Silverfin false 31/03/2023 01/04/2022 31/03/2023 Janette Thomson Kenneth Harold Thomson 18 October 2023 The principal activity of the Company during the financial year was provision of technical services including draughting, site surveys, inspection and fabrication of templates and minor structural assemblies to oil and gas related companies. SC085101 2023-03-31 SC085101 2022-03-31 SC085101 core:CurrentFinancialInstruments 2023-03-31 SC085101 core:CurrentFinancialInstruments 2022-03-31 SC085101 core:ShareCapital 2023-03-31 SC085101 core:ShareCapital 2022-03-31 SC085101 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC085101 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC085101 core:Vehicles 2022-03-31 SC085101 core:FurnitureFittings 2022-03-31 SC085101 core:Vehicles 2023-03-31 SC085101 core:FurnitureFittings 2023-03-31 SC085101 2021-03-31 SC085101 bus:OrdinaryShareClass1 2023-03-31 SC085101 2022-04-01 2023-03-31 SC085101 bus:FullAccounts 2022-04-01 2023-03-31 SC085101 bus:SmallEntities 2022-04-01 2023-03-31 SC085101 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC085101 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC085101 bus:Director1 2022-04-01 2023-03-31 SC085101 bus:Director2 2022-04-01 2023-03-31 SC085101 core:Vehicles 2022-04-01 2023-03-31 SC085101 core:FurnitureFittings 2022-04-01 2023-03-31 SC085101 2021-04-01 2022-03-31 SC085101 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC085101 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC085101 (Scotland)

MULTISTRUCT ENGINEERING LIMITED

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

MULTISTRUCT ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

MULTISTRUCT ENGINEERING LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
MULTISTRUCT ENGINEERING LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 27,860 10,982
Investment property 4 0 180,000
27,860 190,982
Current assets
Debtors 5 12,460 17,299
Cash at bank and in hand 6 29,270 54,924
41,730 72,223
Creditors: amounts falling due within one year 7 ( 9,997) ( 175,913)
Net current assets/(liabilities) 31,733 (103,690)
Total assets less current liabilities 59,593 87,292
Provision for liabilities 8 ( 737) ( 1,360)
Net assets 58,856 85,932
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 58,756 85,832
Total shareholders' funds 58,856 85,932

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 Multistruct Engineering Limited (registered number: SC085101) were approved and authorised for issue by the Director on 18 October 2023. They were signed on its behalf by:

Kenneth Harold Thomson
Director
MULTISTRUCT ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
MULTISTRUCT ENGINEERING 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

Multistruct Engineering 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 Lake House Brucklay, Maud, Peterhead, AB42 4QN, United Kingdom.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amount receivable for technical services including draughting, site surveys, inspections and fabrication of templates and minor structural assemblies to oil and gas related companies net of VAT and trade discounts. Turnover is recognised at point of invoice.

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.

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:

Vehicles 25 % reducing balance
Fixtures and fittings 20 % 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 Statement of Income and Retained Earnings 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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 classified as receivable within one year are not amortised.

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. Financial liabilities classified as payable within one year are not amortised.

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 at transaction price.

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

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

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 31,805 49,900 81,705
Additions 20,157 436 20,593
At 31 March 2023 51,962 50,336 102,298
Accumulated depreciation
At 01 April 2022 29,463 41,260 70,723
Charge for the financial year 1,005 1,794 2,799
Impairment losses 916 0 916
At 31 March 2023 31,384 43,054 74,438
Net book value
At 31 March 2023 20,578 7,282 27,860
At 31 March 2022 2,342 8,640 10,982

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 180,000
Fair value movement 45,000
Disposals (225,000)
As at 31 March 2023 0

Valuation

The fair value of the investment property has been arisen at on the basis of a valuation carried out at 01 April 2022 by an estate agents not connected to the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2023 2022
£ £
Corporation tax 22 113
Other debtors 12,438 17,186
12,460 17,299

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 29,270 54,924

7. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 7,545 7,123
Other creditors 2,452 168,790
9,997 175,913

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 1,360) ( 917)
Credited/(charged) to the Statement of Income and Retained Earnings 623 ( 443)
At the end of financial year ( 737) ( 1,360)

9. Called-up share capital

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

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due (from)/to directors (5,590) 167,320

This loan is interest free and repayable on demand.