Silverfin false 31/03/2023 01/04/2022 31/03/2023 Russell John Doig 02/06/2003 Jacqueline Ann Patterson 02/06/2003 Mary Ann Wallace 20 October 2023 The principal activity of the Company during the financial year was that of printers and suppliers of office stationery and services. SC056986 2023-03-31 SC056986 bus:Director1 2023-03-31 SC056986 bus:Director2 2023-03-31 SC056986 2022-03-31 SC056986 core:CurrentFinancialInstruments 2023-03-31 SC056986 core:CurrentFinancialInstruments 2022-03-31 SC056986 core:Non-currentFinancialInstruments 2023-03-31 SC056986 core:Non-currentFinancialInstruments 2022-03-31 SC056986 core:ShareCapital 2023-03-31 SC056986 core:ShareCapital 2022-03-31 SC056986 core:RevaluationReserve 2023-03-31 SC056986 core:RevaluationReserve 2022-03-31 SC056986 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC056986 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC056986 core:LandBuildings 2022-03-31 SC056986 core:PlantMachinery 2022-03-31 SC056986 core:Vehicles 2022-03-31 SC056986 core:FurnitureFittings 2022-03-31 SC056986 core:LandBuildings 2023-03-31 SC056986 core:PlantMachinery 2023-03-31 SC056986 core:Vehicles 2023-03-31 SC056986 core:FurnitureFittings 2023-03-31 SC056986 2021-03-31 SC056986 bus:OrdinaryShareClass1 2023-03-31 SC056986 bus:OrdinaryShareClass2 2023-03-31 SC056986 bus:OrdinaryShareClass3 2023-03-31 SC056986 2022-04-01 2023-03-31 SC056986 bus:FullAccounts 2022-04-01 2023-03-31 SC056986 bus:SmallEntities 2022-04-01 2023-03-31 SC056986 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC056986 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC056986 bus:Director1 2022-04-01 2023-03-31 SC056986 bus:Director2 2022-04-01 2023-03-31 SC056986 bus:Director3 2022-04-01 2023-03-31 SC056986 core:LandBuildings 2022-04-01 2023-03-31 SC056986 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 SC056986 core:Vehicles 2022-04-01 2023-03-31 SC056986 core:FurnitureFittings 2022-04-01 2023-03-31 SC056986 2021-04-01 2022-03-31 SC056986 core:PlantMachinery 2022-04-01 2023-03-31 SC056986 core:LandBuildings 1 2022-04-01 2023-03-31 SC056986 core:PlantMachinery 1 2022-04-01 2023-03-31 SC056986 core:Vehicles 1 2022-04-01 2023-03-31 SC056986 core:FurnitureFittings 1 2022-04-01 2023-03-31 SC056986 1 2022-04-01 2023-03-31 SC056986 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC056986 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC056986 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC056986 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC056986 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC056986 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 SC056986 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 SC056986 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC056986 (Scotland)

DANSCOT LIMITED

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

DANSCOT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

DANSCOT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
DANSCOT LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 125,027 93,866
Investment property 4 524,652 394,652
649,679 488,518
Current assets
Stocks 5 139,998 133,245
Debtors 6 125,652 91,500
Cash at bank and in hand 7 113,436 211,298
379,086 436,043
Creditors: amounts falling due within one year 8 ( 215,280) ( 290,938)
Net current assets 163,806 145,105
Total assets less current liabilities 813,485 633,623
Creditors: amounts falling due after more than one year 9 ( 67,072) ( 27,258)
Provision for liabilities 10, 11 ( 22,415) ( 2,020)
Net assets 723,998 604,345
Capital and reserves
Called-up share capital 12 700 700
Revaluation reserve 104,705 14,390
Profit and loss account 618,593 589,255
Total shareholders' funds 723,998 604,345

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 Danscot Limited (registered number: SC056986) were approved and authorised for issue by the Director on 20 October 2023. They were signed on its behalf by:

Mary Ann Wallace
Director
DANSCOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
DANSCOT 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

Danscot 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 Bute House, Arran Road, Perth, PH1 3DZ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 represents amounts receivable for printing and the supply of office stationery and services net of VAT and trade discounts.

Revenue is recognised on an accruals basis.

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:

Land and buildings 2 % reducing balance
Plant and machinery 3 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 10 % 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.

Leases

The Company as lessee
Assets held under hire purchase contracts, 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.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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.

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 directors, on an open market value for existing use basis.

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. 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.

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.

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

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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 directors 20 27

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2022 62,841 1,129,332 133,227 124,669 1,450,069
Additions 0 52,500 40,130 0 92,630
Disposals 0 0 ( 27,000) 0 ( 27,000)
Transfers ( 62,841) 0 0 0 ( 62,841)
At 31 March 2023 0 1,181,832 146,357 124,669 1,452,858
Accumulated depreciation
At 01 April 2022 23,156 1,129,332 92,731 110,984 1,356,203
Charge for the financial year 0 4,375 13,037 1,369 18,781
Disposals 0 0 ( 23,997) 0 ( 23,997)
Transfers ( 23,156) 0 0 0 ( 23,156)
At 31 March 2023 0 1,133,707 81,771 112,353 1,327,831
Net book value
At 31 March 2023 0 48,125 64,586 12,316 125,027
At 31 March 2022 39,685 0 40,496 13,685 93,866

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 394,652
Fair value movement 90,315
Transfers to and from property, plant and equipment 39,685
As at 31 March 2023 524,652

Valuation

The fair value of the investment property has been arrived at on an open market basis carried out at 31 March 2023 by the directors with reference to market evidence of transaction prices for similar properties.

5. Stocks

2023 2022
£ £
Stocks 139,998 133,245

6. Debtors

2023 2022
£ £
Trade debtors 112,941 84,593
Other debtors 12,711 6,907
125,652 91,500

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 113,436 211,298

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 8,400 8,442
Trade creditors 124,447 199,393
Taxation and social security 39,259 66,825
Obligations under finance leases and hire purchase contracts (secured) 26,098 11,372
Other creditors 17,076 4,906
215,280 290,938

Obligations under hire purchase contracts are secured over the assets to which they relate.

Amounts included in bank loans relate to the bounce back loan scheme which is fully covered by a government backed guarantee.

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

2023 2022
£ £
Bank loans 18,900 27,258
Obligations under finance leases and hire purchase contracts (secured) 48,172 0
67,072 27,258

Obligations under hire purchase contracts are secured over the assets to which they relate.

Amounts included in bank loans relate to the bounce back loan scheme which is fully covered by a government backed guarantee.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 22,415 2,020

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 2,020) ( 2,943)
(Charged)/credited to the Profit and Loss Account ( 20,395) 923
At the end of financial year ( 22,415) ( 2,020)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
690 Ordinary shares of £ 1.00 each 690 690
5 A Ordinary shares of £ 1.00 each 5 5
5 B Ordinary shares of £ 1.00 each 5 5
700 700