Silverfin false 31/03/2022 31/03/2022 01/04/2021 Donna Cairns 21/03/2014 Gavin Cairns 21/03/2014 30 August 2022 The principal activity of the Company during the financial year was the provision of roughcasting services. SC473140 2022-03-31 SC473140 bus:Director1 2022-03-31 SC473140 bus:Director2 2022-03-31 SC473140 2021-03-31 SC473140 core:CurrentFinancialInstruments 2022-03-31 SC473140 core:CurrentFinancialInstruments 2021-03-31 SC473140 core:Non-currentFinancialInstruments 2022-03-31 SC473140 core:Non-currentFinancialInstruments 2021-03-31 SC473140 core:ShareCapital 2022-03-31 SC473140 core:ShareCapital 2021-03-31 SC473140 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC473140 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC473140 core:LandBuildings 2021-03-31 SC473140 core:PlantMachinery 2021-03-31 SC473140 core:Vehicles 2021-03-31 SC473140 core:ComputerEquipment 2021-03-31 SC473140 core:LandBuildings 2022-03-31 SC473140 core:PlantMachinery 2022-03-31 SC473140 core:Vehicles 2022-03-31 SC473140 core:ComputerEquipment 2022-03-31 SC473140 2020-03-31 SC473140 bus:OrdinaryShareClass1 2022-03-31 SC473140 core:WithinOneYear 2022-03-31 SC473140 core:WithinOneYear 2021-03-31 SC473140 core:BetweenOneFiveYears 2022-03-31 SC473140 core:BetweenOneFiveYears 2021-03-31 SC473140 2021-04-01 2022-03-31 SC473140 bus:FullAccounts 2021-04-01 2022-03-31 SC473140 bus:SmallEntities 2021-04-01 2022-03-31 SC473140 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC473140 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC473140 bus:Director1 2021-04-01 2022-03-31 SC473140 bus:Director2 2021-04-01 2022-03-31 SC473140 core:PlantMachinery 2021-04-01 2022-03-31 SC473140 core:Vehicles 2021-04-01 2022-03-31 SC473140 core:ComputerEquipment core:TopRangeValue 2021-04-01 2022-03-31 SC473140 2020-04-01 2021-03-31 SC473140 core:LandBuildings 2021-04-01 2022-03-31 SC473140 core:ComputerEquipment 2021-04-01 2022-03-31 SC473140 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC473140 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 SC473140 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC473140 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC473140 (Scotland)

GAVIN CAIRNS ROUGHCASTING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH THE REGISTRAR

GAVIN CAIRNS ROUGHCASTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022

Contents

GAVIN CAIRNS ROUGHCASTING LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022
GAVIN CAIRNS ROUGHCASTING LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 255,394 291,646
255,394 291,646
Current assets
Stocks 11,340 80,000
Debtors 5 851,346 420,368
Cash at bank and in hand 6 791,037 673,545
1,653,723 1,173,913
Creditors
Amounts falling due within one year 7 ( 265,888) ( 176,377)
Net current assets 1,387,835 997,536
Total assets less current liabilities 1,643,229 1,289,182
Creditors
Amounts falling due after more than one year 8 ( 23,821) ( 28,643)
Provision for liabilities 9 ( 13,387) ( 16,671)
Net assets 1,606,021 1,243,868
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 1,605,921 1,243,768
Total shareholders' funds 1,606,021 1,243,868

For the financial year ending 31 March 2022 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 Gavin Cairns Roughcasting Limited (registered number: SC473140) were approved and authorised for issue by the Director on 30 August 2022. They were signed on its behalf by:

Gavin Cairns
Director
GAVIN CAIRNS ROUGHCASTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
GAVIN CAIRNS ROUGHCASTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
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

Gavin Cairns Roughcasting 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 14 Heights of Woodside, Westhill, Inverness, Scotland, IV2 5TH.

The financial statements have been prepared under the historical cost convention, 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 £.

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.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

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.

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:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 3 years straight line

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.

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.

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.

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

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Dividends on equity shares

2022 2021
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 March 2022 of £1 per ordinary share 78,000 78,000

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2021 201,990 34,368 115,115 3,881 355,354
Additions ( 155) 0 17,998 0 17,843
Disposals 0 ( 7,460) ( 44,420) ( 2,665) ( 54,545)
At 31 March 2022 201,835 26,908 88,693 1,216 318,652
Accumulated depreciation
At 01 April 2021 0 16,808 43,019 3,881 63,708
Charge for the financial year 0 2,040 18,189 0 20,229
Disposals 0 ( 3,500) ( 14,514) ( 2,665) ( 20,679)
At 31 March 2022 0 15,348 46,694 1,216 63,258
Net book value
At 31 March 2022 201,835 11,560 41,999 0 255,394
At 31 March 2021 201,990 17,560 72,096 0 291,646

5. Debtors

2022 2021
£ £
Trade debtors 670,479 301,792
Corporation tax 26,494 16,897
Other debtors 154,373 101,679
851,346 420,368

6. Cash and cash equivalents

2022 2021
£ £
Cash at bank and in hand 791,037 673,545

7. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 116,945 52,115
Other creditors 6,341 5,182
Corporation tax 120,974 61,907
Other taxation and social security 11,082 11,849
Obligations under finance leases and hire purchase contracts (secured) 10,546 45,324
265,888 176,377

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

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

2022 2021
£ £
Obligations under finance leases and hire purchase contracts (secured) 23,821 28,643

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

9. Deferred tax

2022 2021
£ £
At the beginning of financial year ( 16,671) ( 10,950)
Credited/(charged) to the Profit and Loss Account 3,284 ( 5,721)
At the end of financial year ( 13,387) ( 16,671)

10. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Financial commitments

Commitments

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

2022 2021
£ £
- within one year 6,015 0
- between one and five years 33,858 0
39,873 0

12. Related party transactions

Transactions with the entity's directors

2022 2021
£ £
80,516 50,990