Silverfin false 31/03/2023 01/04/2022 31/03/2023 Graham Alexander 20/01/2009 Ian Milne 20/01/2009 29 September 2023 The principal activity of the Company during the financial year was the provision of building and joinery services. SC353711 2023-03-31 SC353711 bus:Director1 2023-03-31 SC353711 bus:Director2 2023-03-31 SC353711 2022-03-31 SC353711 core:CurrentFinancialInstruments 2023-03-31 SC353711 core:CurrentFinancialInstruments 2022-03-31 SC353711 core:ShareCapital 2023-03-31 SC353711 core:ShareCapital 2022-03-31 SC353711 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC353711 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC353711 core:Goodwill 2022-03-31 SC353711 core:Goodwill 2023-03-31 SC353711 core:PlantMachinery 2022-03-31 SC353711 core:Vehicles 2022-03-31 SC353711 core:PlantMachinery 2023-03-31 SC353711 core:Vehicles 2023-03-31 SC353711 bus:OrdinaryShareClass1 2023-03-31 SC353711 2022-04-01 2023-03-31 SC353711 bus:FullAccounts 2022-04-01 2023-03-31 SC353711 bus:SmallEntities 2022-04-01 2023-03-31 SC353711 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC353711 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC353711 bus:Director1 2022-04-01 2023-03-31 SC353711 bus:Director2 2022-04-01 2023-03-31 SC353711 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 SC353711 core:Goodwill 2022-04-01 2023-03-31 SC353711 core:PlantMachinery 2022-04-01 2023-03-31 SC353711 core:Vehicles 2022-04-01 2023-03-31 SC353711 2021-04-01 2022-03-31 SC353711 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC353711 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC353711 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC353711 (Scotland)

A & M BUILDING SERVICES (TURRIFF) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

A & M BUILDING SERVICES (TURRIFF) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

A & M BUILDING SERVICES (TURRIFF) LTD

BALANCE SHEET

AS AT 31 MARCH 2023
A & M BUILDING SERVICES (TURRIFF) LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 0 90,821
0 90,821
Current assets
Stocks 0 3,000
Debtors 5 50,491 192,842
Cash at bank and in hand 66,918 50,873
117,409 246,715
Creditors: amounts falling due within one year 6 ( 10,147) ( 82,274)
Net current assets 107,262 164,441
Total assets less current liabilities 107,262 255,262
Provision for liabilities 7 0 ( 17,185)
Net assets 107,262 238,077
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 107,162 237,977
Total shareholders' funds 107,262 238,077

For the financial year ending 31 March 2023 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 A & M Building Services (Turriff) Ltd (registered number: SC353711) were approved and authorised for issue by the Director on 29 September 2023. They were signed on its behalf by:

Graham Alexander
Director
Ian Milne
Director
A & M BUILDING SERVICES (TURRIFF) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
A & M BUILDING SERVICES (TURRIFF) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
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

A & M Building Services (Turriff) 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 Collinshill, Greeness, Turriff, AB53 8JH, United Kingdom.

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 £.

Going concern

During the year, the directors made the decision that the Company would cease trading. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

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.

Revenue from contracts for the provision of building and joinery services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance

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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings
.

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.

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, and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

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. Amounts 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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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 reporting end date. 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.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 20,000 20,000
At 31 March 2023 20,000 20,000
Accumulated amortisation
At 01 April 2022 20,000 20,000
At 31 March 2023 20,000 20,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 April 2022 152,925 143,307 296,232
Disposals ( 152,925) ( 143,307) ( 296,232)
At 31 March 2023 0 0 0
Accumulated depreciation
At 01 April 2022 113,280 92,131 205,411
Charge for the financial year 4,490 4,377 8,867
Disposals ( 117,770) ( 96,508) ( 214,278)
At 31 March 2023 0 0 0
Net book value
At 31 March 2023 0 0 0
At 31 March 2022 39,645 51,176 90,821

5. Debtors

2023 2022
£ £
Trade debtors 13,189 86,261
Corporation tax 14,120 18,016
Other debtors 23,182 88,565
50,491 192,842

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors ( 116) 45,447
Taxation and social security 5,265 22,989
Obligations under finance leases and hire purchase contracts (secured) 0 2,641
Other creditors 4,998 11,197
10,147 82,274

Amounts relating to hire purchase are secured against the assets they relate to.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 0 17,185

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary Shares shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due from key management personnel 23,017 41,748

Advances

The company operated loan accounts with key management personnel. At the start of the year, the balances due to the company in respect of these loans was £41,748. Advances were made throughout the year totalling £60,568. Repayments totalling £80,225 were made and interest was charged at 2% being £927. The closing balance due to the company at 31 March 2022 was £23,017. No amounts have been written off or waived, and there are no fixed terms of repayment.