Silverfin false 31/12/2021 31/12/2021 01/01/2021 Alan Murray 20/12/2016 25 August 2022 The principal activity of the company continued to be that of developing building projects and specialist construction services. SC240065 2021-12-31 SC240065 bus:Director1 2021-12-31 SC240065 2020-12-31 SC240065 core:CurrentFinancialInstruments 2021-12-31 SC240065 core:CurrentFinancialInstruments 2020-12-31 SC240065 core:Non-currentFinancialInstruments 2021-12-31 SC240065 core:Non-currentFinancialInstruments 2020-12-31 SC240065 core:ShareCapital 2021-12-31 SC240065 core:ShareCapital 2020-12-31 SC240065 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC240065 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC240065 core:Goodwill 2020-12-31 SC240065 core:Goodwill 2021-12-31 SC240065 core:LeaseholdImprovements 2020-12-31 SC240065 core:PlantMachinery 2020-12-31 SC240065 core:Vehicles 2020-12-31 SC240065 core:FurnitureFittings 2020-12-31 SC240065 core:ComputerEquipment 2020-12-31 SC240065 core:LeaseholdImprovements 2021-12-31 SC240065 core:PlantMachinery 2021-12-31 SC240065 core:Vehicles 2021-12-31 SC240065 core:FurnitureFittings 2021-12-31 SC240065 core:ComputerEquipment 2021-12-31 SC240065 core:ImmediateParent core:CurrentFinancialInstruments 2021-12-31 SC240065 core:ImmediateParent core:CurrentFinancialInstruments 2020-12-31 SC240065 bus:OrdinaryShareClass1 2021-12-31 SC240065 2021-01-01 2021-12-31 SC240065 bus:FullAccounts 2021-01-01 2021-12-31 SC240065 bus:SmallEntities 2021-01-01 2021-12-31 SC240065 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 SC240065 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC240065 bus:Director1 2021-01-01 2021-12-31 SC240065 core:LeaseholdImprovements core:TopRangeValue 2021-01-01 2021-12-31 SC240065 core:PlantMachinery 2021-01-01 2021-12-31 SC240065 core:Vehicles 2021-01-01 2021-12-31 SC240065 core:FurnitureFittings 2021-01-01 2021-12-31 SC240065 core:ComputerEquipment 2021-01-01 2021-12-31 SC240065 2020-01-01 2020-12-31 SC240065 core:LeaseholdImprovements 2021-01-01 2021-12-31 SC240065 core:CurrentFinancialInstruments 2021-01-01 2021-12-31 SC240065 core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 SC240065 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC240065 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC240065 (Scotland)

GEORGE INNES BUILDERS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH THE REGISTRAR

GEORGE INNES BUILDERS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

Contents

GEORGE INNES BUILDERS LTD.

BALANCE SHEET

AS AT 31 DECEMBER 2021
GEORGE INNES BUILDERS LTD.

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 4 67,569 81,455
67,569 81,455
Current assets
Stocks 5,000 3,000
Debtors 5 138,701 109,931
Cash at bank and in hand 269,785 274,274
413,486 387,205
Creditors
Amounts falling due within one year 6 ( 95,040) ( 87,621)
Net current assets 318,446 299,584
Total assets less current liabilities 386,015 381,039
Creditors
Amounts falling due after more than one year 7 ( 38,913) ( 48,333)
Provision for liabilities ( 14,291) ( 12,932)
Net assets 332,811 319,774
Capital and reserves
Called-up share capital 8 10,000 10,000
Profit and loss account 322,811 309,774
Total shareholder's funds 332,811 319,774

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of George Innes Builders Ltd. (registered number: SC240065) were approved and authorised for issue by the Director on 25 August 2022. They were signed on its behalf by:

Alan Murray
Director
GEORGE INNES BUILDERS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
GEORGE INNES BUILDERS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
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

George Innes Builders Ltd. (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 6 Diagonal Road, Pinefield Industrial Estate, Elgin, IV30 6AH, 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 £.

Going concern

The company has recorded a profit before tax at 31 December 2021 of £71,080 (2020 - £111,914) and the director is confident the company will continue to be profitable for the foreseeable future. However, the director recognises that there are ongoing risks and uncertainties in respect of the COVID-19 pandemic but they note that the performance had been very positive now that the restrictions have eased.

The director has assessed the company's ability to continue to trade and to meet its liabilities as they fall due for a period of at least the next 12 months from the date of approval of these financial statements. The director is confident that the company will have sufficient funds available and therefore these financial statements have been prepared on a going concern basis.

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 to the extent that the company has obtained the rights to consideration through its performance.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of 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).

Stocks

Stocks are 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. Cost is calculated using the FIFO (first-in, first-out) method. 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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2021 60,000 60,000
At 31 December 2021 60,000 60,000
Accumulated amortisation
At 01 January 2021 60,000 60,000
At 31 December 2021 60,000 60,000
Net book value
At 31 December 2021 0 0
At 31 December 2020 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2021 16,973 59,873 129,337 5,830 5,774 217,787
Additions 0 2,905 0 0 0 2,905
Disposals 0 ( 5,199) ( 6,600) 0 0 ( 11,799)
At 31 December 2021 16,973 57,579 122,737 5,830 5,774 208,893
Accumulated depreciation
At 01 January 2021 647 34,503 95,434 2,319 3,429 136,332
Charge for the financial year 1,697 4,133 8,476 527 586 15,419
Disposals 0 ( 4,323) ( 6,104) 0 0 ( 10,427)
At 31 December 2021 2,344 34,313 97,806 2,846 4,015 141,324
Net book value
At 31 December 2021 14,629 23,266 24,931 2,984 1,759 67,569
At 31 December 2020 16,326 25,370 33,903 3,511 2,345 81,455

5. Debtors

2021 2020
£ £
Trade debtors 41,403 18,561
Amounts owed by Parent undertakings 88,884 82,567
Prepayments 8,414 8,803
138,701 109,931

6. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans 9,547 1,667
Trade creditors 23,777 32,110
Other creditors 1,061 1,010
Accruals 4,400 3,100
Corporation tax 15,257 15,400
Other taxation and social security 40,998 32,356
Obligations under finance leases and hire purchase contracts 0 1,978
95,040 87,621

Included in Bank loans is a Coronavirus Bounce Back Loan of £9,547 (2020 £1,667) which is guaranteed by the UK Government.

The obligations under hire purchase contracts totalling £nil (2020 - £1,978) are secured over the assets which the agreements relate to.

7. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 38,913 48,333

Included in Bank loans is a Coronavirus Bounce Back Loan of £38,885 (2020 £48,333) which is guaranteed by the UK Government.

8. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2021 2020
£ £
GIB Elgin Ltd 88,884 82,567

The above loan is unsecured, interest free and has no fixed terms of repayment.