Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr David Anderson 18/03/2003 09 October 2023 The principal activity of the Company during the financial year was that of development, refurbishment, rental and sale of residential and commercial property. SC245881 2023-03-31 SC245881 bus:Director1 2023-03-31 SC245881 2022-03-31 SC245881 core:CurrentFinancialInstruments 2023-03-31 SC245881 core:CurrentFinancialInstruments 2022-03-31 SC245881 core:Non-currentFinancialInstruments 2023-03-31 SC245881 core:Non-currentFinancialInstruments 2022-03-31 SC245881 core:ShareCapital 2023-03-31 SC245881 core:ShareCapital 2022-03-31 SC245881 core:RevaluationReserve 2023-03-31 SC245881 core:RevaluationReserve 2022-03-31 SC245881 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC245881 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC245881 core:OtherPropertyPlantEquipment 2022-03-31 SC245881 core:OtherPropertyPlantEquipment 2023-03-31 SC245881 2021-03-31 SC245881 bus:OrdinaryShareClass1 2023-03-31 SC245881 core:KeyManagementPersonnel 2023-03-31 SC245881 core:KeyManagementPersonnel 2022-03-31 SC245881 2022-04-01 2023-03-31 SC245881 bus:FullAccounts 2022-04-01 2023-03-31 SC245881 bus:SmallEntities 2022-04-01 2023-03-31 SC245881 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC245881 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC245881 bus:Director1 2022-04-01 2023-03-31 SC245881 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC245881 2021-04-01 2022-03-31 SC245881 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC245881 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC245881 core:KeyManagementPersonnel 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC245881 (Scotland)

EAST MECKPHEN CONSTRUCTION LIMITED

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

EAST MECKPHEN CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

EAST MECKPHEN CONSTRUCTION LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
EAST MECKPHEN CONSTRUCTION LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,959 8,723
Investment property 4 35,000 28,175
41,959 36,898
Current assets
Stocks 5 164,938 164,527
Debtors 6 0 4,475
Cash at bank and in hand 7 196,092 226,376
361,030 395,378
Creditors: amounts falling due within one year 8 ( 2,770) ( 3,574)
Net current assets 358,260 391,804
Total assets less current liabilities 400,219 428,702
Creditors: amounts falling due after more than one year 9 ( 252,277) ( 225,496)
Provision for liabilities 10, 11 0 ( 2,181)
Net assets 147,942 201,025
Capital and reserves
Called-up share capital 12 1 1
Revaluation reserve 6,825 0
Profit and loss account 141,116 201,024
Total shareholder's funds 147,942 201,025

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.

Director's responsibilities:

The financial statements of East Meckphen Construction Limited (registered number: SC245881) were approved and authorised for issue by the Director on 09 October 2023. They were signed on its behalf by:

Mr David Anderson
Director
EAST MECKPHEN CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
EAST MECKPHEN CONSTRUCTION LIMITED

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

East Meckphen Construction 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 2 Croft Terrace, Errol, Perth, PH2 7UE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. 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.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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.

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, 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:

Plant and machinery etc. 20 - 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.

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 Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to their present condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

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

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less.

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.

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

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 18,410 18,410
At 31 March 2023 18,410 18,410
Accumulated depreciation
At 01 April 2022 9,687 9,687
Charge for the financial year 1,764 1,764
At 31 March 2023 11,451 11,451
Net book value
At 31 March 2023 6,959 6,959
At 31 March 2022 8,723 8,723

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 28,175
Fair value movement 6,825
As at 31 March 2023 35,000

Valuation

The fair value of investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the director. The valuation was made on an open market basis. The director considers that there has been no material change in value since that date.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

5. Stocks

2023 2022
£ £
Work in progress 164,938 164,527

6. Debtors

2023 2022
£ £
Corporation tax 0 3,780
Other debtors 0 695
0 4,475

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 196,092 226,376

8. Creditors: amounts falling due within one year

2023 2022
£ £
Other taxation and social security 671 0
Other creditors 2,099 3,574
2,770 3,574

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

2023 2022
£ £
Other creditors 252,277 225,496

10. Provision for liabilities

2023 2022
£ £
Deferred tax 0 2,181

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 2,181) ( 2,266)
Credited to the Profit and Loss Account 2,181 85
At the end of financial year 0 ( 2,181)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary shares share of £ 1.00 1 1

13. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed to director

2023 2022
£ £
Director's loan account 252,277 225,496

The above loan is interest free, unsecured and the director has confirmed that he will not seek repayment of this loan for at least twelve months following the balance sheet date.