Registered number
NI619985
Belfast Towage Limited
Filleted Accounts
31 March 2023
Belfast Towage Limited
Registered number: NI619985
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 3,905,097 4,250,931
Current assets
Stocks 63,658 79,929
Debtors 5 606,410 452,909
Cash at bank and in hand 1,719,778 1,623,495
2,389,846 2,156,333
Creditors: amounts falling due within one year 6 (932,805) (703,361)
Net current assets 1,457,041 1,452,972
Total assets less current liabilities 5,362,138 5,703,903
Creditors: amounts falling due after more than one year 7 (2,524,786) (2,749,643)
Provisions for liabilities (118,567) (150,278)
Net assets 2,718,785 2,803,982
Capital and reserves
Called up share capital 2,000,001 2,000,001
Profit and loss account 718,784 803,981
Shareholders' funds 2,718,785 2,803,982
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P. Kennedy
Director
Approved by the board on 3 October 2023
Belfast Towage Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vessels 5% straight line
Plant and machinery 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Terence Fred Everson Jnr FCCA
Firm: Everson & Co. Limited
Date of audit report: 9 October 2023
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
4 Tangible fixed assets
Vessels Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 6,929,129 3,176 6,932,305
Additions - 940 940
At 31 March 2023 6,929,129 4,116 6,933,245
Depreciation
At 1 April 2022 2,679,913 1,461 2,681,374
Charge for the year 346,457 317 346,774
At 31 March 2023 3,026,370 1,778 3,028,148
Net book value
At 31 March 2023 3,902,759 2,338 3,905,097
At 31 March 2022 4,249,216 1,715 4,250,931
5 Debtors 2023 2022
£ £
Trade debtors 577,883 424,184
Other debtors 28,527 28,725
606,410 452,909
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 235,073 230,212
Trade creditors 284,409 227,100
Taxation and social security costs 209,572 138,792
Other creditors 203,751 107,257
932,805 703,361
7 Creditors: amounts falling due after one year 2023 2022
£ £
Non-equity preference shares 800,001 800,001
Bank loans 1,724,785 1,949,642
2,524,786 2,749,643
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,959,858 2,179,854
Bank loans are secured by vessel mortgages, guarantees and a floating charge over the assets of the company.
9 Related party transactions 2023 2022
£ £
SMS Towage Limited
SMS Towage Limited is a shareholder of Belfast Towage Limited
Sales to related party - 38,190
Purchases from related party 759,378 847,999
Amount due from (to) the related party (142,124) (103,557)
10 Controlling party
The company is jointly controlled by SMS Towage Limited, Patmond Energy Limited and West Twin Investments Limited by virtue of the fact that each company owns one third of the share capital of Belfast Towage Limited. G. P. Escreet is a director of SMS Towage Limited. D. Taggart has an interest in Patmond Energy Limited. P. Kennedy is a director of West Twin Investments Limited.
11 Other information
Belfast Towage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Clarendon House
23 Clarendon Road
Belfast
BT1 3BG
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