BK Marine Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC303508 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2025

for

BK Marine Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M I T Williamson

J G Williamson

D G F Ross

SECRETARY:

Mrs M I T Williamson

REGISTERED OFFICE:

Unit 6

Toll Clock Shopping Centre

26 North Road

Lerwick

Shetland

ZE1 0PE

REGISTERED NUMBER:

SC303508 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Tangible assets

4

1,036,500

2,213,982

CURRENT ASSETS

Debtors

5

169,830

307,451

Cash at bank

1,129,340

371,720

1,299,170

679,171

CREDITORS

Amounts falling due within one year

6

483,606

288,898

NET CURRENT ASSETS

815,564

390,273

TOTAL ASSETS LESS CURRENT LIABILITIES

1,852,064

2,604,255

CREDITORS

Amounts falling due after more than one
year

7

(23,945

)

(916,649

)

PROVISIONS FOR LIABILITIES

(250,305

)

(257,452

)

NET ASSETS

1,577,814

1,430,154

CAPITAL AND RESERVES

Called up share capital

90,318

Share premium

90,516

Revaluation reserve

8

-

233,656

Capital redemption reserve

34,166

Retained earnings

1,362,814

981,498

SHAREHOLDERS' FUNDS

1,577,814

1,430,154

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 1 December 2025 and were signed on its behalf by:

Mrs M I T Williamson - Director

J G Williamson - Director

D G F Ross - Director

1.	STATUTORY INFORMATION

BK Marine Limited 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Boats

-

5% on reducing balance

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

Boats

machinery

£

COST

At 1 July 2024

35,278

2,463,674

419,908

Additions

-

1,290

Disposals

-

(1,417,136

)

-

At 30 June 2025

35,278

1,046,538

421,198

DEPRECIATION

At 1 July 2024

-

461,508

310,882

Charge for year

-

86,350

46,727

Eliminated on disposal

-

(358,385

)

-

At 30 June 2025

-

189,473

357,609

NET BOOK VALUE

At 30 June 2025

35,278

857,065

63,589

At 30 June 2024

35,278

2,002,166

109,026

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 July 2024

108,807

7,674

3,035,341

Additions

39,000

1,750

42,040

Disposals

(27,525

)

(1,662

)

(1,446,323

)

At 30 June 2025

120,282

7,762

1,631,058

DEPRECIATION

At 1 July 2024

41,295

7,674

821,359

Charge for year

26,336

193

159,606

Eliminated on disposal

(26,360

)

(1,662

)

(386,407

)

At 30 June 2025

41,271

6,205

594,558

NET BOOK VALUE

At 30 June 2025

79,011

1,557

1,036,500

At 30 June 2024

67,512

-

2,213,982

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

COST

At 1 July 2024

178,500

81,282

259,782

Additions

-

39,000

Transfer to ownership

(178,500

)

-

(178,500

)

At 30 June 2025

-

120,282

DEPRECIATION

At 1 July 2024

178,500

14,935

193,435

Charge for year

-

26,336

Transfer to ownership

(178,500

)

-

(178,500

)

At 30 June 2025

-

41,271

NET BOOK VALUE

At 30 June 2025

-

79,011

At 30 June 2024

-

66,347

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

Trade debtors

115,419

249,860

Other debtors

54,411

57,591

169,830

307,451

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

Bank loans and overdrafts

-

153,527

Hire purchase contracts

27,500

22,979

Trade creditors

74,368

67,534

Taxation and social security

207,588

366

Other creditors

174,150

44,492

483,606

288,898

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.25

30.6.24

£

Bank loans

-

892,287

Hire purchase contracts

23,945

24,362

23,945

916,649

8.

RESERVES

Revaluation

reserve

£

At 1 July 2024

233,656

Release from reserve

(8,761

)

Disposal from reserve

(224,895

)

At 30 June 2025

-

9.	CAPITAL COMMITMENTS

30.6.25

30.6.24

£

Contracted but not provided for in the

financial statements

-

1,423

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102

"The financial reporting standard in the UK and Ireland", not to disclose related party transactions whereby

they have occurred under normal market conditions.