| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| SPEY BAY SALVAGE LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| ( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 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 |
| Plant & machinery | - |
| Motor vehicles | - |
| 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 |
| 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 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant & |
| machinery |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 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 |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase contracts |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 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. |