Silverfin 20 September 2024 20 September 2024 Alastair Stewart BA (Hons) CA Gillespie & Anderson 266,135 427,390 false true 31/05/2023 01/06/2022 31/05/2023 A Brady 11/08/2011 I Livingstone 31/01/2008 Ian Martin David Livingstone 20 September 2024 The principal activity of the Company continued to be that of a maritime recruitment agency. SC070728 2023-05-31 SC070728 bus:Director1 2023-05-31 SC070728 bus:Director2 2023-05-31 SC070728 2022-05-31 SC070728 core:CurrentFinancialInstruments 2023-05-31 SC070728 core:CurrentFinancialInstruments 2022-05-31 SC070728 core:Non-currentFinancialInstruments 2023-05-31 SC070728 core:Non-currentFinancialInstruments 2022-05-31 SC070728 core:ShareCapital 2023-05-31 SC070728 core:ShareCapital 2022-05-31 SC070728 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC070728 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC070728 core:OtherResidualIntangibleAssets 2022-05-31 SC070728 core:OtherResidualIntangibleAssets 2023-05-31 SC070728 core:PlantMachinery 2022-05-31 SC070728 core:Vehicles 2022-05-31 SC070728 core:PlantMachinery 2023-05-31 SC070728 core:Vehicles 2023-05-31 SC070728 bus:OrdinaryShareClass1 2023-05-31 SC070728 core:WithinOneYear 2023-05-31 SC070728 core:WithinOneYear 2022-05-31 SC070728 core:BetweenOneFiveYears 2023-05-31 SC070728 core:BetweenOneFiveYears 2022-05-31 SC070728 2022-06-01 2023-05-31 SC070728 bus:FullAccounts 2022-06-01 2023-05-31 SC070728 bus:SmallEntities 2022-06-01 2023-05-31 SC070728 bus:Audited 2022-06-01 2023-05-31 SC070728 2021-06-01 2022-05-31 SC070728 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC070728 bus:Director1 2022-06-01 2023-05-31 SC070728 bus:Director2 2022-06-01 2023-05-31 SC070728 bus:Director3 2022-06-01 2023-05-31 SC070728 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-06-01 2023-05-31 SC070728 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 SC070728 core:Vehicles core:TopRangeValue 2022-06-01 2023-05-31 SC070728 core:OtherResidualIntangibleAssets 2022-06-01 2023-05-31 SC070728 core:PlantMachinery 2022-06-01 2023-05-31 SC070728 core:Vehicles 2022-06-01 2023-05-31 SC070728 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 SC070728 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 SC070728 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC070728 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC070728 (Scotland)

CLYDE MARINE RECRUITMENT LIMITED

FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

CLYDE MARINE RECRUITMENT LIMITED

FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

CLYDE MARINE RECRUITMENT LIMITED

BALANCE SHEET

AS AT 31 MAY 2023
CLYDE MARINE RECRUITMENT LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 4 72,385 81,044
Tangible assets 5 94,458 99,865
166,843 180,909
Current assets
Debtors 6 2,338,330 1,806,067
Cash at bank and in hand 164,601 374,023
2,502,931 2,180,090
Creditors: amounts falling due within one year 7 ( 589,244) ( 487,778)
Net current assets 1,913,687 1,692,312
Total assets less current liabilities 2,080,530 1,873,221
Creditors: amounts falling due after more than one year 8 ( 256,305) ( 312,436)
Provision for liabilities 9 ( 29,725) ( 32,420)
Net assets 1,794,500 1,528,365
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 1,794,400 1,528,265
Total shareholder's funds 1,794,500 1,528,365

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Clyde Marine Recruitment Limited (registered number: SC070728) were approved and authorised for issue by the Board of Directors on 20 September 2024. They were signed on its behalf by:

Ian Martin David Livingstone
Director
CLYDE MARINE RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
CLYDE MARINE RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clyde Marine Recruitment Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Mariner House, Watermark Business Park, 355 Govan Road, Glasgow, G51 2SE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Prior year figures are unaudited.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.

The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 20

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2022 86,589 86,589
At 31 May 2023 86,589 86,589
Accumulated amortisation
At 01 June 2022 5,545 5,545
Charge for the financial year 8,659 8,659
At 31 May 2023 14,204 14,204
Net book value
At 31 May 2023 72,385 72,385
At 31 May 2022 81,044 81,044

5. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2022 255,708 65,545 321,253
Additions 19,882 500 20,382
Disposals ( 98) 0 ( 98)
At 31 May 2023 275,492 66,045 341,537
Accumulated depreciation
At 01 June 2022 210,597 10,791 221,388
Charge for the financial year 12,587 13,109 25,696
Disposals ( 5) 0 ( 5)
At 31 May 2023 223,179 23,900 247,079
Net book value
At 31 May 2023 52,313 42,145 94,458
At 31 May 2022 45,111 54,754 99,865

6. Debtors

2023 2022
£ £
Trade debtors 312,192 272,303
Amounts owed by Group undertakings 1,322,467 875,184
Other debtors 703,671 658,580
2,338,330 1,806,067

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 101,349 83,358
Amounts owed to Group undertakings 77,225 72,042
Taxation and social security 113,467 115,306
Obligations under finance leases and hire purchase contracts 9,260 8,530
Other creditors 287,943 208,542
589,244 487,778

Floating Charge granted on 24 June 2015 in favour of Clydesdale Bank plc over all property and undertakings of the company.

Guarantee granted on 13 April 2022 in favour of IWOCA Skye Finance Ltd for the sum of £180,000.

Hire purchase and finance leases are secured over the assets to which the finance relates.

Amounts owed to group undertakings are non-interest bearing, and are repayable on demand.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 2,429 11,689
Other creditors 253,876 300,747
256,305 312,436

Floating Charge granted on 24 June 2015 in favour of Clydesdale Bank plc over all property and undertakings of the company.

Guarantee granted on 13 April 2022 in favour of IWOCA Skye Finance Ltd for the sum of £180,000.

Hire purchase and finance leases are secured over the assets to which the finance relates.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 29,725 32,420

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 40,700 40,700
between one and five years 98,358 139,058
139,058 179,758

12. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due from related parties 1,870,227 1,289,813
Amounts due to related parties 96,757 91,574

Amounts owed to/from related parties are non-interest bearing, and are repayable on demand.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 May 2023 was unqualified.

The audit report was signed by Alastair Stewart BA (Hons) CA on behalf of Gillespie & Anderson, Statutory Auditor.

14. Ultimate controlling party

The company's ultimate parent company is Kingsborough Marine Holdings Limited, who are registered at 355 Govan Road, Glasgow.

The company's ultimate controlling party is Ian Livingstone.