REGISTERED NUMBER: SC563688 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2025

for

Northerly Marine Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S A Brough

P J Phillips

SECRETARY:

REGISTERED OFFICE:

An Darrach

Tankerness

Orkney

KW17 2QU

REGISTERED NUMBER:

SC563688 (Scotland)

ACCOUNTANTS:

Foubister & Bain

4 Broad Street

Kirkwall

Orkney

KW15 1NX

FIXED ASSETS

277,825

Tangible assets

4

262,087

CURRENT ASSETS

38,602

Debtors

5

35,960

128,178

Cash at bank and in hand

336,853

166,780

372,813

CREDITORS

108,527

Amounts falling due within one year

6

118,691

58,253

NET CURRENT ASSETS

254,122

336,078

TOTAL ASSETS LESS CURRENT LIABILITIES

516,209

52,787

PROVISIONS FOR LIABILITIES

65,522

283,291

NET ASSETS

450,687

CAPITAL AND RESERVES

200

Called up share capital

200

283,091

Retained earnings

450,487

283,291

450,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2025 and were signed on its behalf by:

S A Brough - Director

P J Phillips - Director

1.	STATUTORY INFORMATION

Northerly Marine Services Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

Totals

Vessels

etc

£

£

£

COST

At 1 May 2024

379,162

314,890

64,272

Additions

26,787

-

26,787

Disposals

(7,500

)

-

(7,500

)

At 30 April 2025

398,449

314,890

83,559

DEPRECIATION

At 1 May 2024

101,337

67,379

33,958

Charge for year

36,900

24,752

12,148

Eliminated on disposal

(1,875

)

-

(1,875

)

At 30 April 2025

136,362

92,131

44,231

NET BOOK VALUE

At 30 April 2025

262,087

222,759

39,328

At 30 April 2024

277,825

247,511

30,314

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

35,960

38,602

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

64,436

Trade creditors

49,335

42,275

Taxation

63,270

17

Other creditors

6,086

1,799

118,691

108,527