Registered number
04527156
Boluda Towage SMS Limited
Report and Financial Statements
31 March 2024
Boluda Towage SMS Limited
Report and Financial Statements
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3
Statement of Directors' Responsibilities 4
Independent Auditor's Report 5
Income Statement 8
Statement of Comprehensive Income 9
Statement of Financial Position 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Financial Statements 13
Boluda Towage SMS Limited
Company Information
Directors
A. Bordils Montero (appointed 24 May 2024)
P. D. Dulson (appointed 28 August 2024)
J. M. Rosety Molins (appointed 28 August 2024)
G. H. Vandecappelle (appointed 28 August 2024)
Auditors
Everson & Co. Limited
Francis House
Humber Place
The Marina
Hull
HU1 1UD
Bankers
Natwest
1 Humber Quays
Wellington Street West
Hull
HU1 1DG
Registered office
Francis House
Humber Place
The Marina
Hull
HU1 1UD
Registered number
04527156
Boluda Towage SMS Limited
Strategic Report
Review of the business
The company continues to operate a robust fleet of tugs providing essential port towage services across the various UK ports. The company has enjoyed rapid growth over the last few year and this year has been a year of consolidation as the company's processes, people and systems develop and consolidate to support the expanding business.
Despite facing economic pressures, the company maintained its towage sales and was able to part mitigate rising costs through tariff increases. This was achieved amidst a backdrop of challenging conditions, including continuing high interest rates and increased payroll costs, which contributed to the reported financial loss. The directors were pleased to see fuel surcharges passed on to customers falling in the year as the high fuel costs seen in the previous year have eased.
The company is aware of its responsibility to reduce its output of CO2 and has invested significantly in on board vessel technology to monitor fuel consumption and engine performance in real-time. Other oil reduction investments have been made in ultra-filtration of engine oil to significantly extend time between oil changes and, in co-operation with port authorities, to replace onboard deck generators with onshore electrical power.
At the balance sheet date the company had net assets of amounting to £32,895,652, an increase of £4,349,056 from the previous year. The company remains in a strong financial position and this will enable the company to continue to follow the stategic path set out by the directors.
The key performance indicators of the company are turnover and the number of vessels being operated by the company. Turnover for the year has increased from £20,178,452 to £21,618,934. During the year the company operated 18 vessels compared to 17 for the previous year.
Whilst the company has made a loss for the year of £740,945, the increase in the value of the vessels has resulted in total comprehensive income for the year of £4,400,981.
Principal risks and uncertainties
The principal risk faced by the company remains a significant reduction in its business should the UK enter a deep recession that impacts port activity and hence the company's revenues. Whilst this risk has now reduced substantially from the previous year, the directors are alert and would look to align the cost base to a significant reduction in business.
General inflation cost pressures and high interest rates continue to be a drag on the business performance and should high interest rates continue for an extended period this would significantly restrict the business’s ability to grow its fleet.
Staff recruitment remained a challenge throughout the year. The company has taken steps to strengthen its training function to bring through apprentices and trainees via a more formalised training programme and to ensure existing staff have the right skills and flexibility to meet the demands of the business.
This report was approved by the board on 14 January 2025 and signed on its behalf.
P. D. Dulson
Director
Boluda Towage SMS Limited
Registered number: 04527156
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be the provision of port towage services and offshore support work.
Dividends
An interim dividend of £60,000 was paid during the period (2023 - £60,000).
Events since the balance sheet date
On 24 May 2024 the company was sold to Boluda Towage UK Limited. From that date the ultimate controlling party became Boluda Corporacion Maritima SL.
Directors
The following persons served as directors during the year:
P. Escreet (resigned 24 May 2024)
G. P. Escreet (resigned 20 October 2023)
A. Barry (resigned 28 August 2024)
S. Clarke (resigned 28 August 2024)
R. Burnett (appointed 9 May 2023, resigned 28 August 2024)
A. Bordils Montero (appointed 24 May 2024)
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 14 January 2025 and signed on its behalf.
P. D. Dulson
Director
Boluda Towage SMS Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Boluda Towage SMS Limited
Independent Auditor's Report
to the member of Boluda Towage SMS Limited
Opinion
We have audited the financial statements of Boluda Towage SMS Limited for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We made enquiries of directors as to the company's high-level policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged frauid. We also reviewed board minutes.
We performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that revenue is recorded in the wrong period and the risk that management may be in a position to make inappropriate accounting entries. These included identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commerical and sector experience and discussed with the directors the policies and procedures regarding compliance with laws and regulations.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Terence Fred Everson Jnr FCCA
(Senior Statutory Auditor) Francis House
for and on behalf of Humber Place
Everson & Co. Limited The Marina
Accountants and Statutory Auditors Hull
14 January 2025 HU1 1UD
Boluda Towage SMS Limited
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 3 21,618,934 20,178,452
Cost of sales (11,990,527) (12,453,930)
Gross profit 9,628,407 7,724,522
Administrative expenses (8,628,226) (7,640,896)
Operating profit 4 1,000,181 83,626
(Loss)/profit on sale of fixed assets (10) 120,533
Income from investments 300,000 250,000
Interest receivable 2,178 -
Interest payable 7 (1,956,719) (1,118,535)
Loss on ordinary activities before taxation (654,370) (664,376)
Tax on loss on ordinary activities 8 25,567 (159,577)
Loss for the financial year (628,803) (823,953)
Boluda Towage SMS Limited
Statement of Comprehensive Income
for the year ended 31 March 2024
Notes 2024 2023
£ £
Loss for the financial year (628,803) (823,953)
Other comprehensive income
Gain on revaluation of vessels 9 6,455,007 4,911,876
Deferred taxation arising on the revaluation of vessels 16 (1,425,223) (779,607)
Total comprehensive income for the year 4,400,981 3,308,316
Boluda Towage SMS Limited
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 9 57,065,910 51,294,623
Investments 10 673,727 673,727
57,739,637 51,968,350
Current assets
Stocks 11 411,773 530,994
Debtors 12 4,763,108 5,167,940
Cash at bank and in hand 2,552,282 1,877,267
7,727,163 7,576,201
Creditors: amounts falling due within one year 13 (4,084,933) (4,218,888)
Net current assets 3,642,230 3,357,313
Total assets less current liabilities 61,381,867 55,325,663
Creditors: amounts falling due after more than one year 14 (21,441,500) (21,151,500)
Provisions for liabilities
Deferred taxation 16 (7,052,790) (5,627,567)
Net assets 32,887,577 28,546,596
Capital and reserves
Called up share capital 17 500,000 500,000
Other reserves 18 21,934,831 17,146,488
Profit and loss account 19 10,452,746 10,900,108
Total equity 32,887,577 28,546,596
P. D. Dulson
Director
Approved by the board on 14 January 2025
Boluda Towage SMS Limited
Statement of Changes in Equity
for the year ended 31 March 2024
Share Other Profit Total
capital reserves and loss
account
£ £ £ £
At 1 April 2022 500,000 16,306,162 8,492,118 25,298,280
Loss for the financial year (823,953) (823,953)
Gain on revaluation of vessels 4,911,876 4,911,876
Deferred taxation arising on the revaluation of vessels (779,607) (779,607)
Other comprehensive income for the financial year - 4,132,269 - 4,132,269
Total comprehensive income for the financial year - 4,132,269 (823,953) 3,308,316
Dividends (60,000) (60,000)
Transfers (3,291,943) 3,291,943 -
At 31 March 2023 500,000 17,146,488 10,900,108 28,546,596
At 1 April 2023 500,000 17,146,488 10,900,108 28,546,596
Loss for the financial year (628,803) (628,803)
Gain on revaluation of vessels 6,455,007 6,455,007
Deferred taxation arising on the revaluation of vessels (1,425,223) (1,425,223)
Other comprehensive income for the financial year - 5,029,784 - 5,029,784
Total comprehensive income for the financial year - 5,029,784 (628,803) 4,400,981
Dividends (60,000) (60,000)
Transfers (241,441) 241,441 -
At 31 March 2024 500,000 21,934,831 10,452,746 32,887,577
Boluda Towage SMS Limited
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Loss for the financial year (628,803) (823,953)
Adjustments for:
Loss/(profit) on sale of fixed assets 10 (120,533)
Income from investments (300,000) (250,000)
Interest receivable (2,178) -
Interest payable 1,956,719 1,118,535
Tax on loss on ordinary activities (25,567) 159,577
Depreciation 5,380,740 4,782,923
Decrease/(increase) in stocks 119,221 (28,025)
Decrease/(increase) in debtors 404,832 (1,906,488)
(Decrease)/increase in creditors (238,378) 606,848
6,666,596 3,538,884
Dividends received 300,000 250,000
Interest received 2,178 -
Interest paid (1,956,719) (1,118,535)
Corporation tax paid (134,010) (441,635)
Cash generated by operating activities 4,878,045 2,228,714
Investing activities
Payments to acquire tangible fixed assets (4,736,331) (11,404,776)
Proceeds from sale of tangible fixed assets 39,301 3,499,809
Cash used in investing activities (4,697,030) (7,904,967)
Financing activities
Equity dividends paid (60,000) (60,000)
Proceeds from new loans 3,300,000 6,780,000
Repayment of loans (2,746,000) (2,176,500)
Cash generated by financing activities 494,000 4,543,500
Net cash generated/(used)
Cash generated by operating activities 4,878,045 2,228,714
Cash used in investing activities (4,697,030) (7,904,967)
Cash generated by financing activities 494,000 4,543,500
Net cash generated/(used) 675,015 (1,132,753)
Cash and cash equivalents at 1 April 1,877,267 3,010,020
Cash and cash equivalents at 31 March 2,552,282 1,877,267
Cash and cash equivalents comprise:
Cash at bank 2,552,282 1,877,267
Boluda Towage SMS Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements 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.
