IRIS Accounts Production v24.3.2.46 SC464135 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 7.2.25 false true false false true false Auditors Opinion Ordinary £1 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4641352022-12-31SC4641352023-12-31SC4641352023-01-012023-12-31SC4641352021-12-31SC4641352022-01-012022-12-31SC4641352022-12-31SC464135ns15:EnglandWales2023-01-012023-12-31SC464135ns14:PoundSterling2023-01-012023-12-31SC464135ns10:Director12023-01-012023-12-31SC464135ns10:Director22023-01-012023-12-31SC464135ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC464135ns10:SmallEntities2023-01-012023-12-31SC464135ns10:Audited2023-01-012023-12-31SC464135ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC464135ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC464135ns10:FullAccounts2023-01-012023-12-31SC464135ns10:OrdinaryShareClass12023-01-012023-12-31SC464135ns10:RegisteredOffice2023-01-012023-12-31SC464135ns5:CurrentFinancialInstruments2023-12-31SC464135ns5:CurrentFinancialInstruments2022-12-31SC464135ns5:ShareCapital2023-12-31SC464135ns5:ShareCapital2022-12-31SC464135ns5:RetainedEarningsAccumulatedLosses2023-12-31SC464135ns5:RetainedEarningsAccumulatedLosses2022-12-31SC464135ns5:LandBuildings2022-12-31SC464135ns5:LeaseholdImprovements2022-12-31SC464135ns5:PlantMachinery2022-12-31SC464135ns5:LandBuildings2023-01-012023-12-31SC464135ns5:LeaseholdImprovements2023-01-012023-12-31SC464135ns5:PlantMachinery2023-01-012023-12-31SC464135ns5:LandBuildings2023-12-31SC464135ns5:LeaseholdImprovements2023-12-31SC464135ns5:PlantMachinery2023-12-31SC464135ns5:LandBuildings2022-12-31SC464135ns5:LeaseholdImprovements2022-12-31SC464135ns5:PlantMachinery2022-12-31SC464135ns5:MotorVehicles2022-12-31SC464135ns5:ComputerEquipment2022-12-31SC464135ns5:MotorVehicles2023-01-012023-12-31SC464135ns5:ComputerEquipment2023-01-012023-12-31SC464135ns5:MotorVehicles2023-12-31SC464135ns5:ComputerEquipment2023-12-31SC464135ns5:MotorVehicles2022-12-31SC464135ns5:ComputerEquipment2022-12-31SC464135ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC464135ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC464135ns5:Non-currentFinancialInstruments2023-12-31SC464135ns5:Non-currentFinancialInstruments2022-12-31SC464135ns10:OrdinaryShareClass12023-12-31SC464135ns5:RetainedEarningsAccumulatedLosses2022-12-31SC464135ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: SC464135 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Boluda Towage Caledonian Ltd

Boluda Towage Caledonian Ltd (Registered number: SC464135)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Boluda Towage Caledonian Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P D Dulson
G H Vandecappelle



REGISTERED OFFICE: PO Box IV18 OEH
37 Shore Road
Invergordon
IV18 0EH



REGISTERED NUMBER: SC464135 (England and Wales)



SENIOR STATUTORY AUDITOR: Hayley Jardine BFP ACA



AUDITORS: Voisey & Co LLP
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Boluda Towage Caledonian Ltd (Registered number: SC464135)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,581,266 4,027,440

CURRENT ASSETS
Stocks 111,166 108,482
Debtors 6 1,530,817 3,003,573
Cash at bank and in hand 287,063 577,942
1,929,046 3,689,997
CREDITORS
Amounts falling due within one year 7 699,669 2,596,351
NET CURRENT ASSETS 1,229,377 1,093,646
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,810,643

5,121,086

PROVISIONS FOR LIABILITIES 673,528 778,015
NET ASSETS 4,137,115 4,343,071

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 9 4,137,114 4,343,070
SHAREHOLDERS' FUNDS 4,137,115 4,343,071

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 24 January 2025 and were signed on its behalf by:




G H Vandecappelle - Director



P D Dulson - Director


Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

1. STATUTORY INFORMATION

Boluda Towage Caledonian Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Related party exemption
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.

Significant judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

Customer Volume Rebates:
The volume rebate is based on Boluda Europe turnover to a number of key customers. The directors estimate the percentage based on experience. As the customers period end does not always align with that of Boluda UK, the rebate due to the customer is accrued for on the assumption they will hit their sales target at the end of the period. The volumes of business has been consistent over a number of year so volume rebate has always been close to the actual rebate.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

2. ACCOUNTING POLICIES - continued

Turnover
Net revenue comprises the income from the supply of goods and services after deduction of discounts and such like and of taxes levied on the turnover. Turnover from the sale of goods and the rendering of services is recognized per performance obligation if the amount or the result can be reliably determined.

Revenue is recognised for the amount to which the company expects to be entitled in exchange for the transfer of promised goods or services, i.e. the transaction price. This amount does not include amounts collected on behalf of third parties (including sales taxes). Depending on the type of performance obligations, the transaction price consists of fixed fees and variable considerations such as discounts and performance bonuses. Credit risk is not taken into account when determining the transaction price.

The determination of the transaction price is based on the assumption that the goods or services will be transferred in accordance with the relevant agreement and that this agreement will not be cancelled, extended or otherwise modified.

