Moray Firth Marine Surveys Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC388070 (Scotland)

Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Moray Firth Marine Surveys Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Oakes

Mrs S G Oakes

REGISTERED OFFICE:

8 West End

Whitehills

Banff

Aberdeenshire

AB45 2NL

REGISTERED NUMBER:

SC388070 (Scotland)

ACCOUNTANTS:

SBP

Accountants

9 Carmelite Street

Banff

Aberdeenshire

AB45 1AF

FIXED ASSETS

Tangible assets

4

21,183

26,737

CURRENT ASSETS

Stocks

5

36,923

19,442

Debtors

6

46,487

117,402

Cash at bank

67,536

48,023

150,946

184,867

CREDITORS

Amounts falling due within one year

7

62,554

80,602

NET CURRENT ASSETS

88,392

104,265

TOTAL ASSETS LESS CURRENT LIABILITIES

109,575

131,002

PROVISIONS FOR LIABILITIES

8

3,154

4,113

NET ASSETS

106,421

126,889

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

106,411

126,879

SHAREHOLDERS' FUNDS

106,421

126,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:

Mr S J Oakes - Director

Mrs S G Oakes - Director

1.	STATUTORY INFORMATION

Moray Firth Marine Surveys 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.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 March 2022

5,087

6,069

11,487

Additions

-

109

1,392

At 28 February 2023

5,087

6,178

12,879

DEPRECIATION

At 1 March 2022

-

3,584

6,263

Charge for year

509

518

1,323

At 28 February 2023

509

4,102

7,586

NET BOOK VALUE

At 28 February 2023

4,578

2,076

5,293

At 28 February 2022

5,087

2,485

5,224

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2022

36,912

15,009

74,564

Additions

-

374

1,875

At 28 February 2023

36,912

15,383

76,439

DEPRECIATION

At 1 March 2022

25,233

12,747

47,827

Charge for year

2,920

2,159

7,429

At 28 February 2023

28,153

14,906

55,256

NET BOOK VALUE

At 28 February 2023

8,759

477

21,183

At 28 February 2022

11,679

2,262

26,737

5.

STOCKS

28.2.23

28.2.22

£

£

Work-in-progress

36,923

19,442

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

45,543

116,941

Prepayments

944

461

46,487

117,402

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Tax

37,285

45,149

Social security and other taxes

636

868

VAT

21,471

32,104

Other creditors

198

-

Directors' current accounts

125

106

Accrued expenses

2,839

2,375

62,554

80,602

8.	PROVISIONS FOR LIABILITIES

28.2.23

28.2.22

£

£

Deferred tax

3,154

4,113

Deferred

tax

£

Balance at 1 March 2022

4,113

Provided during year

(959

)

Balance at 28 February 2023

3,154

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr & Mrs Oakes.