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 10% straight line
Plant and machinery 15% reducing balance
Leasehold property improvements over the lease term
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Useful lives of plant and machinery and motor vehicles
The company estimates the useful lives of plant and machinery and motor vehicles based on the period over which the assets are expected to be available for use. The estimated useful lives of plant and machinery and motor vehicles are reviewed periodically and are updated in expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets. In addition, the estimation of the useful lives of plant and machinery and motor vehicles are based on internal technical evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of the property, plant and equipment would increase the recorded expenses and decrease the non-current assets.
Allowance for doubtful debts
The Company makes allowance for doubtful debts based on an assessment of the recoverability of receivables. Allowances are applied to receivables where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analysed historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the allowance of doubtful debts of receivables. Where the expectation is different from the original estimate, such difference will impact the carrying value of receivables.
Allowance for inventories written down
Reviews are made periodically by management on damaged, obsolete and slowmoving inventories. These reviews require judgement and estimates. Possible changes in these estimates could result in revisions to the valuation of inventories.
3 Analysis of turnover 2024 2023
£ £
Services rendered 21,618,934 20,178,452
By geographical market:
UK 21,618,934 20,178,452
4 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 5,380,740 4,782,923
Operating lease rentals - land and buildings 63,300 53,600
Auditors' remuneration for audit services 9,000 9,000
Auditors' remuneration for other services 2,255 400
Key management personnel compensation (including directors' emoluments) 370,601 218,638
5 Directors' emoluments 2024 2023
£ £
Emoluments 352,872 210,368
Company contributions to defined contribution pension plans 17,729 8,270
370,601 218,638
Highest paid director:
Emoluments 108,049 82,086
Company contributions to defined contribution pension plans 6,438 -
114,487 82,086
Number of directors to whom retirement benefits accrued: 2024 2023
Number Number
Defined contribution plans 3 2
6 Staff costs 2024 2023
£ £
Wages and salaries 1,606,583 1,235,921
Social security costs 172,126 135,768
Other pension costs 56,119 38,052
Direct labour - vessel crews 6,415,809 5,591,970
8,250,637 7,001,711
Average number of employees during the year Number Number
Administration 42 35
Crew 132 137
174 172
7 Interest payable 2024 2023
£ £
Bank loans and overdrafts 1,956,719 1,118,535
8 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period (25,567) 159,577
Tax on (loss)/profit on ordinary activities (25,567) 159,577
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Loss on ordinary activities before tax (654,370) (664,376)
Standard rate of corporation tax in the UK 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax (163,593) (126,231)
Effects of:
Expenses not deductible for tax purposes (430,205) (90,651)
Depreciation for period in excess of capital allowances 568,231 343,399
Crystalisation of deferred gains - 33,060
Current tax charge for period (25,567) 159,577
9 Tangible fixed assets
Vessels Plant and machinery Motor vehicles Total
At valuation At cost At cost
£ £ £ £
Cost or valuation
At 1 April 2023 50,858,664 426,626 388,885 51,674,175
Additions 4,560,119 41,436 134,776 4,736,331
Revaluation 1,183,134 - - 1,183,134
Disposals - (78) (111,664) (111,742)
At 31 March 2024 56,601,917 467,984 411,997 57,481,898
Depreciation
At 1 April 2023 - 217,902 161,650 379,552
Charge for the year 5,271,873 33,564 75,303 5,380,740
Revaluation (5,271,873) - - (5,271,873)
On disposals - (78) (72,353) (72,431)
At 31 March 2024 - 251,388 164,600 415,988
Carrying amount
At 31 March 2024 56,601,917 216,596 247,397 57,065,910
At 31 March 2023 50,858,664 208,724 227,235 51,294,623
2024 2023
£ £
Carrying amount of vessels on cost basis 26,767,380 27,345,945
Stock of vessel spares 846,917 738,664
The vessels were revalued at open market value as at 31 March 2024 by Offshore Shipbrokers Limited of of Artillery House, Lower Level, 35 Artillery Lane, London, E1 7LP.
