Silverfin false 31/03/2023 01/04/2022 31/03/2023 Iain Sean Birnie 07/02/2020 Stephen Harry Birnie 07/02/2020 23 November 2023 The principal activity of the Company during the financial year was that of purchasing and selling of equipment. SC653835 2023-03-31 SC653835 bus:Director1 2023-03-31 SC653835 bus:Director2 2023-03-31 SC653835 2022-03-31 SC653835 core:CurrentFinancialInstruments 2023-03-31 SC653835 core:CurrentFinancialInstruments 2022-03-31 SC653835 core:Non-currentFinancialInstruments 2023-03-31 SC653835 core:Non-currentFinancialInstruments 2022-03-31 SC653835 core:ShareCapital 2023-03-31 SC653835 core:ShareCapital 2022-03-31 SC653835 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC653835 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC653835 core:LandBuildings 2022-03-31 SC653835 core:PlantMachinery 2022-03-31 SC653835 core:Vehicles 2022-03-31 SC653835 core:LandBuildings 2023-03-31 SC653835 core:PlantMachinery 2023-03-31 SC653835 core:Vehicles 2023-03-31 SC653835 bus:OrdinaryShareClass1 2023-03-31 SC653835 bus:OrdinaryShareClass2 2023-03-31 SC653835 bus:OrdinaryShareClass3 2023-03-31 SC653835 2022-04-01 2023-03-31 SC653835 bus:FullAccounts 2022-04-01 2023-03-31 SC653835 bus:SmallEntities 2022-04-01 2023-03-31 SC653835 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC653835 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC653835 bus:Director1 2022-04-01 2023-03-31 SC653835 bus:Director2 2022-04-01 2023-03-31 SC653835 core:LandBuildings core:BottomRangeValue 2022-04-01 2023-03-31 SC653835 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC653835 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 SC653835 core:Vehicles 2022-04-01 2023-03-31 SC653835 2021-04-01 2022-03-31 SC653835 core:LandBuildings 2022-04-01 2023-03-31 SC653835 core:PlantMachinery 2022-04-01 2023-03-31 SC653835 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC653835 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC653835 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC653835 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC653835 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC653835 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 SC653835 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 SC653835 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC653835 (Scotland)

SIB SERVICES MACHINERY LTD

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

SIB SERVICES MACHINERY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

SIB SERVICES MACHINERY LTD

BALANCE SHEET

AS AT 31 MARCH 2023
SIB SERVICES MACHINERY LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 63,844 66,704
63,844 66,704
Current assets
Stocks 4 62,470 59,785
Debtors 5 11,232 51,494
Cash at bank and in hand 51,122 25,179
124,824 136,458
Creditors: amounts falling due within one year 6 ( 142,728) ( 145,902)
Net current liabilities (17,904) (9,444)
Total assets less current liabilities 45,940 57,260
Creditors: amounts falling due after more than one year 7 ( 40,000) ( 48,183)
Provision for liabilities ( 374) ( 1,158)
Net assets 5,566 7,919
Capital and reserves
Called-up share capital 8 400 400
Profit and loss account 5,166 7,519
Total shareholders' funds 5,566 7,919

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 SIB Services Machinery Ltd (registered number: SC653835) were approved and authorised for issue by the Director on 23 November 2023. They were signed on its behalf by:

Iain Sean Birnie
Director
Stephen Harry Birnie
Director
SIB SERVICES MACHINERY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
SIB SERVICES MACHINERY 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

SIB Services Machinery 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 Whynieton, Maud, Peterhead, AB42 5SA, 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

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

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 0 - 5 years straight line
Plant and machinery 5 years straight line
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 lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, 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.

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).

Financial 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 & Loss Account.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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 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.

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 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2022 7,180 41,455 28,893 77,528
Additions 14,695 0 0 14,695
Disposals 0 ( 4,019) 0 ( 4,019)
At 31 March 2023 21,875 37,436 28,893 88,204
Accumulated depreciation
At 01 April 2022 0 3,601 7,223 10,824
Charge for the financial year 1,436 7,487 5,417 14,340
Disposals 0 ( 804) 0 ( 804)
At 31 March 2023 1,436 10,284 12,640 24,360
Net book value
At 31 March 2023 20,439 27,152 16,253 63,844
At 31 March 2022 7,180 37,854 21,670 66,704

4. Stocks

2023 2022
£ £
Stocks 62,470 59,785

5. Debtors

2023 2022
£ £
Trade debtors 3,366 51,494
Other debtors 7,866 0
11,232 51,494

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 20,154 10,029
Amounts owed to directors 117,092 109,523
Accruals and deferred income 5,482 5,520
Other taxation and social security 0 3,863
Obligations under finance leases and hire purchase contracts 0 16,967
142,728 145,902

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

2023 2022
£ £
Other loans 40,000 40,000
Obligations under finance leases and hire purchase contracts 0 8,183
40,000 48,183

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

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 A ordinary shares of £ 1.00 each 200 200
100 B ordinary shares of £ 1.00 each 100 100
100 C ordinary shares of £ 1.00 each 100 100
400 400