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Registration number: SC175696

Forth & Tay Marine Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Forth & Tay Marine Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

Detailed Income Statement

9 to 10

 

Forth & Tay Marine Limited

(Registration number: SC175696)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

694,522

570,621

Current assets

 

Stocks

1,175

1,175

Debtors

5

187,915

199,026

Cash at bank and in hand

 

138,573

178,323

 

327,663

378,524

Creditors: Amounts falling due within one year

6

(266,435)

(250,712)

Net current assets

 

61,228

127,812

Total assets less current liabilities

 

755,750

698,433

Creditors: Amounts falling due after more than one year

6

(102,210)

(122,161)

Provisions for liabilities

(125,635)

(98,149)

Net assets

 

527,905

478,123

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

82,224

82,224

Retained earnings

444,681

394,899

Shareholders' funds

 

527,905

478,123

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

 

Forth & Tay Marine Limited

(Registration number: SC175696)
Statement of Financial Position as at 31 May 2024

.........................................
Mr Martin Smith
Director

 

Forth & Tay Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Forth & Tay Marine Ltd
Cupar Trading Estate
Cupar
Fife
KY15 4SX

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Forth & Tay Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

Motor vehicles

25% Reducing Balance

Office Equipment

15% Reducing Balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the Company has an obligation at the reporting date 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.

 

Forth & Tay Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 6 (2023 - 6).

 

Forth & Tay Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

150,000

1,204,899

5,919

108,070

1,468,888

Additions

-

240,242

-

19,995

260,237

Disposals

-

(124,667)

-

-

(124,667)

At 31 May 2024

150,000

1,320,474

5,919

128,065

1,604,458

Depreciation

At 1 June 2023

-

840,223

5,663

52,381

898,267

Charge for the year

-

83,502

38

15,880

99,420

Eliminated on disposal

-

(87,751)

-

-

(87,751)

At 31 May 2024

-

835,974

5,701

68,261

909,936

Carrying amount

At 31 May 2024

150,000

484,500

218

59,804

694,522

At 31 May 2023

150,000

364,676

256

55,689

570,621

Included within the net book value of land and buildings above is £150,000 (2023 - £150,000) in respect of freehold land and buildings.
 

 

Forth & Tay Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

171,776

184,036

Prepayments

7,563

8,300

Other debtors

8,576

6,690

 

187,915

199,026

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

96,734

68,134

Trade creditors

 

143,489

130,459

Taxation and social security

 

25,737

51,629

Other creditors

 

475

490

 

266,435

250,712

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

102,210

122,161

 

Forth & Tay Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

12,500

12,501

Hire purchase contracts

84,234

55,633

96,734

68,134

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,336

20,836

Hire purchase contracts

93,874

101,325

102,210

122,161

8

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £300.00 (2023 - £400.00) per each Ordinary C

30,000

40,000

Final dividend of £59.88 (2023 - £61.87) per each Ordinary A

30,000

31,000

60,000

71,000

 

Forth & Tay Marine Limited

Detailed Income Statement for the Year Ended 31 May 2024

2024
 £

2023
 £

Turnover

Rendering of services, UK

1,607,364

1,420,063

Cost of sales

Opening finished goods

1,175

1,175

Purchases

679,441

631,551

Closing finished goods

(1,175)

(1,175)

Wages and salaries (excluding directors)

109,772

117,862

Staff pensions (Defined contribution)

2,601

2,762

Subcontract cost

44,735

42,554

836,549

794,729

Employment costs

Wages and salaries (excluding directors)

(46,677)

(46,030)

Directors remuneration

(12,812)

(12,570)

Directors NIC (Employers)

(393)

(374)

Staff pensions (Defined contribution)

(980)

(957)

Directors pensions (Defined contribution)

(193)

(190)

Staff training

(240)

(299)

(61,295)

(60,420)

Establishment costs

Rent

(10,800)

(13,500)

Rates

(21,181)

(10,055)

Light, heat and power

(2,213)

(2,131)

Insurance

(56,468)

(51,583)

Use of home as office

(312)

(312)

Repairs and maintenance

(169,684)

(75,928)

(260,658)

(153,509)

General administrative expenses

Telephone and fax

(5,014)

(5,704)

Computer software and maintenance costs

(5,437)

(3,711)

Printing, postage and stationery

(80)

(317)

Trade subscriptions

(1,109)

(688)

Hire of equipment

(5,924)

(520)

Sundry expenses

(377)

(596)

Motor expenses

(133,685)

(155,745)

Travel and subsistence

(504)

(278)

Advertising

(5,688)

(1,925)

 

Forth & Tay Marine Limited

Detailed Income Statement for the Year Ended 31 May 2024

2024
 £

2023
 £

Staff entertaining (allowable for tax)

(486)

(260)

Customer entertaining (disallowable for tax)

-

(47)

Accountancy fees

(12,000)

(12,431)

Legal and professional fees

(5,923)

(3,163)

Bad debts written off

(5,258)

-

(181,485)

(185,385)

Finance charges

Bank charges

(5,424)

(4,763)

Depreciation costs

Depreciation of other tangible (owned)

(99,420)

(71,876)

Other expenses

(Profit)/loss on disposal of tangible fixed assets

(9,241)

-

Operating profit

153,292

149,381

Other interest receivable and similar income

Bank interest receivable

257

274

Other interest receivable

59

-

316

274

Interest payable and similar charges

Bank loan interest payable

2,574

2,863

Hire purchase interest

13,766

10,382

16,340

13,245

Net finance cost

(16,024)

(12,971)

Profit before tax

137,268

136,410