Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr Sean Donnelly 10/06/2021 20 October 2023 The principal activity of the Company during the financial year continued to be that of asbestos removal services and hazard surveys. SC293882 2023-05-31 SC293882 bus:Director1 2023-05-31 SC293882 2022-05-31 SC293882 core:CurrentFinancialInstruments 2023-05-31 SC293882 core:CurrentFinancialInstruments 2022-05-31 SC293882 core:Non-currentFinancialInstruments 2023-05-31 SC293882 core:Non-currentFinancialInstruments 2022-05-31 SC293882 core:ShareCapital 2023-05-31 SC293882 core:ShareCapital 2022-05-31 SC293882 core:SharePremium 2023-05-31 SC293882 core:SharePremium 2022-05-31 SC293882 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC293882 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC293882 core:OtherPropertyPlantEquipment 2022-05-31 SC293882 core:OtherPropertyPlantEquipment 2023-05-31 SC293882 bus:OrdinaryShareClass1 2023-05-31 SC293882 core:WithinOneYear 2023-05-31 SC293882 core:WithinOneYear 2022-05-31 SC293882 core:BetweenOneFiveYears 2023-05-31 SC293882 core:BetweenOneFiveYears 2022-05-31 SC293882 core:MoreThanFiveYears 2023-05-31 SC293882 core:MoreThanFiveYears 2022-05-31 SC293882 2022-06-01 2023-05-31 SC293882 bus:FullAccounts 2022-06-01 2023-05-31 SC293882 bus:SmallEntities 2022-06-01 2023-05-31 SC293882 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC293882 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC293882 bus:Director1 2022-06-01 2023-05-31 SC293882 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-06-01 2023-05-31 SC293882 2021-06-01 2022-05-31 SC293882 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 SC293882 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 SC293882 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 SC293882 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC293882 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC293882 (Scotland)

NORTHERN ASBESTOS SERVICES LIMITED

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

NORTHERN ASBESTOS SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

NORTHERN ASBESTOS SERVICES LIMITED

BALANCE SHEET

AS AT 31 MAY 2023
NORTHERN ASBESTOS SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 19,585 22,481
19,585 22,481
Current assets
Stocks 468,467 415,766
Debtors 4 362,625 214,916
Cash at bank and in hand 50,306 1,127
881,398 631,809
Creditors: amounts falling due within one year 5 ( 627,019) ( 456,801)
Net current assets 254,379 175,008
Total assets less current liabilities 273,964 197,489
Creditors: amounts falling due after more than one year 6 ( 93,103) ( 113,314)
Net assets 180,861 84,175
Capital and reserves
Called-up share capital 7 1,180 1,180
Share premium account 21,085 21,085
Profit and loss account 158,596 61,910
Total shareholders' funds 180,861 84,175

For the financial year ending 31 May 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 Northern Asbestos Services Limited (registered number: SC293882) were approved and authorised for issue by the Director on 20 October 2023. They were signed on its behalf by:

Mr Sean Donnelly
Director
NORTHERN ASBESTOS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
NORTHERN ASBESTOS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Northern Asbestos Services 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 8 Coxton Park, Elgin, IV30 8AZ, Scotland, 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 £.

Turnover

Turnover represents amounts receivable for asbestos removal services and hazard surveys net of VAT and trade discounts.

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 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 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:

Plant and machinery etc. 4 years straight line

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 Profit and Loss Account 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 Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price.

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.

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 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 20 18

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2022 111,098 111,098
Additions 5,866 5,866
Disposals ( 58,605) ( 58,605)
At 31 May 2023 58,359 58,359
Accumulated depreciation
At 01 June 2022 88,617 88,617
Charge for the financial year 8,762 8,762
Disposals ( 58,605) ( 58,605)
At 31 May 2023 38,774 38,774
Net book value
At 31 May 2023 19,585 19,585
At 31 May 2022 22,481 22,481

4. Debtors

2023 2022
£ £
Trade debtors 313,666 173,875
Other debtors 48,959 41,041
362,625 214,916

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 9,840 28,630
Trade creditors 234,099 170,474
Other taxation and social security 169,909 188,699
Other creditors 213,171 68,998
627,019 456,801

Bank loans and overdrafts are secured by a floating charge over all the company assets. Short term finance taken out during the financial year is covered via a director guarantor.

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

2023 2022
£ £
Bank loans (secured) 93,103 113,314

The bank loan is secured by the government under the coronavirus bounce back loan scheme.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,180 Ordinary shares of £ 1.00 each 1,180 1,180

8. Financial commitments

Commitments

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

2023 2022
£ £
within one year 53,438 0
between one and five years 129,194 0
after five years 0 0
182,632 0

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due from key management personnel 150 150

The above balances are interest free and have no fixed repayment terms.