Silverfin false 28/02/2023 01/03/2022 28/02/2023 D F Chisholm I C Chisholm 09 November 2023 The principal activity of the company during the financial year continued to be that of manufacturing, retailing and hiring of clothing. SC035661 2023-02-28 SC035661 2022-02-28 SC035661 core:CurrentFinancialInstruments 2023-02-28 SC035661 core:CurrentFinancialInstruments 2022-02-28 SC035661 core:Non-currentFinancialInstruments 2023-02-28 SC035661 core:Non-currentFinancialInstruments 2022-02-28 SC035661 core:ShareCapital 2023-02-28 SC035661 core:ShareCapital 2022-02-28 SC035661 core:RevaluationReserve 2023-02-28 SC035661 core:RevaluationReserve 2022-02-28 SC035661 core:CapitalRedemptionReserve 2023-02-28 SC035661 core:CapitalRedemptionReserve 2022-02-28 SC035661 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC035661 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC035661 core:LandBuildings 2022-02-28 SC035661 core:OtherPropertyPlantEquipment 2022-02-28 SC035661 core:LandBuildings 2023-02-28 SC035661 core:OtherPropertyPlantEquipment 2023-02-28 SC035661 bus:OrdinaryShareClass1 2023-02-28 SC035661 2022-03-01 2023-02-28 SC035661 bus:FullAccounts 2022-03-01 2023-02-28 SC035661 bus:SmallEntities 2022-03-01 2023-02-28 SC035661 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC035661 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC035661 bus:Director1 2022-03-01 2023-02-28 SC035661 bus:Director2 2022-03-01 2023-02-28 SC035661 core:LandBuildings core:TopRangeValue 2022-03-01 2023-02-28 SC035661 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 SC035661 2021-03-01 2022-02-28 SC035661 core:LandBuildings 2022-03-01 2023-02-28 SC035661 core:CurrentFinancialInstruments 2022-03-01 2023-02-28 SC035661 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 SC035661 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC035661 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC035661 (Scotland)

DUNCAN CHISHOLM & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

DUNCAN CHISHOLM & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

DUNCAN CHISHOLM & SONS LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2023
DUNCAN CHISHOLM & SONS LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 173,542 178,750
173,542 178,750
Current assets
Stocks 32,000 42,020
Cash at bank and in hand 16,585 13,243
48,585 55,263
Creditors: amounts falling due within one year 4 ( 62,979) ( 53,176)
Net current (liabilities)/assets (14,394) 2,087
Total assets less current liabilities 159,148 180,837
Creditors: amounts falling due after more than one year 5 ( 57,256) ( 77,421)
Net assets 101,892 103,416
Capital and reserves
Called-up share capital 6 3,800 3,800
Revaluation reserve 140,413 144,270
Capital redemption reserve 20,200 20,200
Profit and loss account ( 62,521 ) ( 64,854 )
Total shareholders' funds 101,892 103,416

For the financial year ending 28 February 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 Duncan Chisholm & Sons Limited (registered number: SC035661) were approved and authorised for issue by the Director on 09 November 2023. They were signed on its behalf by:

I C Chisholm
Director
DUNCAN CHISHOLM & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
DUNCAN CHISHOLM & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 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

Duncan Chisholm & Sons 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 49 Castle Street, Inverness, IV2 3DU, 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 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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:

Land and buildings 50 years straight line
Plant and machinery etc. 10 - 33 % 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

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.

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 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

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2022 238,963 35,490 274,453
At 28 February 2023 238,963 35,490 274,453
Accumulated depreciation
At 01 March 2022 62,300 33,403 95,703
Charge for the financial year 4,779 429 5,208
At 28 February 2023 67,079 33,832 100,911
Net book value
At 28 February 2023 171,884 1,658 173,542
At 28 February 2022 176,663 2,087 178,750

The heritable property was valued on an open market basis on September 2018 by Allied Surveyors Scotland. The directors still consider this valuation to be appropriate at 28 February 2023.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 21,649 17,669
Trade creditors 13,946 10,573
Taxation and social security 5,959 5,646
Other creditors 21,425 19,288
62,979 53,176

Bank loans and overdrafts payable within one year totalling £11,649 (2022 - £7,669) are secured by a way of standard security and a bond and floating charge.

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

2023 2022
£ £
Bank loans 57,256 77,421

Bank loans and overdrafts payable after more than one year totalling £33,022 (2022 - £43,254) are secured by a way of standard security and a bond and floating charge.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,800 Ordinary shares of £ 1.00 each 3,800 3,800

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 10,767 10,767

These loans are unsecured, interest free and have no fixed terms of repayment.