REGISTERED NUMBER: SC470626 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2026

for

Onward Marine Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J Kensett

REGISTERED OFFICE:

22 Blackcraig Road

Cruden Bay

Peterhead

Aberdeenshire

AB42 0PW

REGISTERED NUMBER:

SC470626 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Intangible assets

4

5,672

10,586

Tangible assets

5

534,533

431,992

540,205

442,578

CURRENT ASSETS

Debtors

6

34,311

2,684

Cash at bank

224,759

293,745

259,070

296,429

CREDITORS

Amounts falling due within one year

7

8,460

27,493

NET CURRENT ASSETS

250,610

268,936

TOTAL ASSETS LESS CURRENT LIABILITIES

790,815

711,514

PROVISIONS FOR LIABILITIES

104,352

79,382

NET ASSETS

686,463

632,132

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

686,363

632,032

SHAREHOLDERS' FUNDS

686,463

632,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 August 2026 and were signed by:

Mr J Kensett - Director

1.	STATUTORY INFORMATION

Onward Marine 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing licences & quota are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

15% on reducing balance

Fishing vessel

-

4% on cost

Marine equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2025 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2025

and 31 January 2026

49,144

AMORTISATION

At 1 February 2025

38,558

Charge for year

4,914

At 31 January 2026

43,472

NET BOOK VALUE

At 31 January 2026

5,672

At 31 January 2025

10,586

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Fishing

property

property

vessel

£

£

£

COST

At 1 February 2025

111,510

6,231

358,872

Additions

-

-

130,000

At 31 January 2026

111,510

6,231

488,872

DEPRECIATION

At 1 February 2025

2,230

935

86,129

Charge for year

2,230

794

19,555

At 31 January 2026

4,460

1,729

105,684

NET BOOK VALUE

At 31 January 2026

107,050

4,502

383,188

At 31 January 2025

109,280

5,296

272,743

Marine

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2025

59,471

56,650

992

593,726

Additions

6,730

-

-

136,730

At 31 January 2026

66,201

56,650

992

730,456

DEPRECIATION

At 1 February 2025

41,900

29,548

992

161,734

Charge for year

4,834

6,776

-

34,189

At 31 January 2026

46,734

36,324

992

195,923

NET BOOK VALUE

At 31 January 2026

19,467

20,326

-

534,533

At 31 January 2025

17,571

27,102

-

431,992

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.1.25

£

£

Trade debtors

840

-

Amounts recoverable on contract

13,500

-

Other debtors

19,971

2,684

34,311

2,684

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.1.25

£

£

Trade creditors

-

552

Taxation and social security

4,085

22,522

Other creditors

4,375

4,419

8,460

27,493