Mara Seaweed Ltd (formerly known as Celtic Sea Spice Company Ltd) Filleted accounts for Companies House (small and micro)

10 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1,645,782 148,313 1,794,095 26,916 26,916 53,832 1,740,263 1,618,866 xbrli:pure xbrli:shares iso4217:GBP SC390829 2021-01-01 2021-12-31 SC390829 2021-12-31 SC390829 2020-12-31 SC390829 2020-01-01 2020-12-31 SC390829 2020-12-31 SC390829 core:PlantMachinery 2021-01-01 2021-12-31 SC390829 bus:Director1 2021-01-01 2021-12-31 SC390829 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 SC390829 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 SC390829 core:PlantMachinery 2020-12-31 SC390829 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 SC390829 core:PlantMachinery 2021-12-31 SC390829 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 SC390829 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 SC390829 core:WithinOneYear 2021-12-31 SC390829 core:WithinOneYear 2020-12-31 SC390829 core:AfterOneYear 2021-12-31 SC390829 core:AfterOneYear 2020-12-31 SC390829 core:ShareCapital 2021-12-31 SC390829 core:ShareCapital 2020-12-31 SC390829 core:SharePremium 2021-12-31 SC390829 core:SharePremium 2020-12-31 SC390829 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC390829 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC390829 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 SC390829 core:PlantMachinery 2020-12-31 SC390829 bus:SmallEntities 2021-01-01 2021-12-31 SC390829 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 SC390829 bus:FullAccounts 2021-01-01 2021-12-31 SC390829 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 SC390829 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC390829 core:ComputerEquipment 2021-01-01 2021-12-31 SC390829 core:LeaseholdImprovements 2021-01-01 2021-12-31 SC390829 core:ComputerEquipment 2020-12-31 SC390829 core:LeaseholdImprovements 2020-12-31 SC390829 core:ComputerEquipment 2021-12-31 SC390829 core:LeaseholdImprovements 2021-12-31 SC390829 core:AfterOneYear 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: SC390829

Mara Seaweed Ltd (formerly known as Celtic Sea Spice Company Ltd)

Filleted Unaudited Financial Statements

For the year ended

31 December 2021

Mara Seaweed Ltd (formerly known as Celtic Sea Spice Company Ltd)

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	1,740,263	1,618,866
Tangible assets	6	26,193	11,715
		------------	------------
		1,766,456	1,630,581

Current assets

Stocks		159,207	187,177
Debtors	7	37,836	54,695
Cash at bank and in hand		123,922	5,309
		---------	---------
		320,965	247,181

Creditors: amounts falling due within one year	8	164,541		135,314
		---------		---------
Net current assets			156,424	111,867
			------------	------------
Total assets less current liabilities			1,922,880	1,742,448

Creditors: amounts falling due after more than one year	9	811,544	519,392
		------------	------------
Net assets		1,111,336	1,223,056
		------------	------------

Capital and reserves

Called up share capital	1,748	1,748
Share premium account	1,739,817	1,739,817
Profit and loss account	( 630,229)	( 518,509)
	------------	------------
Shareholders funds	1,111,336	1,223,056
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mara Seaweed Ltd (formerly known as Celtic Sea Spice Company Ltd)

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 3 August 2022 , and are signed on behalf of the board by:

F Houston

Director

Company registration number: SC390829

Mara Seaweed Ltd (formerly known as Celtic Sea Spice Company Ltd)

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Wynd House, Rankeillor Street, Elie, Leven, KY9 1DJ, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the presentational and functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	50 years - straight line basis

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	33% straight line
Computer equipment	-	33% straight line
Leasehold improvements	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2020: 10 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 January 2021	1,645,782
Additions	148,313
	------------
At 31 December 2021	1,794,095
	------------
Amortisation
At 1 January 2021	26,916
Charge for the year	26,916
	------------
At 31 December 2021	53,832
	------------
Carrying amount
At 31 December 2021	1,740,263
	------------
At 31 December 2020	1,618,866
	------------

6. Tangible assets

	Assets under construction	Plant and machinery	Computer equipment	Leasehold improvements	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2021	–	185,116	4,469	13,092	202,677
Additions	19,750	–	1,651	–	21,401
	--------	---------	-------	--------	---------
At 31 December 2021	19,750	185,116	6,120	13,092	224,078
	--------	---------	-------	--------	---------
Depreciation
At 1 January 2021	–	175,586	2,284	13,092	190,962
Charge for the year	–	5,450	1,473	–	6,923
	--------	---------	-------	--------	---------
At 31 December 2021	–	181,036	3,757	13,092	197,885
	--------	---------	-------	--------	---------
Carrying amount
At 31 December 2021	19,750	4,080	2,363	–	26,193
	--------	---------	-------	--------	---------
At 31 December 2020	–	9,530	2,185	–	11,715
	--------	---------	-------	--------	---------

Assets held under "Assets under construction" will not be depreciated until they are ready for use.

7. Debtors

	2021	2020
	£	£
Trade debtors	28,567	38,483
Other debtors	9,269	16,212
	--------	--------
	37,836	54,695
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Loans	–	6,689
Trade creditors	37,181	20,723
Social security and other taxes	8,440	5,071
Company credit card	8,373	10,005
Other creditors	110,547	92,826
	---------	---------
	164,541	135,314
	---------	---------

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

	2021	2020
	£	£
Loans	442,004	115,610
Directors' loans	162,308	162,308
Other creditors	207,232	241,474
	---------	---------
	811,544	519,392
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2020: £3,531) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within loans is £157,05 (2020:£115,610) of government backed bank loans. Included in other creditors is £293,488 (2020:£241,474) comprising loans from existing shareholders. The intention is for these loans to be converted into shares more than one year after the year-end date. Director's loans of £162,308 are intended to be converted into shares more than 1 year after the year-end date. There is a bond and floating charge over the assets of the company in favour of Scottish Growth Scheme - Business Loans Scotland Debt Finance L.P.

10. Called up share capital

	2021	2020
	£	£
Ordinary share capital issued and fully paid
170,666 (2019: 170,666) Ordinary A shares of 1p each	1,707	1,707
4,095 (2019: 4,095) Ordinary B shares of 1p each	41	41
	-------	-------
	1,748	1,748
	-------	-------

11. Related party transactions

The following amounts were outstanding at the reporting end date:

	2021	2020
	£	£
Loans to Fiona Houston	194,704	227,209

The loans amounting to £162,308 (2020: £162,308) are interest free and other loans amounting to £32,396 (2020: £64,901) (including interest charged to date) are charged interest at a rate of 3% per annum. These loans have no fixed term of repayment.