Silverfin false 31/03/2023 01/04/2022 31/03/2023 Ivan McPherson Isobel McPherson Geraldine McKillop 08 September 2023 The principal activity of the Company during the financial year was retailing of electrical and household goods. SC075329 2023-03-31 SC075329 2022-03-31 SC075329 core:CurrentFinancialInstruments 2023-03-31 SC075329 core:CurrentFinancialInstruments 2022-03-31 SC075329 core:Non-currentFinancialInstruments 2023-03-31 SC075329 core:Non-currentFinancialInstruments 2022-03-31 SC075329 core:ShareCapital 2023-03-31 SC075329 core:ShareCapital 2022-03-31 SC075329 core:SharePremium 2023-03-31 SC075329 core:SharePremium 2022-03-31 SC075329 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC075329 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC075329 core:LandBuildings 2022-03-31 SC075329 core:PlantMachinery 2022-03-31 SC075329 core:Vehicles 2022-03-31 SC075329 core:FurnitureFittings 2022-03-31 SC075329 core:LandBuildings 2023-03-31 SC075329 core:PlantMachinery 2023-03-31 SC075329 core:Vehicles 2023-03-31 SC075329 core:FurnitureFittings 2023-03-31 SC075329 core:CostValuation 2022-03-31 SC075329 core:CostValuation 2023-03-31 SC075329 core:ProvisionsForImpairmentInvestments 2022-03-31 SC075329 core:ProvisionsForImpairmentInvestments 2023-03-31 SC075329 bus:OrdinaryShareClass1 2023-03-31 SC075329 2022-04-01 2023-03-31 SC075329 bus:FullAccounts 2022-04-01 2023-03-31 SC075329 bus:SmallEntities 2022-04-01 2023-03-31 SC075329 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC075329 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC075329 bus:Director1 2022-04-01 2023-03-31 SC075329 bus:Director2 2022-04-01 2023-03-31 SC075329 bus:CompanySecretary1 2022-04-01 2023-03-31 SC075329 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC075329 core:PlantMachinery 2022-04-01 2023-03-31 SC075329 core:Vehicles 2022-04-01 2023-03-31 SC075329 core:FurnitureFittings 2022-04-01 2023-03-31 SC075329 2021-04-01 2022-03-31 SC075329 core:LandBuildings 2022-04-01 2023-03-31 SC075329 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC075329 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC075329 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC075329 (Scotland)

A M MCPHERSON LTD

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

A M MCPHERSON LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

A M MCPHERSON LTD

BALANCE SHEET

AS AT 31 MARCH 2023
A M MCPHERSON LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 233,481 117,490
Investments 4 2,890 2,890
236,371 120,380
Current assets
Stocks 69,608 69,800
Debtors 5 2,812 2,751
Cash at bank and in hand 6,624 133,139
79,044 205,690
Creditors: amounts falling due within one year 6 ( 166,595) ( 109,750)
Net current (liabilities)/assets (87,551) 95,940
Total assets less current liabilities 148,820 216,320
Creditors: amounts falling due after more than one year 7 ( 109,958) ( 118,456)
Provision for liabilities 8 ( 15,399) ( 19,016)
Net assets 23,463 78,848
Capital and reserves
Called-up share capital 9 12,500 12,500
Share premium account 25,588 25,588
Profit and loss account ( 14,625 ) 40,760
Total shareholders' funds 23,463 78,848

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 McPherson Ltd (registered number: SC075329) were approved and authorised for issue by the Director on 08 September 2023. They were signed on its behalf by:

Ivan McPherson
Director
Isobel McPherson
Director
A M MCPHERSON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
A M MCPHERSON 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 McPherson 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 154 Mid Street, Keith, Banffshire, AB55 5BJ, 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. Despite having net current liabilities of £87,551, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 income generated from the retailing of electrical and household goods and is recognised on the accrual basis, net of VAT and other sales related taxes.

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.

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:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
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.

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.

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.

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 and bank loans 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.

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 directors 10 11

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2022 71,171 584 107,946 13,730 193,431
Additions 125,850 0 30,718 0 156,568
Disposals 0 0 ( 28,310) ( 1,477) ( 29,787)
At 31 March 2023 197,021 584 110,354 12,253 320,212
Accumulated depreciation
At 01 April 2022 45,834 285 22,143 7,679 75,941
Charge for the financial year 3,690 60 24,438 1,513 29,701
Disposals 0 0 ( 17,860) ( 1,051) ( 18,911)
At 31 March 2023 49,524 345 28,721 8,141 86,731
Net book value
At 31 March 2023 147,497 239 81,633 4,112 233,481
At 31 March 2022 25,337 299 85,803 6,051 117,490

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 2,890 2,890
At 31 March 2023 2,890 2,890
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 2,890 2,890
Carrying value at 31 March 2022 2,890 2,890

5. Debtors

2023 2022
£ £
Trade debtors 0 20
Other debtors 2,812 2,731
2,812 2,751

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 33,560 48,064
Taxation and social security 24,623 18,929
Obligations under finance leases and hire purchase contracts 29,170 0
Other creditors 69,242 32,757
166,595 109,750

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

2023 2022
£ £
Bank loans 109,958 118,456

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 15,399 19,016

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
12,500 Ordinary shares of £ 1.00 each 12,500 12,500

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 47,000 16,000

There are no fixed terms of repayment and no interest has been charged.