10 Investments
Other
investments
£
Cost
At 1 April 2023 673,727
At 31 March 2024 673,727
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Belfast Towage Limited Ordinary 33 2,660,185 841,400
The registered office of Belfast Towage Limited is situated at Clarendon House, 23 Clarendon Road, Belfast, BT1 3BG.
11 Stocks 2024 2023
£ £
Raw materials and consumables 411,773 530,994
12 Debtors 2024 2023
£ £
Trade debtors 2,799,054 2,551,239
Other debtors 1,740,791 1,665,678
Prepayments and accrued income 223,263 951,023
4,763,108 5,167,940
13 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 2,856,000 2,592,000
Trade creditors 989,411 1,205,939
Corporation tax - 159,577
Other taxes and social security costs 5,433 7,034
Other creditors 66,338 77,587
Accruals and deferred income 167,751 176,751
4,084,933 4,218,888
14 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,441,500 21,151,500
15 Loans 2024 2023
£ £
Analysis of maturity of debt:
Within one year or on demand 2,856,000 2,592,000
Between one and two years 2,856,000 2,592,000
Between two and five years 18,585,500 18,559,500
24,297,500 23,743,500
The bank loans are secured by mortgages secured on the vessels owned by the company and by a debenture provided by the company.
16 Deferred taxation 2024 2023
£ £
Revaluation of vessels 7,052,790 5,627,567
2024 2023
£ £
At 1 April 5,627,567 4,847,960
Charged to other comprehensive income 1,425,223 779,607
At 31 March 7,052,790 5,627,567
17 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 500,000 500,000 500,000
18 Other reserves 2024 2023
Revaluation reserve £ £
At 1 April 17,146,488 16,306,162
Gain on revaluation of vessels 6,455,007 4,911,876
Deferred taxation arising on the revaluation of vessels (1,425,223) (779,607)
Transfer to profit and loss account (241,441) (3,291,943)
At 31 March 21,934,831 17,146,488
19 Profit and loss account 2024 2023
£ £
At 1 April 10,900,108 8,492,118
Loss for the financial year (628,803) (823,953)
Dividends (60,000) (60,000)
Transfer to profit and loss account 241,441 3,291,943
At 31 March 10,452,746 10,900,108
20 Dividends 2024 2023
£ £
Dividends on ordinary shares (note 19) 60,000 60,000
21 Events after the reporting date
On 24 May 2024 the company was sold to Boluda Towage UK Limited. From that date the ultimate controlling party became Boluda Corporacion Maritima SL.
22 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts - 4,357,778
23 Defined benefit pension plans
The company made contributions to defined contribtion pension schemes for directors, staff and crew amounting to £357,754 during the year (2023 - £168,173). The company expects to make contributions amounting to £360,000 during the year to 31 March 2025 however no provision has been made in relation to this commitment.
24 Contingent liabilities
The company has provided a guarantee to Danske Bank to secure the borrowings of Belfast Towage Limited, a company in which SMS Towage Limited holds an interest. The guarantee provided is in the amount of £675,000.
25 Related party transactions 2024 2023
£ £
SMS Towage (Bristol Channel) Limited
P. Escreet (Director) holds an interest in the company
Sales to the related party 4,885 -
Purchases from the related party 72,000 75,905
Loan provided to related party - 441,450
Amount due from (to) the related party 849,450 830,000
SMS Self Administered Pension Scheme
P. Escreet (Director) is a trustee of the scheme
Rent paid to related party 62,800 53,000
Amount due from (to) the related party (554) 748
Belfast Towage Limited
SMS Towage Limited holds an interest in the company
Sales to the related party 1,304,720 759,378
Purchases from related party - -
Amount due from (to) the related party 23,600 142,124
Redeemable preference shares held in related party 266,667 266,667
P. Escreet
P. Escreet (Director) held an interest in the company
Dividends paid to related party 60,000 31,200
Amount due from (to) the related party (36,203) (33,193)
Mrs. C. A. Escreet
Mrs. C. A. Escreet (Secretary) held an interest in the company
Dividends paid to related party - 28,800
26 Controlling party
The company was controlled throughout the financial period by Mr. P. Escreet. Since 24 May 2024 the ultimate controlling party is Boluda Corporacion Maritima SL.
27 Presentation currency
The financial statements are presented in Sterling rounded to the nearest Pound.
28 Legal form of entity and country of incorporation
Boluda Towage SMS Limited is a private company limited by shares and incorporated in England and Wales.
29 Principal place of business
The address of the company's principal place of business is:
Ocean House
Livingstone Road
Hessle
HU13 0EG
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