REGISTERED NUMBER: SC195497 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Nortech Marine Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

E C Johnson

REGISTERED OFFICE:

Gremista Industrial Estate

Gremista

Lerwick

Shetland

ZE1 0PX

REGISTERED NUMBER:

SC195497 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Tangible assets

4

834,629

781,588

CURRENT ASSETS

Stocks

147,500

145,000

Debtors

5

209,079

297,419

Cash at bank

149,263

76,359

505,842

518,778

CREDITORS

Amounts falling due within one year

6

232,389

225,822

NET CURRENT ASSETS

273,453

292,956

TOTAL ASSETS LESS CURRENT LIABILITIES

1,108,082

1,074,544

CREDITORS

Amounts falling due after more than one year

7

(248,546

)

(235,432

)

PROVISIONS FOR LIABILITIES

(91,598

)

(76,743

)

NET ASSETS

767,938

762,369

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

767,936

762,367

SHAREHOLDERS' FUNDS

767,938

762,369

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 3 July 2026 and were signed by:

E C Johnson - Director

1.	STATUTORY INFORMATION

Nortech 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.

Freehold property

-

10% on reducing balance, 2% on cost and is not depreciated

Plant and machinery

-

20% on reducing balance and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 18 (2024 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

529,541

936,596

104,196

9,009

1,579,342

Additions

-

99,541

15,520

2,404

117,465

Disposals

-

(61,215

)

-

-

(61,215

)

At 31 December 2025

529,541

974,922

119,716

11,413

1,635,592

DEPRECIATION

At 1 January 2025

43,306

675,541

71,011

7,896

797,754

Charge for year

6,111

41,859

11,207

1,243

60,420

Eliminated on disposal

-

(57,211

)

-

-

(57,211

)

At 31 December 2025

49,417

660,189

82,218

9,139

800,963

NET BOOK VALUE

At 31 December 2025

480,124

314,733

37,498

2,274

834,629

At 31 December 2024

486,235

261,055

33,185

1,113

781,588

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 January 2025

62,224

-

62,224

Additions

91,295

15,520

106,815

At 31 December 2025

153,519

15,520

169,039

DEPRECIATION

At 1 January 2025

9,931

-

9,931

Charge for year

19,741

2,910

22,651

At 31 December 2025

29,672

2,910

32,582

NET BOOK VALUE

At 31 December 2025

123,847

12,610

136,457

At 31 December 2024

52,293

-

52,293

5.

DEBTORS

31.12.25

31.12.24

£

£

Amounts falling due within one year:

Trade debtors

136,422

202,953

Other debtors

53,034

83,543

189,456

286,496

Amounts falling due after more than one year:

Other debtors

19,623

10,923

Aggregate amounts

209,079

297,419

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

4,200

4,200

Hire purchase contracts

27,912

17,284

Trade creditors

51,049

90,254

Taxation and social security

85,475

82,243

Other creditors

63,753

31,841

232,389

225,822

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans

13,910

16,933

Hire purchase contracts

42,295

17,403

Other creditors

192,341

201,096

248,546

235,432

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

53,460

60,445