Company registration number SC186492 (Scotland)
CATCHMENT TAY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CATCHMENT TAY LIMITED
COMPANY INFORMATION
Directors
Carl Dix
Anthony McKenna
Roy Kyle
Amit Thakrar
Josh Bond
Secretary
Infrastructure Managers Limited
Company number
SC186492
Registered office
2nd Floor, Drum Suite
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN
Independent Auditors
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Solicitors
Pinsent Masons LLP
58 Morrison Street
Edinburgh
EH3 8BP
CATCHMENT TAY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditors' report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
CATCHMENT TAY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their Strategic report of Catchment Tay Limited ("the Company") for the year ended 31 December 2024.

Principal objectives and strategies

The principal activity of the Company is the provision of wastewater and sewage treatment and related services. The Company's main objective is to ensure compliance with operational and financial contracts over the thirty year term whilst ensuring compliance with the Scottish Environmental Protection Agency's monitoring regime. The contract is in year 25 of its term expiring in 2029.

Review of the business

As the Company is in the full operational phase it faces operational risks and actively monitors financial performance against loan covenants. During the year the Company was fully compliant with the contractual terms of the Concession Agreement. From a financial perspective the Company has been performing well and has been compliant with the covenants laid out in the loan agreement.

The directors expect the future performance of the Company to be profitable and in line with the forecasting model.

Future Developments

The directors intend for the business to continue to operate in line with the contractual terms and do not expect any strategic changes.

Principal risks and uncertainties

The management of the business and the execution of the Company's strategy are subject to a number of risks. The principal risk and uncertainties facing the company are: cash-flow risk, price risk and credit risk as detailed below:

Cash flow Risk

The Company's cash flow risk arises as turnover has a variable element based on chargeable flows, therefore the weather will have a bearing on income which is the principal uncertainty faced by the project. The cashflow risk is considered to be low as there is a minimum monthly contract payment in place.

Price Risk

The Company's price risk is managed through a thirty year project agreement with Scottish Water providing for payments that are fixed subject to performance and inflation indexation and through sub-contracts with suppliers that largely mirror the provisions of the project agreement with Scottish Water.

Credit Risk

The project concession cash flows are secured under contract from Scottish Water, a government body. The credit risk is considered to be low as the government body is not expected to be at risk of default.

Key performance indicators

The key performance indicators centre largely on monitoring carried out by Scottish Environmental Protection Agency and Scottish Water. These bodies have separate monitoring regimes which assess the quality of water once treated at the plant. The performance of the Company from a cash perspective is assessed on a six monthly basis by the testing of the covenants of the senior debt provider. The key indicator being the debt service cover ratio. The Company has been compliant with bank covenants laid out in the loan agreement and is forecast to remain compliant in the future.

Climate Change

The directors recognise that it is important to disclose their view of the impact of climate change on the Company. The Company's key operational contracts are long-term and with a small number of known counterparties. In most cases, the cashflows from these contracts can be predicted with reasonable certainty for at least the medium-term. Having considered the Company's operations, its contracted rights and obligations and forecast cash flows, there is not expected to be a significant impact upon the Company's operational or financial performance arising from climate change.

CATCHMENT TAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

This report was approved by the board of directors on 10 April 2025 and signed on behalf of the board by:

Carl Dix
Director
10 April 2025
CATCHMENT TAY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and the audited financial statements of Catchment Tay Limited ("the Company") for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

The profit for the financial year, after taxation, amounted to £5,288,980 (2023: profit of £4,998,245).

The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company's activities in the coming financial year.

Ordinary dividends were paid amounting to £4,721,152 (2023: £4,094,637). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of approval of the financial statements were as follows:

Carl Dix
Anthony McKenna
Roy Kyle
Amit Thakrar
Bryan Acutt
(Resigned 1 May 2024)
John Cavill
(Resigned 1 May 2024)
Josh Bond
(Appointed 1 May 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditors

The independent auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Disclosure of Information in the Strategic Report

Please refer to the Strategic report for full details of risks, principals and objectives and performance of the Company.

