REGISTERED NUMBER:
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Forth Estuary Engineering (Holdings) Ltd |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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REGISTERED NUMBER:
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Forth Estuary Engineering (Holdings) Ltd |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2021 |
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Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Forth Estuary Engineering (Holdings) Ltd |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
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BANKERS: |
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PO Box 1000 |
BX2 1LB |
Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Balance Sheet - continued |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Fair value reserve | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Forth Estuary Engineering (Holdings) Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has elected to take advantage of the exemption available to companies subject to the small companies regime from preparing consolidated financial statements. |
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Turnover and revenue recognition |
Turnover represents rental income derived from the investment properties and is recognised is accordance with the lease agreement. |
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Other revenue includes investment income, which is recognised when received, and management fee income, which is recognised in line with performance, to the extent that a right to consideration arises. Included in current assets, as "accrued income", are amounts in respect of income that has been recognised but not billed by the end of the period. Provision is made against unbilled amounts where the right to receive payment is contingent and dependent on factors outside the control of the company. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent. |
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Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value. |
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Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Investments |
Investments held as fixed assets are stated at cost less provision for permanent diminution in value. |
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Going concern |
The financial statements have been prepared on the going concern basis. The directors' going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements. |
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Government grants |
Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. |
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Provisions |
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that 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. |
Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | FIXED ASSET INVESTMENTS |
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2021 | 2020 |
£ | £ |
Shares in group undertakings |
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Other investments not loans |
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Additional information is as follows: |
Shares in |
group |
undertaking |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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5. | FIXED ASSET INVESTMENTS - continued |
Investments (neither listed nor unlisted) were as follows: |
2021 | 2020 |
£ | £ |
Classic cars | 13,500 | 13,500 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2008 | 1,018,342 |
Valuation in 2009 | 81,656 |
Valuation in 2011 | 19,029 |
Valuation in 2013 | (8,101 | ) |
Valuation in 2014 | 200,285 |
Valuation in 2015 | 213,590 |
Valuation in 2016 | 143,424 |
Valuation in 2017 | 186,629 |
Valuation in 2018 | 199,420 |
Valuation in 2020 | 1,067,633 |
Cost | 5,519,748 |
8,641,655 |
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If Investment properties had not been revalued they would have been included at the following historical cost: |
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2021 | 2020 |
£ | £ |
Cost | 5,519,748 | 5,357,348 |
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Investment properties were valued on an open market basis on 31 December 2021 by the directors . |
Forth Estuary Engineering (Holdings) Ltd (Registered number: SC162295) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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10. | SECURED DEBTS |
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Edinburgh World Heritage Trust, Bank of Scotland, and the Royal Bank of Scotland hold standard securities over four properties. |
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11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2021 |
and 31 December 2021 |
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The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings. |