Company No: SC282160 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	141,300		176,300
Tangible assets	4	809,944		65,124
		951,244		241,424
Current assets
Debtors	5	59,197		138,768
Cash at bank and in hand		7,405		8,721
		66,602		147,489
Creditors: amounts falling due within one year	6	( 533,482)		( 228,034)
Net current liabilities		(466,880)		(80,545)
Total assets less current liabilities		484,364		160,879
Creditors: amounts falling due after more than one year	7	0		( 7,411)
Provision for liabilities	8	( 160,772)		( 25,427)
Net assets		323,592		128,041
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		323,492		127,941
Total shareholders' funds		323,592		128,041

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 MB Stella Maris Limited (registered number: SC282160) were approved and authorised for issue by the Board of Directors on 15 December 2025. They were signed on its behalf by:

Bruce Mclean Director

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

MB Stella Maris 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 Braighe, Lonemore, Gairloch, IV21 2DB, 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

At the financial year end the company had net current liabilities of £466,880. This net current liability position has arisen from supporting finance provided by the directors and agent in relation to the boat purchase in this financial year, these are included in other creditors and total £501,321 at the balance sheet date. As is common practice in the industry in which the company operates, it is reasonable to assume this funding will continue to be provided by those parties to allow the company 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, it is deemed appropriate to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling.

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.

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

Fishing quota and licence are presented at cost. No amortisation has been included in these accounts. The directors believe that they would have a higher residual cost value than the current book value.

Trademarks, patents and licences

not amortised

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	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Other property, plant and equipment	16 years straight line

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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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. If not, they are presented as non-current liabilities.

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	4		4

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 April 2024	176,300		176,300
Disposals	( 35,000)		( 35,000)
At 31 March 2025	141,300		141,300
Accumulated amortisation
At 01 April 2024	0		0
At 31 March 2025	0		0
Net book value
At 31 March 2025	141,300		141,300
At 31 March 2024	176,300		176,300

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	44,417		4,500		37,600		214,745		301,262
Additions	0		0		0		750,000		750,000
Disposals	0		0		0		( 214,745)		( 214,745)
At 31 March 2025	44,417		4,500		37,600		750,000		836,517
Accumulated depreciation
At 01 April 2024	0		2,391		19,005		214,742		236,138
Charge for the financial year	0		527		4,650		3		5,180
Disposals	0		0		0		( 214,745)		( 214,745)
At 31 March 2025	0		2,918		23,655		0		26,573
Net book value
At 31 March 2025	44,417		1,582		13,945		750,000		809,944
At 31 March 2024	44,417		2,109		18,595		3		65,124

5. Debtors

	2025		2024
	£		£
Corporation tax	59,197		0
Other debtors	0		138,768
	59,197		138,768

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	0		4,844
Trade creditors	1,000		18,273
Amounts owed to related parties	27,145		27,145
Taxation and social security	863		59,183
Obligations under finance leases and hire purchase contracts	0		3,236
Other creditors	504,474		115,353
	533,482		228,034

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

	2025		2024
	£		£
Bank loans	0		6,368
Obligations under finance leases and hire purchase contracts	0		1,043
	0		7,411

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	160,772		25,427

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
56 A ordinary shares of £ 1.00 each	56		56
34 B ordinary shares of £ 1.00 each	34		34
10 C ordinary shares of £ 1.00 each	10		10
	100		100

10. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts due to directors	143,661		112,404

These loans are interest free and have no set repayment terms.

Other related party transactions

	2025		2024
	£		£
Amount due to a company where the directors are also directors in	27,145		27,145

This loan is interest free and has no set repayment terms