Statement of disclosure to auditors

In the case of each director in office at the date the Directors' Report is approved:

• so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

• they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Going concern

The se financial statements have been prepared on the going concern basis for the reasons set out in the Accounting Policies.

CATCHMENT TAY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
This report was approved by the board of directors on 10 April 2025 and signed by order of the board by:
Chris Richardson
For and on behalf of Infrastructure Managers Limited
Secretary
10 April 2025
CATCHMENT TAY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

They are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

The financial statements were approved and signed by the director and authorised for issue on 10 April 2025

Carl Dix

Director

CATCHMENT TAY LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF CATCHMENT TAY LIMITED
- 6 -
Report on the Audit of the Financial Statements
Opinion

In our opinion, Catchment Tay Limited's financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law); and

- have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise: the Statement of financial position as at 31 December 2024; the Statement of comprehensive income and the Statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the c ompany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

CATCHMENT TAY LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF CATCHMENT TAY LIMITED (CONTINUED)
- 7 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic report and Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and the Directors' r eport for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' report.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as the y determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

CATCHMENT TAY LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF CATCHMENT TAY LIMITED (CONTINUED)
- 8 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journal entries and the risk of management bias in accounting estimates. Audit procedures performed by the engagement team included:

- Enquiries of management around known or suspected instances of non-compliance with laws and regulations, claims and litigation, and instances of fraud;

- Understanding of management's controls designed to prevent and detect irregularities;

- Review of board minutes;

- Challenging management on assumptions and judgements made in their significant accounting estimates;

- T esting journal entries to assess whether any appeared unusual, in particular any affecting revenue or distributable reserves;

- Reviewing financial statement disclosures and testing to supporting documentation, where appropriate, to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

- we have not obtained all the information and explanations we require for our audit; or

- adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

- certain disclosures of directors' remuneration specified by law are not made; or

- the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Paul Cheshire (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
10 April 2025
CATCHMENT TAY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
27,892,058
27,206,128
Cost of sales
(11,370,588)
(11,378,973)
Gross profit
16,521,470
15,827,155
Administrative expenses
(7,774,316)
(7,129,161)
Operating profit
4
8,747,154
8,697,994
Interest receivable and similar income
6
402,817
347,388
Interest payable and similar expenses
7
(2,104,047)
(2,471,177)
Profit before taxation
7,045,924
6,574,205
Taxation on profit
8
(1,756,944)
(1,575,960)
Profit for the financial year
5,288,980
4,998,245

All the activities of the company are from continuing operations.

The notes on pages 12 to 22 form part of these financial statements.

CATCHMENT TAY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
42,279,789
48,948,352
Current assets
Debtors: amounts falling due within one year
11
2,922,885
3,145,017
Cash at bank and in hand
10,175,682
9,276,082
13,098,567
12,421,099
Creditors: amounts falling due within one year
12
(9,253,804)
(9,080,913)
Net current assets
3,844,763
3,340,186
Total assets less current liabilities
46,124,552
52,288,538
Creditors: amounts falling due after more than one year
13
(20,391,422)
(25,948,962)
Provisions for liabilities
Deferred taxation
15
(5,611,413)
(6,785,687)
(5,611,413)
(6,785,687)
Net assets
20,121,717
19,553,889
Capital and reserves
Called up share capital
16
1,000,002
1,000,002
Profit and loss reserve
19,121,715
18,553,887
Total shareholders' funds
20,121,717
19,553,889

The notes on pages 12 to 22 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 10 April 2025 and are signed on its behalf by:
Carl Dix
Director
Company registration number SC186492 (Scotland)
CATCHMENT TAY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Called up share capital
Profit and loss reserve
Total
Notes
£
£
£
Balance at 1 January 2023
1,000,002
17,650,279
18,650,281
Year ended 31 December 2023:
Profit for the financial year
-
4,998,245
4,998,245
Dividends
9
-
(4,094,637)
(4,094,637)
Balance at 31 December 2023
1,000,002
18,553,887
19,553,889
Year ended 31 December 2024:
Profit for the financial year
-
5,288,980
5,288,980
Dividends
9
-
(4,721,152)
(4,721,152)
Balance at 31 December 2024
1,000,002
19,121,715
20,121,717

The notes on pages 12 to 22 form part of these financial statements.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Catchment Tay Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom and is registered in Scotland. The registered office is located at 2nd Floor, Drum Suite, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN.

