Registration number:
Forth & Tay Marine Limited
for the Year Ended 31 May 2024
Forth & Tay Marine Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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Detailed Income Statement |
Forth & Tay Marine Limited
(Registration number: SC175696)
Statement of Financial Position as at 31 May 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Forth & Tay Marine Limited
(Registration number: SC175696)
Statement of Financial Position as at 31 May 2024
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Forth & Tay Marine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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General information |
The Company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
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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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% Reducing Balance |
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Motor vehicles |
25% Reducing Balance |
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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
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Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Forth & Tay Marine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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Tangible assets |
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Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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- |
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Disposals |
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- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
- |
- |
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At 31 May 2024 |
- |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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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
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Forth & Tay Marine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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Loans and borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Dividends |
Final dividends paid
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2024 |
2023 |
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Final dividend of £ |
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Final dividend of £ |
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Forth & Tay Marine Limited
Detailed Income Statement for the Year Ended 31 May 2024
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2024 |
2023 |
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Turnover |
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Rendering of services, UK |
1,607,364 |
1,420,063 |
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Cost of sales |
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Opening finished goods |
1,175 |
1,175 |
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Purchases |
679,441 |
631,551 |
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Closing finished goods |
(1,175) |
(1,175) |
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Wages and salaries (excluding directors) |
109,772 |
117,862 |
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Staff pensions (Defined contribution) |
2,601 |
2,762 |
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Subcontract cost |
44,735 |
42,554 |
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836,549 |
794,729 |
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Employment costs |
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Wages and salaries (excluding directors) |
(46,677) |
(46,030) |
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Directors remuneration |
(12,812) |
(12,570) |
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Directors NIC (Employers) |
(393) |
(374) |
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Staff pensions (Defined contribution) |
(980) |
(957) |
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Directors pensions (Defined contribution) |
(193) |
(190) |
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Staff training |
(240) |
(299) |
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(61,295) |
(60,420) |
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Establishment costs |
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Rent |
(10,800) |
(13,500) |
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Rates |
(21,181) |
(10,055) |
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Light, heat and power |
(2,213) |
(2,131) |
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Insurance |
(56,468) |
(51,583) |
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Use of home as office |
(312) |
(312) |
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Repairs and maintenance |
(169,684) |
(75,928) |
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(260,658) |
(153,509) |
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General administrative expenses |
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Telephone and fax |
(5,014) |
(5,704) |
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Computer software and maintenance costs |
(5,437) |
(3,711) |
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Printing, postage and stationery |
(80) |
(317) |
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Trade subscriptions |
(1,109) |
(688) |
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Hire of equipment |
(5,924) |
(520) |
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Sundry expenses |
(377) |
(596) |
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Motor expenses |
(133,685) |
(155,745) |
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Travel and subsistence |
(504) |
(278) |
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Advertising |
(5,688) |
(1,925) |
Forth & Tay Marine Limited
Detailed Income Statement for the Year Ended 31 May 2024
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2024 |
2023 |
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Staff entertaining (allowable for tax) |
(486) |
(260) |
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Customer entertaining (disallowable for tax) |
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(47) |
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Accountancy fees |
(12,000) |
(12,431) |
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Legal and professional fees |
(5,923) |
(3,163) |
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Bad debts written off |
(5,258) |
- |
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(181,485) |
(185,385) |
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Finance charges |
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Bank charges |
(5,424) |
(4,763) |
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Depreciation costs |
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Depreciation of other tangible (owned) |
(99,420) |
(71,876) |
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Other expenses |
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(Profit)/loss on disposal of tangible fixed assets |
(9,241) |
- |
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Operating profit |
153,292 |
149,381 |
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Other interest receivable and similar income |
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Bank interest receivable |
257 |
274 |
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Other interest receivable |
59 |
- |
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316 |
274 |
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Interest payable and similar charges |
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Bank loan interest payable |
2,574 |
2,863 |
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Hire purchase interest |
13,766 |
10,382 |
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16,340 |
13,245 |
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Net finance cost |
(16,024) |
(12,971) |
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Profit before tax |
137,268 |
136,410 |