The effects of variable consideration are taken into account in determining the transaction price. These effects are based on an estimate of the fees. Such estimates are updated at the end of each financial year. Only variable fees that are unlikely to be reversed later on are taken into account.
There are no finance payments to buyers of goods and services.

The following performance obligations are distinguished:
- Harbour towage services, based on fixed fees per client (group) and region, with discounts and bonuses for global operating clients.
- Salvages and special operations, based on variable considerations
- Rental income of tugs alone (bareboat charters) or tugs including crew (time charters), based on fixed fees per client (group) and tug type.
- Sale of goods, mainly fuel, based on market prices per item category.

There are no agreements that include or combine several performance obligations (agreed-upon commitments to deliver distinct goods or services).

Revenues from the goods supplied are recognized when all significant risks and rewards in respect of the goods have been transferred to the buyer.

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Dry dock - 33-50% straight line
Craft - 9-10% straight line
Plant and machinery - 20% straight line/15%reducing balance
Motor vehicles - 25-50% straight line
Office equipment - 25-33% straight line
Buildings - 4% straight line

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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 contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligation.

The contributions are recognised as an expense in the profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net 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 costs 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.

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

2. ACCOUNTING POLICIES - continued

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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. 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 receipts 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.

Derecognition of financial liabilities
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 proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 28 ) .

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

4. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

7,500

-

5. TANGIBLE FIXED ASSETS
Freehold Craft and Plant and
property dry dock machinery
£    £    £   
COST
At 1 January 2023 145,000 7,009,814 73,530
Disposals - (177,082 ) -
At 31 December 2023 145,000 6,832,732 73,530
DEPRECIATION
At 1 January 2023 - 3,137,621 65,937
Charge for year - 442,505 1,139
Eliminated on disposal - (177,082 ) -
At 31 December 2023 - 3,403,044 67,076
NET BOOK VALUE
At 31 December 2023 145,000 3,429,688 6,454
At 31 December 2022 145,000 3,872,193 7,593

Computer
and
Motor office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 55,561 16,000 7,299,905
Disposals - - (177,082 )
At 31 December 2023 55,561 16,000 7,122,823
DEPRECIATION
At 1 January 2023 53,243 15,664 3,272,465
Charge for year 2,318 212 446,174
Eliminated on disposal - - (177,082 )
At 31 December 2023 55,561 15,876 3,541,557
NET BOOK VALUE
At 31 December 2023 - 124 3,581,266
At 31 December 2022 2,318 336 4,027,440

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 850,784 873,440
Amounts owed by group undertakings 355,562 1,953,503
Amounts owed by associates 6,837 163,685
VAT 7,775 -
Prepayments and accrued income 19,859 12,945
1,240,817 3,003,573

Amounts falling due after more than one year:
Amounts owed by associates 290,000 -

Aggregate amounts 1,530,817 3,003,573

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 420,383 1,304,785
Amounts owed to group undertakings 205,834 822,879
Amounts owed to associates - 221,431
Tax 260 89,744
Social security and other taxes 707 (70 )
VAT - 16,665
Other creditors 1,980 1,264
Accruals and deferred income 70,505 139,653
699,669 2,596,351

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 £1 1 1

9. RESERVES
Retained
earnings
£   

At 1 January 2023 4,343,070
Deficit for the year (205,956 )
At 31 December 2023 4,137,114

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hayley Jardine BFP ACA (Senior Statutory Auditor)
for and on behalf of Voisey & Co LLP

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At 31 December 2023, the amounts included in creditors for contributions payable to the fund were £Nil (2022: £Nil).

12. RELATED PARTY DISCLOSURES

Transactions with associated companies and year end balances are detailed below:

On 1st July 2023 a loan of £290,000 was made to Boluda Towage Europe B.V. The loan is interest bearing based on EURIBOR plus 3.75%. Interests is receivable on a monthly basis (the amount recognised in the year is £12,605) The loan amount is receivable no later than the end date of 30th June 2028.

Transactions with associated companies are detailed below:

31.12.23 31.12.22
£ £
Charter and other direct sales:

Boluda Internacional S.A. 122 -
Charter and other direct costs:

Boluda Towage Europe B.V. 217,969 -

Management charges payable:

Boluda Towage Europe B.V. 152,524 -

368,263 -

31.12.23 31.12.22

Debtor Creditor Debtor Creditor
£ £ £ £

Boluda Towage Europe B.V. 296,715 - 163,685 221,431
Boluda International SA 122 - - -

296,837 - 163,685 221,431

Boluda Towage Caledonian Ltd (Registered number: SC464135)

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

13. IMMEDIATE & ULTIMATE CONTROLLING PARTY

The immediate parent company is Boluda Towage UK Limited a company registered in England and Wales.

The ultimate controlling party is Boluda Corporation Maritime.

The smallest group in which the results of the company are consolidated is that headed by Boluda Towage UK Limited. The consolidated financial statements of this group can be obtained from Companies House.

The largest group in which results of the company are consolidated is that headed by Boluda Towage Europe B.V. The consolidated financial statements of this group can be obtained from Waalhaven Zuldzljde 21, 3088 JH Rotterdam, Netherlands.