The principal activity of the Company is the provision of wastewater and sewage treatment and related services. The Company's main objective is to ensure compliance with operational and financial contracts over the thirty year term whilst ensuring compliance with the Scottish Environmental Protection Agency's monitoring regime. The contract is in year 25 of its term expiring in 2029.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below and have been consistently applied to the years presented, unless otherwise stated.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Not to disclose transactions with wholly owned members of a group.

The financial statements of the company are consolidated in the financial statements of BIIF Holdco Limited. These c onsolidated financial statements are available from its registered office 8th Floor, 6 Kean Street, London, WC2B 4AS.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

T he Company prepares cash flow forecasts covering the expected life of the asset and so including the 12 month period from the date the financial statements are signed. In drawing up these forecasts, the Directors have made assumptions based upon their view of the current and future economic conditions that will prevail over the forecast period. Based on these forecasts the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In light of this, the Directors continue to adopt the going concern basis of accounting in preparing the Company's annual financial statements.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

Turnover represents sales represents sales to external customers at invoiced amounts less value added tax to the extent that the income relates to the current period.

1.4
Tangible assets

Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
28.75 years
Plant and equipment
28.75 years

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.

1.5
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.

The Company is obligated to keep cash reserves as at the balance sheet date in respect of requirements in the company's funding agreements. This restricted cash balance, which is shown within the "cash at bank and in hand" balance amounts to £5,941,824 (202 3: £4,397,749).

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and debtors are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial instruments are subsequently measured at fair value, with any changes recognised in the Statement of Comprehensive Income, with the exception of hedging instruments in a designated hedging relationship.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including Creditors, bank loans, loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value at each reporting date. The fair values of the derivatives have been calculated by discounting the fixed cash flows at forecasted forward interest rates over the term of the financial instrument. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of assets

The carrying value of those assets recorded in the Company's Statement of financial position, at amortised cost less any impairment losses, could be materially reduced where circumstances exist which might indicate that an asset has been impaired and an impairment review is performed. Impairment reviews consider the fair value and/or value in use of the potentially impaired asset or assets and compare that with the carrying value of the asset or assets in the Statement of financial position. Any reduction in value arising from such a review would be recorded in the Statement of comprehensive income. Impairment reviews involve the significant use of assumptions. Consideration has to be given as to the price that could be obtained for the asset or assets, or in relation to a consideration of value in use, estimates of the future cash flows that could be generated by the potentially impaired asset or assets, together with a consideration of an appropriate discount rate to apply to those cash flows.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rendering of service
27,892,058
27,206,128

The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditors for the audit of the company's financial statements
13,630
13,100
Depreciation of owned tangible assets
6,668,563
6,174,641

Included in the audit fee above is £2,770 (2023: £2,660) for the audit of the immediate parent entity Catchment Tay Holdings Limited.

5
Employees

The average number of persons employed by the Company during the financial year amounted to nil (202 3:nil). The directors are not employed by the Company and receive remuneration from another company for their services as directors of this entity and a number of fellow subsidiaries. It is not possible to make an accurate apportionment of their remuneration in respect of each of the subsidiaries.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
402,817
347,271
Other interest income
-
117
402,817
347,388
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,104,047
2,460,506
Other interest on financial liabilities
-
0
10,671
2,104,047
2,471,177
8
Taxation on profit
2024
2023
£
£
Current tax
UK corporation tax on profits for the current year
3,044,956
2,746,308
Adjustments in respect of prior periods
(113,738)
-
0
Total current tax
2,931,218
2,746,308
Deferred tax
Origination and reversal of timing differences
(1,174,274)
(1,170,348)
Total taxation charge
1,756,944
1,575,960
CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation on profit
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
7,045,924
6,574,205
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,761,481
1,546,253
Tax effect of expenses that are not deductible in determining taxable profit
237,248
206,708
Adjustments in respect of prior years
(113,738)
(243)
Effect of change in corporation tax rate
-
0
(62,494)
Movement in deferred tax not recognised
(128,047)
(114,264)
Taxation charge for the year
1,756,944
1,575,960

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.52% rate used above in the prior year reflected 9 months of this new rate and 3 months of the previous rate of 19%.

