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REGISTERED NUMBER: SC162295 (Scotland)




















Forth Estuary Engineering (Holdings) Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Forth Estuary Engineering (Holdings) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G J Hughes
Mrs W I E Hughes



SECRETARY: Mrs W I E Hughes



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



REGISTERED NUMBER: SC162295 (Scotland)



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



BANKERS: Bank of Scotland
PO Box 1000
BX2 1LB

Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 673 -
Investments 5 1,513,500 1,513,500
Investment property 6 9,295,321 8,987,321
10,809,494 10,500,821

CURRENT ASSETS
Debtors 7 872,986 906,106
Cash at bank 18,185 110,165
891,171 1,016,271
CREDITORS
Amounts falling due within one year 8 585,127 614,573
NET CURRENT ASSETS 306,044 401,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,115,538

10,902,519

CREDITORS
Amounts falling due after more than
one year

9

(17,500

)

(27,500

)

PROVISIONS FOR LIABILITIES (518,100 ) (509,751 )
NET ASSETS 10,579,938 10,365,268

Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 15,999 15,999
Capital redemption reserve 2,001 2,001
Fair value reserve 11 4,148,838 4,152,299
Retained earnings 6,413,100 6,194,969
SHAREHOLDERS' FUNDS 10,579,938 10,365,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





G J Hughes - Director


Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Forth Estuary Engineering (Holdings) 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 as modified by the revaluation of certain assets.

The company has elected to take advantage of the exemption available to companies subject to the small companies regime from preparing consolidated financial statements.

Turnover and revenue recognition
Turnover represents rental income derived from the investment properties and is recognised is accordance with the lease agreement.

Other revenue includes investment income, which is recognised when received, and management fee income, which is recognised in line with performance, to the extent that a right to consideration arises. Included in current assets, as "accrued income", are amounts in respect of income that has been recognised but not billed by the end of the period. Provision is made against unbilled amounts where the right to receive payment is contingent and dependent on factors outside the control of the company.

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 etc - 33% on cost and 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are shown at their fair value.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.


Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Investments
Investments held as fixed assets are stated at cost less provision for permanent diminution in value.

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.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that 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 (2022 - 5 ) .

Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 36,082
Additions 1,009
At 31 December 2023 37,091
DEPRECIATION
At 1 January 2023 36,082
Charge for year 336
At 31 December 2023 36,418
NET BOOK VALUE
At 31 December 2023 673

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 1,500,000 1,500,000
Other investments not loans 13,500 13,500
1,513,500 1,513,500

Additional information is as follows:
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 1,500,000
NET BOOK VALUE
At 31 December 2023 1,500,000
At 31 December 2022 1,500,000

Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Shares in
group
undertakings
£   
Valuation in 2022 1,194,477
Cost 305,523
1,500,000

If Shares in group undertakings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 305,523 305,523

Shares in group undertakings were valued on a net asset basis on 31 December 2023 by the Directors .

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Classic cars 13,500 13,500

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 8,987,321
Additions 303,280
Revaluations 4,720
At 31 December 2023 9,295,321
NET BOOK VALUE
At 31 December 2023 9,295,321
At 31 December 2022 8,987,321

Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2011 1,119,027
Valuation in 2013 (8,101 )
Valuation in 2014 200,285
Valuation in 2015 213,590
Valuation in 2016 143,424
Valuation in 2017 186,629
Valuation in 2018 199,420
Valuation in 2020 1,067,633
Valuation in 2022 345,666
Valuation in 2023 4,720
Cost 5,823,028
9,295,321

If Investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,823,028 5,519,748

Investment properties were valued on an open market basis on 31 December 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 869,800 881,800
Other debtors 3,186 24,306
872,986 906,106

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Taxation and social security 69,734 46,786
Other creditors 505,393 557,787
585,127 614,573

Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 17,500 27,500

10. SECURED DEBTS

Edinburgh World Heritage Trust, Bank of Scotland, and the Royal Bank of Scotland hold standard securities over four properties.

11. RESERVES
Fair
value
reserve
£   
At 1 January 2023 4,152,299
Transfer in the year (3,461 )

At 31 December 2023 4,148,838

The fair value reserve represents the net revaluation surplus on investments and investment properties that is not readily distributable as realised earnings.