REGISTERED NUMBER: SC490225 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2025

for

Garman Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G E Noble

Mrs M L Noble

REGISTERED OFFICE:

27 Finlayson street

Fraserburgh

Aberdeenshire

AB43 9JQ

REGISTERED NUMBER:

SC490225 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Fishing licence

4

35,424

38,024

Tangible assets

5

201,691

193,575

Investment property

6

203,594

203,594

440,709

435,193

CURRENT ASSETS

Debtors

7

11,658

3,495

Cash at bank

33,042

17,382

44,700

20,877

CREDITORS

Amounts falling due within one year

8

404,028

374,516

NET CURRENT LIABILITIES

(359,328

)

(353,639

)

TOTAL ASSETS LESS CURRENT LIABILITIES

81,381

81,554

CREDITORS

Amounts falling due after more than one year

9

(3,750

)

(6,250

)

PROVISIONS FOR LIABILITIES

(10,552

)

(6,186

)

NET ASSETS

67,079

69,118

CAPITAL AND RESERVES

Called up share capital

10

1

Retained earnings

67,069

69,117

67,079

69,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

Mr G E Noble - Director

1.	STATUTORY INFORMATION

Garman 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.

Going concern

The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements. The directors will not seek to draw their loan balances unless they are satisfied that adequate resources will be available to meet all other creditors as they fall due.

Turnover

Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. Rental income is recognised when it is due and payable.

Fishing licence

The licence is to be amortised over its expected useful life of 20 years on a straight line basis.

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.

Fishing boat

-

10% on reducing balance

Marine equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer & phone equipmt

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Investment property

The investment properties are stated at fair value. Gains are recognised in the statement of income and retained earnings. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. No deferred taxation is required to be provided in the current year.

With regard to the properties currently held, it is the view of the directors that there has been no material change in the respective value of them since date of acquisition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - NIL ) .

4.	FISHING LICENCE

Fishing

licence

£

COST

At 1 September 2024

and 31 August 2025

52,000

AMORTISATION

At 1 September 2024

13,976

Amortisation for year

2,600

At 31 August 2025

16,576

NET BOOK VALUE

At 31 August 2025

35,424

At 31 August 2024

38,024

5.	TANGIBLE FIXED ASSETS

Computer

Fishing

Marine

Motor

& phone

boat

equipment

vehicles

equipmt

Totals

£

£

£

£

£

COST

At 1 September 2024

314,115

28,220

15,799

912

359,046

Additions

-

-

41,738

833

42,571

At 31 August 2025

314,115

28,220

57,537

1,745

401,617

DEPRECIATION

At 1 September 2024

135,595

25,014

3,950

912

165,471

Charge for year

17,852

3,206

13,397

-

34,455

At 31 August 2025

153,447

28,220

17,347

912

199,926

NET BOOK VALUE

At 31 August 2025

160,668

-

40,190

833

201,691

At 31 August 2024

178,520

3,206

11,849

-

193,575

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

Plant and

machinery

etc

£

COST

At 1 September 2024

and 31 August 2025

15,799

DEPRECIATION

At 1 September 2024

3,950

Charge for year

2,962

At 31 August 2025

6,912

NET BOOK VALUE

At 31 August 2025

8,887

At 31 August 2024

11,849

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2024

and 31 August 2025

203,594

NET BOOK VALUE

At 31 August 2025

203,594

At 31 August 2024

203,594

The directors are of the view that there has been no material change in the value of the respective properties since the date of acquisition. The investments are therefore currently stated at original cost.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Trade debtors

7,829

589

Other debtors

3,829

2,906

11,658

3,495

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Hire purchase contracts

2,500

2,500

Trade creditors

972

2,444

Taxation and social security

2,882

1,261

Other creditors

397,674

368,311

404,028

374,516

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.25

31.8.24

£

£

Hire purchase contracts

3,750

6,250

10.	RELATED PARTY DISCLOSURES

The director, Mr G.Noble, operates a current account with the company and as at 31 August 2025 the balance owing to him was £389,854 (2024 - £365,603). The director, Mrs M.Noble, also operates a current account with the company and as at 31 August 2025 the balance owing to her was £4,540 (2024 - £340).

Whilst the loans are considered short-term, there are no fixed terms of repayment and no interest is accrued.

Rental property income includes £954 of income in respect of a property leased to the directors on a short term basis for third party rental purposes.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Directors who between them own 100% of the issued share capital.