9
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Final paid
4.72
4.09
4,721,152
4,094,637

The aggregate amount of dividends proposed and not recognised as liabilities as at the year end is £nil (202 3: £nil).

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Tangible assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
105,699,635
10,996,274
116,695,909
Depreciation
At 1 January 2024
61,289,643
6,457,914
67,747,557
Depreciation charged in the year
6,050,272
618,291
6,668,563
At 31 December 2024
67,339,915
7,076,205
74,416,120
Carrying amount
At 31 December 2024
38,359,720
3,920,069
42,279,789
At 31 December 2023
44,409,992
4,538,360
48,948,352

Included in the total net book value of tangible fixed assets is £4,111,060 (202 3: £4,759,475) in respect of interest capitalised. Depreciation for the year on these assets was £648,415 (202 3: £513,878)

11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
184,062
369,878
Prepayments and accrued income
2,738,823
2,775,139
2,922,885
3,145,017
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
14
5,558,186
4,659,476
Trade creditors
1,105,376
1,220,022
Corporation tax
211,902
826,551
Other creditors
236,433
236,433
Accruals and deferred income
2,141,907
2,138,431
9,253,804
9,080,913

In the prior year, £646 was presented as Amounts owed to Group undertakings. This has been reclassified as Other borrowings.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
14
20,391,422
25,948,962

14
Loans and overdrafts
2024
2023
£
£
Loans from Group undertakings
646
646
Other loans
25,948,962
30,607,792
25,949,608
30,608,438
Payable within one year
5,558,186
4,659,476
Payable after one year
20,391,422
25,948,962

Other loans include a bond of £86,007,580 issued by the Company to Bank of Ireland, which bears a rate of 7.12% per annum. The assets of the Company are secured to the bond holders by way of a fixed and floating charge. Capital is repayable in instalments, with the final repayment in 2028. I nterest on the princi pal amount accrues daily and is payable by 30 June and 30 December each year. The full amount of bond drawn down is £25,948,962 (202 3: £30,607,792). Interest of £2,104,047 (2023: £2,460,506) was paid during the year.

Included within Loans from Group undertakings is £646 (202 3: £646) of capital loan repayments. The loan bears interest at 9%. The sum was advanced under a subordinated loan agreement and is therefore unsecured, and would rank alongside ordinary creditors in the event of a winding up.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
15
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,611,413
6,785,687
2024
Movements in the year:
£
Liability at 1 January 2024
6,785,687
Credit to profit or loss
(1,174,274)
Liability at 31 December 2024
5,611,413

The net deferred tax liability expected to reverse in 202 5 is £1,223,439 (20 24: £1,090,189). This primarily relates to the reversal of timing differences on capital allowances offset by short term timing differences.

16
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,002
1,000,002
1,000,002
1,000,002

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.

17
Related party transactions

The Company is wholly owned by Catchment Tay Holdings Limited and has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures', that allows it not to disclose transactions with wholly owned members of a group.

The Company paid £112,648 (202 3: £120,443) to BIIF Bidco Limited and its subsidiaries for director fees and the provision of management services. At the year end £nil (202 3: £nil) remained outstanding.

CATCHMENT TAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
18
Ultimate controlling party

The immediate parent undertaking is Catchment Tay Holdings Limited.

The intermediate parent undertaking is BIIF Holdco Limited, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of BIIF Holdco Limited consolidated financial statements can be obtained from the Company Secretary at 8th Floor, 6 Kean Street, London, WC2B 4AS.

The ultimate parent and controlling party is BIIF L.P. BIIF L.P. is owned by a number of investors with no one investor having individual control.

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