REGISTERED NUMBER: SC348705 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

North Isles Marine Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G I Clark

Mrs M L Clark

SECRETARY:

Mrs M L Clark

REGISTERED OFFICE:

Halcyon

East Voe

Scalloway

Shetland

ZE1 0US

REGISTERED NUMBER:

SC348705 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Tangible assets

4

407,581

254,823

Investments

5

667,102

623,371

1,074,683

878,194

CURRENT ASSETS

Debtors: amounts falling due within one year

6

471,947

544,406

Debtors: amounts falling due after more than one year

6

5,044,147

5,113,162

Cash at bank

440,674

460,356

5,956,768

6,117,924

CREDITORS

Amounts falling due within one year

7

131,585

98,414

NET CURRENT ASSETS

5,825,183

6,019,510

TOTAL ASSETS LESS CURRENT LIABILITIES

6,899,866

6,897,704

CAPITAL AND RESERVES

Called up share capital

130,000

130,000

Revaluation reserve

8

-

123,321

Retained earnings

6,769,866

6,644,383

SHAREHOLDERS' FUNDS

6,899,866

6,897,704

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2026 and were signed on its behalf by:

G I Clark - Director

Mrs M L Clark - Director

1.	STATUTORY INFORMATION

North Isles 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 as modified by the revaluation of certain assets.

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.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

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

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

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 2 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

250,190

4,011

-

8,805

263,006

Additions

150,800

391

4,258

-

155,449

Disposals

-

(390

)

-

-

(390

)

At 31 December 2025

400,990

4,012

4,258

8,805

418,065

DEPRECIATION

At 1 January 2025

-

2,694

-

5,489

8,183

Charge for year

-

393

763

1,535

2,691

Eliminated on disposal

-

(390

)

-

-

(390

)

At 31 December 2025

-

2,697

763

7,024

10,484

NET BOOK VALUE

At 31 December 2025

400,990

1,315

3,495

1,781

407,581

At 31 December 2024

250,190

1,317

-

3,316

254,823

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2025

623,371

Revaluations

43,731

At 31 December 2025

667,102

NET BOOK VALUE

At 31 December 2025

667,102

At 31 December 2024

623,371

Cost or valuation at 31 December 2025 is represented by:

Other

investments

£

Valuation in 2017

4,412

Valuation in 2018

9,021

Valuation in 2019

9,220

Valuation in 2020

14,798

Valuation in 2021

44,663

Valuation in 2022

27,471

Valuation in 2023

(5,638

)

Valuation in 2024

19,374

Valuation in 2025

43,731

Cost

500,050

667,102

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.12.25

31.12.24

£

£

Cost

500,050

500,050

Fixed asset investments were valued on an open market basis on 31 December 2025 by The Prudential Assurance Company .

6.

DEBTORS

31.12.25

31.12.24

£

£

Amounts falling due within one year:

Trade debtors

-

1,800

Other debtors

471,947

542,606

471,947

544,406

Amounts falling due after more than one year:

Other debtors

5,044,147

5,113,162

Aggregate amounts

5,516,094

5,657,568

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

1,058

3,703

Taxation and social security

127,224

93,211

Other creditors

3,303

1,500

131,585

98,414

8.

RESERVES

Revaluation

reserve

£

At 1 January 2025

123,321

Release from reserve

(123,321

)

At 31 December 2025

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

31.12.25

31.12.24

£

£

G I Clark

Balance outstanding at start of year

49,129

-

Amounts advanced

91,823

49,129

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

140,952

49,129

Mrs M L Clark

Balance outstanding at start of year

49,129

-

Amounts advanced

151,065

49,129

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

200,194

49,129