Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr F W Burnett Mr C A Wilson 29/05/2009 27 October 2023 The principal activity of the Company during the financial year was that of property development. SC094571 2023-03-31 SC094571 bus:Director2 2023-03-31 SC094571 2022-03-31 SC094571 core:CurrentFinancialInstruments 2023-03-31 SC094571 core:CurrentFinancialInstruments 2022-03-31 SC094571 core:ShareCapital 2023-03-31 SC094571 core:ShareCapital 2022-03-31 SC094571 core:SharePremium 2023-03-31 SC094571 core:SharePremium 2022-03-31 SC094571 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC094571 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC094571 core:OtherPropertyPlantEquipment 2022-03-31 SC094571 core:OtherPropertyPlantEquipment 2023-03-31 SC094571 core:CostValuation 2022-03-31 SC094571 core:CostValuation 2023-03-31 SC094571 bus:OrdinaryShareClass1 2023-03-31 SC094571 bus:OrdinaryShareClass2 2023-03-31 SC094571 2022-04-01 2023-03-31 SC094571 bus:FullAccounts 2022-04-01 2023-03-31 SC094571 bus:SmallEntities 2022-04-01 2023-03-31 SC094571 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC094571 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC094571 bus:Director1 2022-04-01 2023-03-31 SC094571 bus:Director2 2022-04-01 2023-03-31 SC094571 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC094571 2021-04-01 2022-03-31 SC094571 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC094571 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC094571 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC094571 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC094571 (Scotland)

FRANK BURNETT LIMITED

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

FRANK BURNETT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

FRANK BURNETT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
FRANK BURNETT LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Investments 4 195,000 195,000
195,000 195,000
Current assets
Stocks 5 784,267 760,846
Debtors 6 233,532 317,765
Cash at bank and in hand 20,627 17,677
1,038,426 1,096,288
Creditors: amounts falling due within one year 7 ( 2,817,151) ( 2,870,257)
Net current liabilities (1,778,725) (1,773,969)
Total assets less current liabilities (1,583,725) (1,578,969)
Net liabilities ( 1,583,725) ( 1,578,969)
Capital and reserves
Called-up share capital 8 540,210 540,210
Share premium account 1,010,021 1,010,021
Profit and loss account ( 3,133,956 ) ( 3,129,200 )
Total shareholders' deficit ( 1,583,725) ( 1,578,969)

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 Frank Burnett Limited (registered number: SC094571) were approved and authorised for issue by the Director on 27 October 2023. They were signed on its behalf by:

Mr C A Wilson
Director
FRANK BURNETT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
FRANK BURNETT 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

Frank Burnett 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 18 Bon-Accord Crescent, Aberdeen, AB11 6XY, 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 £.

Going concern

As at 31 March 2023, the company had net liabilities of £1,583,725 (2022 - £1,578,969).

Included in creditors is a balance of £2,603,978 (2022 - £2,675,650) due to the directors and shareholders.

The directors have agreed that the loan will not be repaid to the detriment of the company's ability to operate and they will continue to support the company for the next 12 months. The directors therefore believe it is appropriate to prepare the accounts on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts receivable for property development and dividends received from group companies.

Turnover relating to property development is recognised on an accrual basis.

Dividends are recognised when they are received.

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:

Plant and machinery etc. 3 years straight line

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.

Fixed asset investments

Investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 stocks to their present location and condition.

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.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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 and loans from fellow group companies 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.

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.

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

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 1,137 1,137
At 31 March 2023 1,137 1,137
Accumulated depreciation
At 01 April 2022 1,137 1,137
At 31 March 2023 1,137 1,137
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 195,000
At 31 March 2023 195,000
Carrying value at 31 March 2023 195,000
Carrying value at 31 March 2022 195,000

5. Stocks

2023 2022
£ £
Work in progress 784,267 760,846

6. Debtors

2023 2022
£ £
Other debtors 233,532 317,765

7. Creditors: amounts falling due within one year

2023 2022
£ £
Other taxation and social security 509 88
Other creditors 2,816,642 2,870,169
2,817,151 2,870,257

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
270,105 Ordinary Shares shares of £ 1.00 each 270,105 270,105
270,105 Ordinary A Shares shares of £ 1.00 each 270,105 270,105
540,210 540,210

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts due to/(from) entities over which the entity had control, joint control or significant influence at the year end (233,532) (317,765)

Transactions with the entity's directors

At the year end, the company owed F Burnett £166,190 (2022 - £197,862).

At the year end, the company owed C Wilson £2,437,788 (2022 - £2,477,788).

There are no fixed repayment terms and no interest is charged.