Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Shona Morrison 18/10/2002 Steven Morrison 30/10/2014 14 November 2023 The principal activity of the Company during the financial year was the provision of joinery services and general building work. SC083508 2023-08-31 SC083508 bus:Director1 2023-08-31 SC083508 bus:Director2 2023-08-31 SC083508 2022-08-31 SC083508 core:CurrentFinancialInstruments 2023-08-31 SC083508 core:CurrentFinancialInstruments 2022-08-31 SC083508 core:ShareCapital 2023-08-31 SC083508 core:ShareCapital 2022-08-31 SC083508 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC083508 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC083508 core:LandBuildings 2022-08-31 SC083508 core:PlantMachinery 2022-08-31 SC083508 core:Vehicles 2022-08-31 SC083508 core:LandBuildings 2023-08-31 SC083508 core:PlantMachinery 2023-08-31 SC083508 core:Vehicles 2023-08-31 SC083508 bus:OrdinaryShareClass1 2023-08-31 SC083508 2022-09-01 2023-08-31 SC083508 bus:FilletedAccounts 2022-09-01 2023-08-31 SC083508 bus:SmallEntities 2022-09-01 2023-08-31 SC083508 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC083508 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC083508 bus:Director1 2022-09-01 2023-08-31 SC083508 bus:Director2 2022-09-01 2023-08-31 SC083508 core:LandBuildings core:BottomRangeValue 2022-09-01 2023-08-31 SC083508 core:LandBuildings core:TopRangeValue 2022-09-01 2023-08-31 SC083508 core:PlantMachinery 2022-09-01 2023-08-31 SC083508 core:Vehicles 2022-09-01 2023-08-31 SC083508 2021-09-01 2022-08-31 SC083508 core:LandBuildings 2022-09-01 2023-08-31 SC083508 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC083508 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC083508 (Scotland)

SPENCE & GRANT LIMITED

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

SPENCE & GRANT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

SPENCE & GRANT LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
SPENCE & GRANT LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 99,015 72,401
99,015 72,401
Current assets
Stocks 21,838 40,609
Debtors 4 52,495 79,655
Cash at bank and in hand 360,083 270,735
434,416 390,999
Creditors: amounts falling due within one year 5 ( 126,646) ( 70,252)
Net current assets 307,770 320,747
Total assets less current liabilities 406,785 393,148
Net assets 406,785 393,148
Capital and reserves
Called-up share capital 6 5,000 5,000
Profit and loss account 401,785 388,148
Total shareholders' funds 406,785 393,148

For the financial year ending 31 August 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 Spence & Grant Limited (registered number: SC083508) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

Steven Morrison
Director
SPENCE & GRANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
SPENCE & GRANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

Spence & Grant 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 New Elgin Road, Elgin, Morayshire, IV30 6BA, 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 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.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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 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 10 - 20 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % 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 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.

Financial assets
Assets 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.

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 and where applicable direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 deposits held at call with banks.

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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are 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.

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 7 7

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 September 2022 272,484 99,087 59,245 430,816
Additions 0 28,000 19,998 47,998
At 31 August 2023 272,484 127,087 79,243 478,814
Accumulated depreciation
At 01 September 2022 260,469 66,899 31,047 358,415
Charge for the financial year 2,707 8,711 9,966 21,384
At 31 August 2023 263,176 75,610 41,013 379,799
Net book value
At 31 August 2023 9,308 51,477 38,230 99,015
At 31 August 2022 12,015 32,188 28,198 72,401

4. Debtors

2023 2022
£ £
Trade debtors 38,687 75,666
Corporation tax 46 63
Other debtors 13,762 3,926
52,495 79,655

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 94,402 40,814
Taxation and social security 25,593 21,724
Other creditors 6,651 7,714
126,646 70,252

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each 5,000 5,000

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due (from)/to key management personnel (135) 1,145

During the year advances of £30,000 were made to the directors with interest charged of £135 (at interest rate of 2.25%) and £28,855 was repaid.