Silverfin false false 30/11/2024 01/12/2023 30/11/2024 I G Carson 24/11/1992 R H A Carson 01/12/2023 27 August 2025 The principal activity of the Company continued to be that of moulding manufacturers. SC141422 2024-11-30 SC141422 bus:Director1 2024-11-30 SC141422 bus:Director2 2024-11-30 SC141422 2023-11-30 SC141422 core:CurrentFinancialInstruments 2024-11-30 SC141422 core:CurrentFinancialInstruments 2023-11-30 SC141422 core:ShareCapital 2024-11-30 SC141422 core:ShareCapital 2023-11-30 SC141422 core:CapitalRedemptionReserve 2024-11-30 SC141422 core:CapitalRedemptionReserve 2023-11-30 SC141422 core:OtherCapitalReserve 2024-11-30 SC141422 core:OtherCapitalReserve 2023-11-30 SC141422 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC141422 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC141422 core:LeaseholdImprovements 2023-11-30 SC141422 core:PlantMachinery 2023-11-30 SC141422 core:Vehicles 2023-11-30 SC141422 core:FurnitureFittings 2023-11-30 SC141422 core:LeaseholdImprovements 2024-11-30 SC141422 core:PlantMachinery 2024-11-30 SC141422 core:Vehicles 2024-11-30 SC141422 core:FurnitureFittings 2024-11-30 SC141422 core:CostValuation 2023-11-30 SC141422 core:AdditionsToInvestments 2024-11-30 SC141422 core:DisposalsRepaymentsInvestments 2024-11-30 SC141422 core:RevaluationsIncreaseDecreaseInInvestments 2024-11-30 SC141422 core:CostValuation 2024-11-30 SC141422 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-11-30 SC141422 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-11-30 SC141422 bus:OrdinaryShareClass1 2024-11-30 SC141422 bus:OrdinaryShareClass2 2024-11-30 SC141422 core:WithinOneYear 2024-11-30 SC141422 core:WithinOneYear 2023-11-30 SC141422 core:BetweenOneFiveYears 2024-11-30 SC141422 core:BetweenOneFiveYears 2023-11-30 SC141422 2023-12-01 2024-11-30 SC141422 bus:FilletedAccounts 2023-12-01 2024-11-30 SC141422 bus:SmallEntities 2023-12-01 2024-11-30 SC141422 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 SC141422 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC141422 bus:Director1 2023-12-01 2024-11-30 SC141422 bus:Director2 2023-12-01 2024-11-30 SC141422 core:LeaseholdImprovements core:TopRangeValue 2023-12-01 2024-11-30 SC141422 core:PlantMachinery 2023-12-01 2024-11-30 SC141422 core:Vehicles 2023-12-01 2024-11-30 SC141422 core:FurnitureFittings 2023-12-01 2024-11-30 SC141422 2022-12-01 2023-11-30 SC141422 core:LeaseholdImprovements 2023-12-01 2024-11-30 SC141422 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 SC141422 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC141422 bus:OrdinaryShareClass2 2023-12-01 2024-11-30 SC141422 bus:OrdinaryShareClass2 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC141422 (Scotland)

GALLOWAY BOATS & MOULDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

GALLOWAY BOATS & MOULDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

GALLOWAY BOATS & MOULDINGS LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2024
GALLOWAY BOATS & MOULDINGS LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 405,192 297,448
Investments 4 404,198 497,666
809,390 795,114
Current assets
Stocks 469,313 520,728
Debtors 5 865,848 1,008,767
Cash at bank and in hand 582,918 459,494
1,918,079 1,988,989
Creditors: amounts falling due within one year 6 ( 695,816) ( 768,712)
Net current assets 1,222,263 1,220,277
Total assets less current liabilities 2,031,653 2,015,391
Provision for liabilities ( 129,398) ( 114,893)
Net assets 1,902,255 1,900,498
Capital and reserves
Called-up share capital 7 1,470 1,470
Capital redemption reserve 150,000 150,000
Other reserves 840 840
Profit and loss account 1,749,945 1,748,188
Total shareholders' funds 1,902,255 1,900,498

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Galloway Boats & Mouldings Limited (registered number: SC141422) were approved and authorised for issue by the Board of Directors on 27 August 2025. They were signed on its behalf by:

I G Carson
Director
GALLOWAY BOATS & MOULDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
GALLOWAY BOATS & MOULDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Galloway Boats & Mouldings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Tongland Farm, Culdoach Rd, Tongland, DG6 4LU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Stocks

Stocks include raw materials, work in progress and finished goods, stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

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 fair value of cash or other resources received or receivable, 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 57 62

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 December 2023 105,772 662,729 95,332 129,825 993,658
Additions 120,145 24,340 0 2,665 147,150
Disposals 0 ( 5,000) 0 0 ( 5,000)
At 30 November 2024 225,917 682,069 95,332 132,490 1,135,808
Accumulated depreciation
At 01 December 2023 15,893 503,862 82,957 93,498 696,210
Charge for the financial year 3,180 25,285 3,094 5,715 37,274
Disposals 0 ( 2,868) 0 0 ( 2,868)
At 30 November 2024 19,073 526,279 86,051 99,213 730,616
Net book value
At 30 November 2024 206,844 155,790 9,281 33,277 405,192
At 30 November 2023 89,879 158,867 12,375 36,327 297,448

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 December 2023 497,666 497,666
Additions 84,334 84,334
Disposals ( 217,541) ( 217,541)
Movement in fair value 39,739 39,739
At 30 November 2024 404,198 404,198
Carrying value at 30 November 2024 404,198 404,198
Carrying value at 30 November 2023 497,666 497,666

5. Debtors

2024 2023
£ £
Trade debtors 605,217 721,304
Amounts owed by connected companies 247,720 273,525
Corporation tax 0 167
Other debtors 12,911 13,771
865,848 1,008,767

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 410,181 454,054
Other taxation and social security 147,785 191,143
Other creditors 137,850 123,515
695,816 768,712

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,119 A Ordinary shares of £ 1.00 each 1,119 1,119
351 B Ordinary shares of £ 1.00 each 351 351
1,470 1,470

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 45,000 35,000
between one and five years 180,000 0
225,000 35,000

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts due from a company under common control 247,720 273,524