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REGISTERED NUMBER: SC394629 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SPEY BAY SALVAGE LIMITED

SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPEY BAY SALVAGE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: R C Murray
Mrs J Murray





REGISTERED OFFICE: 9 Glasgow Road
Paisley
PA1 3QS





REGISTERED NUMBER: SC394629 (Scotland)





ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS

SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)

BALANCE SHEET
31 December 2024

31.12.23 31.12.24
£    £    Notes £   
FIXED ASSETS
107,110 Tangible assets 5 437,020

CURRENT ASSETS
50,500 Stocks 50,752
119,786 Debtors 6 162,311
49,174 Cash at bank 119,095
219,460 332,158
CREDITORS
44,990 Amounts falling due within one year 7 235,650
174,470 NET CURRENT ASSETS 96,508
281,580 TOTAL ASSETS LESS CURRENT
LIABILITIES

533,528

CREDITORS
- Amounts falling due after more than one
year

8

(88,000

)

(26,778 ) PROVISIONS FOR LIABILITIES (92,156 )
254,802 NET ASSETS 353,372

CAPITAL AND RESERVES
1,000 Called up share capital 1,000
253,802 Retained earnings 352,372
254,802 SHAREHOLDERS' FUNDS 353,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)

BALANCE SHEET - continued
31 December 2024


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 10 June 2025 and were signed on its behalf by:





R C Murray - Director


SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Spey Bay Salvage Limited is a private company, limited by shares , registered in Scotland. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 31 December 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 April 2023.

The effect of the restatement of equity as a result of the transition from FRS 105 to FRS 102 Section 1A is detailed in the Notes of the full accounts.

Turnover
Turnover represents the total invoice value, less credit notes, excluding value added tax, of sales made in the period.

Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Revenue from the hire of equipment and services is recognised at the time the equipment is supplied or services have been rendered and accepted. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Assets held under finance leases are depreciated in the same way as owned assets

At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

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

Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 1 ) .

SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Plant & Motor
Totals machinery vehicles
£    £    £   
COST
At 1 January 2024 178,327 59,012 119,315
Additions 379,797 346,430 33,367
At 31 December 2024 558,124 405,442 152,682
DEPRECIATION
At 1 January 2024 71,217 15,344 55,873
Charge for year 49,887 27,989 21,898
At 31 December 2024 121,104 43,333 77,771
NET BOOK VALUE
At 31 December 2024 437,020 362,109 74,911
At 31 December 2023 107,110 43,668 63,442

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery
£   
COST
Additions 220,000
At 31 December 2024 220,000
DEPRECIATION
Charge for year 16,500
At 31 December 2024 16,500
NET BOOK VALUE
At 31 December 2024 203,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 86,846 30,413
Amounts owed by group undertakings 32,577 32,577
Other debtors 42,888 56,796
162,311 119,786

SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts 58,667 -
Trade creditors 141,244 15,034
Amounts owed to group undertakings 2,000 -
Taxation and social security 22,728 22,816
Other creditors 11,011 7,140
235,650 44,990

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts 88,000 -

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts 146,667 -

Obligations under hire purchase contracts are secured over the assets to which they relate.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2024 and the period ended 31 December 2023:

31.12.24 31.12.23
£    £   
R C Murray
Balance outstanding at start of year 18,701 5,701
Amounts advanced 13,638 13,000
Amounts repaid (18,701 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,638 18,701

The director's loan is interest free, has no fixed repayment terms and is repayable on demand. The director's loan was repaid in full subsequent to the year end and before the date of signing of these financial statements.

11. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent of the company is Claddach Holdings Ltd, a company registered in Scotland and whose registered office is 9 Glasgow Road, Paisley, PA1 3QS.

R C Murray and Mrs J Murray indirectly control the company, as a result of holding 100% of the issued share capital in the ultimate parent company between them.

12. FIRST YEAR ADOPTION

SPEY BAY SALVAGE LIMITED (REGISTERED NUMBER: SC394629)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

12. FIRST YEAR ADOPTION - continued

The effect of the restatement of equity as a result of the transition from FRS 105 to FRS 102 Section 1A is detailed in the Notes of the full accounts.