Company No: SC290011 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	755,892		693,893
		755,892		693,893
Current assets
Stocks	5	92,110		113,639
Debtors	6	21,178		21,204
Cash at bank and in hand	7	33,782		84,971
		147,070		219,814
Creditors: amounts falling due within one year	8	( 69,957)		( 106,796)
Net current assets		77,113		113,018
Total assets less current liabilities		833,005		806,911
Creditors: amounts falling due after more than one year	9	( 283,442)		( 282,358)
Provision for liabilities	10, 11	( 66,891)		( 68,634)
Net assets		482,672		455,919
Capital and reserves
Called-up share capital	12	100		100
Profit and loss account		482,572		455,819
Total shareholders' funds		482,672		455,919

For the financial year ending 31 December 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ardoran Marine Limited (registered number: SC290011) were approved and authorised for issue by the Board of Directors on 20 July 2026. They were signed on its behalf by:

Mr C W Robertson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ardoran Marine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Lerags, Oban, Argyll and Bute, Scotland, PA34 4SE.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for marine operations, farming and holiday letting net of VAT and trade discounts.

Revenue is recognised on the accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	4 % reducing balance
Plant and machinery etc.	20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2025	70,000		70,000
At 31 December 2025	70,000		70,000
Accumulated amortisation
At 01 January 2025	70,000		70,000
At 31 December 2025	70,000		70,000
Net book value
At 31 December 2025	0		0
At 31 December 2024	0		0

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2025	717,695		456,870		1,174,565
Additions	85,642		50,487		136,129
Disposals	0		( 2,353)		( 2,353)
At 31 December 2025	803,337		505,004		1,308,341
Accumulated depreciation
At 01 January 2025	262,362		218,310		480,672
Charge for the financial year	19,160		54,847		74,007
Disposals	0		( 2,230)		( 2,230)
At 31 December 2025	281,522		270,927		552,449
Net book value
At 31 December 2025	521,815		234,077		755,892
At 31 December 2024	455,333		238,560		693,893

5. Stocks

	2025		2024
	£		£
Stocks	92,110		113,639

6. Debtors

	2025		2024
	£		£
Trade debtors	21,178		21,204

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	33,782		84,971

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	12,165		58,512
Corporation tax	32,741		33,966
Other taxation and social security	13,623		4,515
Obligations under finance leases and hire purchase contracts	4,731		4,731
Other creditors	6,697		5,072
	69,957		106,796

Net obligations under hire purchase contracts are secured over the related assets.

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

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	3,154		7,885
Other creditors	280,288		274,473
	283,442		282,358

Net obligations under hire purchase contracts are secured over the related assets.

10. Provision for liabilities

	2025		2024
	£		£
Deferred tax	66,891		68,634

11. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 68,634)		( 62,185)
Credited/(charged) to the Statement of Income and Retained Earnings	1,743		( 6,449)
At the end of financial year	( 66,891)		( 68,634)

12. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
60 A ordinary shares of £ 1.00 each	60		60
25 B ordinary shares of £ 1.00 each	25		25
10 C ordinary shares of £ 1.00 each	10		10
5 D ordinary shares of £ 1.00 each	5		5
	100		100

13. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to directors	137,451		128,175

The above loans are unsecured and will not be repaid within 12 months of the balance sheet date.