Company No: SC587930 (Scotland)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2025		31.12.2023
		£		£
Fixed assets
Intangible assets	3	370,466		416,403
Tangible assets	4	1,527,498		1,760,905
		1,897,964		2,177,308
Current assets
Debtors	5	0		65,947
Cash at bank and in hand		1		24,852
		1		90,799
Creditors: amounts falling due within one year	6	( 2,169,730)		( 3,042,351)
Net current liabilities		(2,169,729)		(2,951,552)
Total assets less current liabilities		(271,765)		(774,244)
Net liabilities		( 271,765)		( 774,244)
Capital and reserves
Called-up share capital	7	1,000		1,000
Profit and loss account		( 272,765 )		( 775,244 )
Total shareholder's deficit		( 271,765)		( 774,244)

For the financial period 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 member has not required the Company to obtain an audit of its financial statements for the financial period 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 Macmar Limited (registered number: SC587930) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

Nicholas Allan Bright Director

Paul Brown Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Macmar 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 Summit House, 4-5 Mitchell Street, Edinburgh, EH6 7BD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £271,765. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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.

Reporting period length

The reporting period length for the period has been extended to 15 months at the decision of the directors. This was done to align the period end with the corporate group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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:

Trademarks, patents and licences

16 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	16 years straight line
Other property, plant and equipment	10 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.

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.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Period from 01.01.2024 to 31.03.2025		Year ended 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	3		3

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 January 2024	588,000		588,000
At 31 March 2025	588,000		588,000
Accumulated amortisation
At 01 January 2024	171,597		171,597
Charge for the financial period	45,937		45,937
At 31 March 2025	217,534		217,534
Net book value
At 31 March 2025	370,466		370,466
At 31 December 2023	416,403		416,403

4. Tangible assets

	Plant and machinery		Other property, plant and equipment		Total
	£		£		£
Cost
At 01 January 2024	2,017,776		606,145		2,623,921
At 31 March 2025	2,017,776		606,145		2,623,921
Accumulated depreciation
At 01 January 2024	584,502		278,514		863,016
Charge for the financial period	157,642		75,765		233,407
At 31 March 2025	742,144		354,279		1,096,423
Net book value
At 31 March 2025	1,275,632		251,866		1,527,498
At 31 December 2023	1,433,274		327,631		1,760,905

5. Debtors

	31.03.2025		31.12.2023
	£		£
Trade debtors	0		20,864
VAT recoverable	0		83
Other debtors	0		45,000
	0		65,947

6. Creditors: amounts falling due within one year

	31.03.2025		31.12.2023
	£		£
Bank loans (secured)	0		1,374,057
Trade creditors	0		6,618
Amounts owed to Group undertakings	2,165,504		0
Other loans	0		1,659,673
Accruals	4,226		2,003
	2,169,730		3,042,351

Bank loans are secured against the vessel owned by the company.

7. Called-up share capital

	31.03.2025		31.12.2023
	£		£
Allotted, called-up and fully-paid
500 Ordinary A shares of £ 1.00 each	500		500
500 Ordinary B shares of £ 1.00 each	500		500
	1,000		1,000

8. Related party transactions

Macmar Limited has taken the exemption in section 1AC.32 of FRS102 from disclosing related party transactions with 100% owned group companies.

In 2023 an amount of £1,081,668 is owed to Macneil Shellfish Limited whom owned 100% of the share capital of Macmar Limited. The loan is interest free with no fixed date for repayment.