core:FurnitureFittings 2025-03-31 SC143359 bus:OrdinaryShareClass1 2025-03-31 SC143359 2024-04-01 2025-03-31 SC143359 bus:FilletedAccounts 2024-04-01 2025-03-31 SC143359 bus:SmallEntities 2024-04-01 2025-03-31 SC143359 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 SC143359 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC143359 bus:Director1 2024-04-01 2025-03-31 SC143359 bus:Director2 2024-04-01 2025-03-31 SC143359 bus:Director3 2024-04-01 2025-03-31 SC143359 core:Goodwill core:TopRangeValue 2024-04-01 2025-03-31 SC143359 core:LandBuildings core:TopRangeValue 2024-04-01 2025-03-31 SC143359 core:Vehicles 2024-04-01 2025-03-31 SC143359 core:FurnitureFittings 2024-04-01 2025-03-31 SC143359 2023-04-01 2024-03-31 SC143359 core:LandBuildings 2024-04-01 2025-03-31 SC143359 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 SC143359 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC143359 (Scotland)

# MACDUFF SHIP DESIGN LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

MACDUFF SHIP DESIGN LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

MACDUFF SHIP DESIGN LIMITED

## BALANCE SHEET

AS AT 31 MARCH 2025
MACDUFF SHIP DESIGN LIMITED

## BALANCE SHEET (continued)

AS AT 31 MARCH 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 229,433 |  | 238,589
|  | 229,433 |  | 238,589
Current assets |  |  |  |
Debtors | 5 | 405,583 |  | 400,901
Cash at bank and in hand |  | 652,264 |  | 621,746
|  | 1,057,847 |  | 1,022,647
Creditors: amounts falling due within one year | 6 | ( 136,063) |  | ( 121,109)
Net current assets |  | 921,784 |  | 901,538
Total assets less current liabilities |  | 1,151,217 |  | 1,140,127
Net assets |  | 1,151,217 |  | 1,140,127
Capital and reserves |  |  |  |
Called-up share capital | 7 | 684 |  | 684
Share premium account |  | 193,456 |  | 193,456
Capital redemption reserve |  | 810 |  | 810
Profit and loss account |  | 956,267 |  | 945,177
Total shareholders' funds |  | 1,151,217 |  | 1,140,127

For the financial 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.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Macduff Ship Design Limited (registered number: SC143359) were approved and authorised for issue by the Board of Directors on 04 November 2025. They were signed on its behalf by:

Ian Ellis Director |

MACDUFF SHIP DESIGN LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
MACDUFF SHIP DESIGN LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

##### 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

Macduff Ship Design Limited (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 Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA, 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 £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is the amount receivable by the company for services provided to clients during the year. Turnover is recognised when a right to consideration has been obtained through performance of each contract having regard to the stage of completion. Income from conditional assignments is recognised when the receipt of income and the value of income is relatively certain.

##### Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### 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.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 5 years straight line

##### 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 investment property and 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 | 50 years straight line
Vehicles | 25 % reducing balance
Fixtures and fittings | 25 % reducing balance

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.

##### Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### 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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Financial 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.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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 cash and bank balances, are measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 12 |  | 12

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 35,000 |  | 35,000
At 31 March 2025 | 35,000 |  | 35,000
Accumulated amortisation |  |  |
At 01 April 2024 | 35,000 |  | 35,000
At 31 March 2025 | 35,000 |  | 35,000
Net book value |  |  |
At 31 March 2025 | 0 |  | 0
At 31 March 2024 | 0 |  | 0

#### 4. Tangible assets

| Land and buildings |  | Vehicles |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 308,579 |  | 74,327 |  | 61,732 |  | 444,638
Additions | 0 |  | 1,516 |  | 2,165 |  | 3,681
At 31 March 2025 | 308,579 |  | 75,843 |  | 63,897 |  | 448,319
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 94,380 |  | 57,638 |  | 54,031 |  | 206,049
Charge for the financial year | 6,172 |  | 4,289 |  | 2,376 |  | 12,837
At 31 March 2025 | 100,552 |  | 61,927 |  | 56,407 |  | 218,886
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 208,027 |  | 13,916 |  | 7,490 |  | 229,433
At 31 March 2024 | 214,199 |  | 16,689 |  | 7,701 |  | 238,589

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 357,006 |  | 340,205
Amounts recoverable on contracts | 18,593 |  | 30,825
Prepayments | 29,984 |  | 29,871
| 405,583 |  | 400,901

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 4,739 |  | 1,229
Taxation and social security | 64,561 |  | 50,696
Other creditors | 66,763 |  | 69,184
| 136,063 |  | 121,109

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
684 Ordinary shares of £ 1.00 each | 684 |  | 684

#### 8. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 72,599 |  | 87,522