Forth Bridge Stevedoring Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC203435 (Scotland)

Forth Bridge Stevedoring Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J Hughes

D J Hughes

SECRETARY:

G J Hughes

REGISTERED OFFICE:

East Ness Pier

Preston Crescent

Inverkeithing

Fife

KY11 1DS

REGISTERED NUMBER:

SC203435 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

33 Old Broad Street

London

BX2 1LB

SOLICITORS:

Brodies LLP

15 Atholl Crescent

Edinburgh

EH3 8HA

FIXED ASSETS

Intangible assets

4

966

1,288

Tangible assets

5

1,596,372

1,521,255

Investments

6

80,140

1,677,478

1,602,683

CURRENT ASSETS

Debtors

7

267,386

304,995

Cash at bank

124,835

108,546

392,221

413,541

CREDITORS

Amounts falling due within one year

8

195,385

269,411

NET CURRENT ASSETS

196,836

144,130

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,874,314

1,746,813

CREDITORS

Amounts falling due after more than
one year

9

(19,833

)

-

PROVISIONS FOR LIABILITIES

(145,322

)

(126,594

)

NET ASSETS

1,709,159

1,620,219

CAPITAL AND RESERVES

Called up share capital

400,000

Fair value reserve

10

394,040

Retained earnings

915,119

826,179

SHAREHOLDERS' FUNDS

1,709,159

1,620,219

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.

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 September 2025 and were signed on its behalf by:

D J Hughes - Director

1.	STATUTORY INFORMATION

Forth Bridge Stevedoring 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents net invoiced sales of stevedoring services.

Revenue from stevedoring and cargo handling is recognised as earned, and to the extent that, the company has obtained the rights to the consideration in exchange for these services. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers excluding value added tax.

Revenue from rental income is recognised in accordance with the lease agreement.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

Nil

Plant and machinery etc

-

33% on cost and 25% on cost

All fixed assets are initially recorded at cost. Freehold property is not depreciated as the directors consider the residual market value of the property to be equal to or above the deemed costs therefore any depreciation would be immaterial.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

3,220

AMORTISATION

At 1 January 2024

1,932

Charge for year

322

At 31 December 2024

2,254

NET BOOK VALUE

At 31 December 2024

966

At 31 December 2023

1,288

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 January 2024

1,475,000

318,470

1,793,470

Additions

-

117,592

Disposals

-

(41,815

)

(41,815

)

At 31 December 2024

1,475,000

394,247

1,869,247

DEPRECIATION

At 1 January 2024

-

272,215

Charge for year

-

41,691

Eliminated on disposal

-

(41,031

)

(41,031

)

At 31 December 2024

-

272,875

NET BOOK VALUE

At 31 December 2024

1,475,000

121,372

1,596,372

At 31 December 2023

1,475,000

46,255

1,521,255

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2004

(222,198

)

-

(222,198

)

Valuation in 2006

340,000

-

340,000

Valuation in 2014

108,688

-

108,688

Valuation in 2018

188,300

-

188,300

Valuation in 2021

(25,000

)

-

(25,000

)

Cost

1,085,210

394,247

1,479,457

1,475,000

394,247

1,869,247

Land and buildings were revalued by Colliers International Property at £1,475,000 at 31 March 2023. The directors believe this is an appropriate value at 31 December 2024.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

Additions

42,000

At 31 December 2024

42,000

DEPRECIATION

Charge for year

10,500

At 31 December 2024

10,500

NET BOOK VALUE

At 31 December 2024

31,500

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST

At 1 January 2024

and 31 December 2024

140

80,000

80,140

NET BOOK VALUE

At 31 December 2024

140

80,000

80,140

At 31 December 2023

140

80,000

80,140

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

17,085

78,612

Amounts owed by group undertakings

206,309

Other debtors

43,992

20,074

267,386

304,995

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Hire purchase contracts

14,000

-

Trade creditors

2,490

8,583

Amounts owed to group undertakings

121,181

186,181

Taxation and social security

15,727

35,399

Other creditors

41,987

39,248

195,385

269,411

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Hire purchase contracts

19,833

-

10.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

394,040