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COMPANY REGISTRATION NUMBER: SC259115

M B AQUARIUS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 November 2025

M B AQUARIUS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2025

Contents | Page

Officers and professional advisers | 1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements | 2

Statement of financial position | 3

Notes to the financial statements | 5

M B AQUARIUS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors | Mr C. Ritchie
| Mrs G. Shepherd
| Mr S. Shepherd
| Mr J. Watt

Company secretary | Mrs G. Shepherd

Registered office | 27 Commercial Road
| Buckie
| Moray
| AB56 1UN

Accountants | Ritsons
| Chartered Accountants
| 26-30 Marine Place
| Buckie
| Moray
| AB56 1UT

M B AQUARIUS LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M B AQUARIUS LIMITED

YEAR ENDED 30 NOVEMBER 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M B Aquarius Limited for the year ended 30 November 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of M B Aquarius Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of M B Aquarius Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M B Aquarius Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that M B Aquarius Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M B Aquarius Limited. You consider that M B Aquarius Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of M B Aquarius Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
18 March 2026

M B AQUARIUS LIMITED

STATEMENT OF FINANCIAL POSITION

30 November 2025

| 2025 | 2024
Note | £ | £

FIXED ASSETS

Intangible assets | 4 | 447,565 | 447,565
Tangible assets | 5 | 61,503 | 81,514
| --------- | ---------
| 509,068 | 529,079

CURRENT ASSETS

Debtors | 6 | 64,120 | 63,949
Cash at bank and in hand | 4,574 | –
| -------- | --------
| 68,694 | 63,949

CREDITORS: amounts falling due within one year | 7 | 231,093 | 225,330
| --------- | ---------
NET CURRENT LIABILITIES | 162,399 | 161,381
| --------- | ---------
TOTAL ASSETS LESS CURRENT LIABILITIES | 346,669 | 367,698

CREDITORS: amounts falling due after more than one year | 8 | 271,769 | 296,595
| --------- | ---------
NET ASSETS | 74,900 | 71,103
| --------- | ---------

CAPITAL AND RESERVES

Called up share capital | 56 | 56
Capital redemption reserve | 8 | 8
Profit and loss account | 74,836 | 71,039
| -------- | --------
SHAREHOLDERS FUNDS | 74,900 | 71,103
| -------- | --------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 November 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

M B AQUARIUS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 November 2025
These financial statements were approved by the board of directors and authorised for issue on 18 March 2026 , and are signed on behalf of the board by:

Mr S. Shepherd |
Director |

Company registration number: SC259115

M B AQUARIUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 27 Commercial Road, Buckie, Moray, AB56 1UN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fishing Vessel & Gear | - | 6% straight line
| Motor Vehicles | - | 25% reducing balance

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Intangible assets

| Fishing Quota & Licence
| £
Cost |
At 1 December 2024 and 30 November 2025 | 447,565
| ---------
Amortisation |
At 1 December 2024 and 30 November 2025 | –
| ---------
Carrying amount |
At 30 November 2025 | 447,565
| ---------
At 30 November 2024 | 447,565
| ---------

Fishing licences and quota are stated at valuation. During the year ended 30 November 2005 the directors reassessed the useful life of the licence and quota and have concluded that they have infinite useful lives: accordingly no further amortisation is being provided.
5. Tangible assets

| Fishing Vessel & Gear | Motor vehicles | Total
| £ | £ | £
Cost |  |  |
At 1 December 2024 and 30 November 2025 | 970,586 | 114,350 | 1,084,936
| --------- | --------- | ------------
Depreciation |  |  |
At 1 December 2024 | 964,363 | 39,059 | 1,003,422
Charge for the year | 1,188 | 18,823 | 20,011
| --------- | --------- | ------------
At 30 November 2025 | 965,551 | 57,882 | 1,023,433
| --------- | --------- | ------------
Carrying amount |  |  |
At 30 November 2025 | 5,035 | 56,468 | 61,503
| --------- | --------- | ------------
At 30 November 2024 | 6,223 | 75,291 | 81,514
| --------- | --------- | ------------

6. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 25,254 | 20,693
Other debtors | 38,866 | 43,256
| -------- | --------
| 64,120 | 63,949
| -------- | --------

7. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 40,912 | 41,763
Trade creditors | 180,281 | 167,657
Corporation tax | 3,844 | –
Other creditors | 6,056 | 15,910
| --------- | ---------
| 231,093 | 225,330
| --------- | ---------

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

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 212,814 | 233,083
Other creditors | 58,955 | 63,512
| --------- | ---------
| 271,769 | 296,595
| --------- | ---------

9. Directors' advances, credits and guarantees
As at 30 November 2025, the director Mr Scott Shepherd owed the company £24,645 (2024: £24,645) by way of a director's loan. No interest is charged and there are no set repayment terms.
10. Related party transactions
As at 30 November 2025 the company owed directors the following amounts:- C Ritchie £nil (2024 - £nil) Clifford Ritchie and John Watt are directors of Macduff Shipyards Limited. During the year Macduff Shipyards Limited carried out work amounting to £90,011 (2024 - £63,230) to the fishing vessel. At 30 November 2024 the balance due to Macduff Shipyards Limited was £88,214 (2024 - £99,137). Scott Shepherd and Gillian Shepherd are directors of Scott Shepherd Limited. During the year the work carried out for MB Aquarius Limited was £179,291 (2024 - £77,596). All transactions with related parties were at arms length and in the ordinary course of business. The following directors were paid dividends during the year as outlined below: Clifford Ritchie £nil (2024- £4,000) Gillian Shepherd £nil (2024 - £4,000) Scott Shepherd £nil (2024 - £4,000) John Watt £nil (2024 - £4,000)