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REGISTERED NUMBER: SC203435 (Scotland)




















Forth Bridge Stevedoring Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021






Forth Bridge Stevedoring Limited (Registered number: SC203435)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Forth Bridge Stevedoring Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: G J Hughes
D J Hughes



SECRETARY: G J Hughes



REGISTERED OFFICE: East Ness Pier
Preston Crescent
Inverkeithing
Fife
KY11 1DS



REGISTERED NUMBER: SC203435 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
33 Old Broad Street
London
BX2 1LB



SOLICITORS: Brodies LLP
15 Atholl Crescent
Edinburgh
EH3 8HA

Forth Bridge Stevedoring Limited (Registered number: SC203435)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,932 2,254
Tangible assets 5 1,553,623 1,511,407
Investments 6 40 40
1,555,595 1,513,701

CURRENT ASSETS
Debtors 7 89,782 109,792
Cash at bank 54,258 74,910
144,040 184,702
CREDITORS
Amounts falling due within one year 8 90,811 166,126
NET CURRENT ASSETS 53,229 18,576
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,608,824

1,532,277

CREDITORS
Amounts falling due after more than
one year

9

(38,000

)

(47,500

)

PROVISIONS FOR LIABILITIES (102,395 ) (91,410 )
NET ASSETS 1,468,429 1,393,367

Forth Bridge Stevedoring Limited (Registered number: SC203435)

Balance Sheet - continued
31 December 2021

2021 2020
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 400,000 400,000
Fair value reserve 10 394,040 414,790
Retained earnings 674,389 578,577
SHAREHOLDERS' FUNDS 1,468,429 1,393,367

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 2022 and were signed on its behalf by:





D J Hughes - Director


Forth Bridge Stevedoring Limited (Registered number: SC203435)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Forth Bridge Stevedoring 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 and revenue recognition
Turnover represents net invoiced sales of stevedoring services.

Revenue from stevedoring and cargo handling is recognised as earned, and to the extent that, the company has obtained the rights to the consideration in exchange for these services. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers excluding value added tax.

Revenue from rental income is recognised in accordance with the lease agreement.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Nil
Plant and machinery etc - 33% on cost and 25% on cost

All fixed assets are initially recorded at cost. Freehold property is not depreciated as the directors consider the residual market value of the property to be equal to or above the deemed costs therefore any depreciation would be immaterial.

Government grants
Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Forth Bridge Stevedoring Limited (Registered number: SC203435)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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
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.

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.

Going concern
The financial statements have been prepared on the going concern basis. The directors' going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

Forth Bridge Stevedoring Limited (Registered number: SC203435)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021
and 31 December 2021 3,220
AMORTISATION
At 1 January 2021 966
Charge for year 322
At 31 December 2021 1,288
NET BOOK VALUE
At 31 December 2021 1,932
At 31 December 2020 2,254

Forth Bridge Stevedoring Limited (Registered number: SC203435)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2021 1,500,000 284,208 1,784,208
Additions - 79,950 79,950
Disposals - (47,000 ) (47,000 )
Revaluations (25,000 ) - (25,000 )
At 31 December 2021 1,475,000 317,158 1,792,158
DEPRECIATION
At 1 January 2021 - 272,801 272,801
Charge for year - 12,734 12,734
Eliminated on disposal - (47,000 ) (47,000 )
At 31 December 2021 - 238,535 238,535
NET BOOK VALUE
At 31 December 2021 1,475,000 78,623 1,553,623
At 31 December 2020 1,500,000 11,407 1,511,407

Cost or valuation at 31 December 2021 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2004 (222,198 ) - (222,198 )
Valuation in 2006 340,000 - 340,000
Valuation in 2014 108,688 - 108,688
Valuation in 2018 188,300 - 188,300
Valuation in 2022 (25,000 ) - (25,000 )
Cost 1,085,210 317,158 1,402,368
1,475,000 317,158 1,792,158

Land and buildings were revalued by Colliers International Property at £1,475,000 at 31 March 2022. The directors believe this is an appropriate value at 31 December 2021.

Forth Bridge Stevedoring Limited (Registered number: SC203435)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2021
and 31 December 2021 40
NET BOOK VALUE
At 31 December 2021 40
At 31 December 2020 40

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 36,924 63,300
Amounts owed by group undertakings 30,835 34,336
Other debtors 22,023 12,156
89,782 109,792

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 9,500 2,500
Trade creditors 5,851 6,829
Amounts owed to group undertakings 35,924 101,916
Taxation and social security 6,218 23,612
Other creditors 33,318 31,269
90,811 166,126

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 38,000 47,500

Forth Bridge Stevedoring Limited (Registered number: SC203435)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

10. RESERVES
Fair
value
reserve
£   
At 1 January 2021 414,790
Revaluation of property (25,000 )
Transfer 4,250

At 31 December 2021 394,040