Silverfin false 31/03/2023 01/04/2022 31/03/2023 Gordon Simpson 11/11/2003 23 November 2023 The principal activity of the Company during the financial year continued to be that of construction work. SC259102 2023-03-31 SC259102 bus:Director1 2023-03-31 SC259102 2022-03-31 SC259102 core:CurrentFinancialInstruments 2023-03-31 SC259102 core:CurrentFinancialInstruments 2022-03-31 SC259102 core:Non-currentFinancialInstruments 2023-03-31 SC259102 core:Non-currentFinancialInstruments 2022-03-31 SC259102 core:ShareCapital 2023-03-31 SC259102 core:ShareCapital 2022-03-31 SC259102 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC259102 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC259102 core:Goodwill 2022-03-31 SC259102 core:Goodwill 2023-03-31 SC259102 core:LandBuildings 2022-03-31 SC259102 core:PlantMachinery 2022-03-31 SC259102 core:Vehicles 2022-03-31 SC259102 core:FurnitureFittings 2022-03-31 SC259102 core:LandBuildings 2023-03-31 SC259102 core:PlantMachinery 2023-03-31 SC259102 core:Vehicles 2023-03-31 SC259102 core:FurnitureFittings 2023-03-31 SC259102 core:CostValuation 2022-03-31 SC259102 core:CostValuation 2023-03-31 SC259102 core:ProvisionsForImpairmentInvestments 2022-03-31 SC259102 core:ProvisionsForImpairmentInvestments 2023-03-31 SC259102 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC259102 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-03-31 SC259102 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC259102 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 SC259102 bus:OrdinaryShareClass1 2023-03-31 SC259102 2022-04-01 2023-03-31 SC259102 bus:FullAccounts 2022-04-01 2023-03-31 SC259102 bus:SmallEntities 2022-04-01 2023-03-31 SC259102 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC259102 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC259102 bus:Director1 2022-04-01 2023-03-31 SC259102 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 SC259102 core:PlantMachinery 2022-04-01 2023-03-31 SC259102 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 SC259102 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 SC259102 2021-04-01 2022-03-31 SC259102 core:Goodwill 2022-04-01 2023-03-31 SC259102 core:LandBuildings 2022-04-01 2023-03-31 SC259102 core:Vehicles 2022-04-01 2023-03-31 SC259102 core:FurnitureFittings 2022-04-01 2023-03-31 SC259102 core:Subsidiary1 2022-04-01 2023-03-31 SC259102 core:Subsidiary1 1 2022-04-01 2023-03-31 SC259102 core:Subsidiary1 1 2021-04-01 2022-03-31 SC259102 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC259102 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC259102 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC259102 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: SC259102 (Scotland)

G. SIMPSON (BUILDERS) LIMITED

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

G. SIMPSON (BUILDERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

G. SIMPSON (BUILDERS) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
G. SIMPSON (BUILDERS) LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,025 2,525
Tangible assets 4 1,027,164 847,365
Investments 5 632,280 632,280
1,660,469 1,482,170
Current assets
Stocks 12,001 42,036
Debtors 6 3,603,421 2,329,163
Cash at bank and in hand 461,823 538,143
4,077,245 2,909,342
Creditors: amounts falling due within one year 7 ( 2,425,699) ( 1,766,611)
Net current assets 1,651,546 1,142,731
Total assets less current liabilities 3,312,015 2,624,901
Creditors: amounts falling due after more than one year 8 ( 905,142) ( 724,338)
Provision for liabilities 9 ( 221,463) ( 42,862)
Net assets 2,185,410 1,857,701
Capital and reserves
Called-up share capital 10 11 11
Profit and loss account 2,185,399 1,857,690
Total shareholder's funds 2,185,410 1,857,701

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.

Director's responsibilities:

The financial statements of G. Simpson (Builders) Limited (registered number: SC259102) were approved and authorised for issue by the Director on 23 November 2023. They were signed on its behalf by:

Gordon Simpson
Director
G. SIMPSON (BUILDERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
G. SIMPSON (BUILDERS) 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

G. Simpson (Builders) 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 23 Wellhouse, Beauly, IV4 7AS, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.

Exchange differences are recognised in the Profit and Loss Account.

Turnover

Turnover represents amounts receivable in terms of goods provided net of VAT and trade discounts, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Revenue on private house sales are recognised when control has been transferred to the purchaser which is normally at the point of handover.

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 reporting end date. 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.

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

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 that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

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.

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.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Goodwill 20 years straight line
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 not depreciated
Plant and machinery 25 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 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.

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.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 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.

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.

Property, including land held under development, acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as stock and is measured at the lower of cost and net realisable value.

Cost comprises of the value of goods purchased and includes attributable direct costs and labour.

Net realisable value is the estimated selling price in the ordinary course of business, based on market prices at the reporting date, less estimated costs of completion and the estimated costs necessary to make the sale.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, 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 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, bank loans, 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.

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 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 the director 61 64

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 30,000 30,000
At 31 March 2023 30,000 30,000
Accumulated amortisation
At 01 April 2022 27,475 27,475
Charge for the financial year 1,500 1,500
At 31 March 2023 28,975 28,975
Net book value
At 31 March 2023 1,025 1,025
At 31 March 2022 2,525 2,525

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2022 126,422 1,118,617 638,419 49,607 1,933,065
Additions 0 38,693 478,242 5,552 522,487
Disposals 0 ( 82,325) ( 135,426) 0 ( 217,751)
At 31 March 2023 126,422 1,074,985 981,235 55,159 2,237,801
Accumulated depreciation
At 01 April 2022 19,470 650,522 381,115 34,593 1,085,700
Charge for the financial year 0 108,116 147,662 8,916 264,694
Disposals 0 ( 33,146) ( 106,611) 0 ( 139,757)
At 31 March 2023 19,470 725,492 422,166 43,509 1,210,637
Net book value
At 31 March 2023 106,952 349,493 559,069 11,650 1,027,164
At 31 March 2022 106,952 468,095 257,304 15,014 847,365

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 632,280 632,280
At 31 March 2023 632,280 632,280
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 632,280 632,280
Carrying value at 31 March 2022 632,280 632,280

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.03.2023
Ownership
31.03.2022
Ian Elliot Ltd Clava House, Cradlehall Business Park, Inverness IV2 5GH Construction work Ordinary 50.00% 50.00%

6. Debtors

2023 2022
£ £
Trade debtors 466,155 444,813
Amounts owed by connected companies 901,437 798,446
Corporation tax 295,462 93,826
Other debtors 1,940,367 992,078
3,603,421 2,329,163

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 14,672 14,419
Trade creditors 1,148,519 851,519
Amounts owed to related parties 0 7,358
Taxation and social security 95,372 57,090
Obligations under finance leases and hire purchase contracts 171,071 269,049
Other creditors 996,065 567,176
2,425,699 1,766,611

Balance of bank loans secured with a floating charge over all assets of the company £10,304 (2022 - £10,051).

Balance of bank loans of which are unsecured £4,368 (2022 - £4,368).

Obligations under hire purchase contracts are secured over the related assets.

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

2023 2022
£ £
Bank loans 30,568 45,189
Obligations under finance leases and hire purchase contracts 346,190 168,265
Other creditors 528,384 510,884
905,142 724,338

Balance of bank loans secured with a floating charge over all assets of the company £22,196 (2022 - £32,449).

Balance of bank loans of which are unsecured £8,372 (2022 - £12,740).

Obligations under hire purchase contracts are secured over the related assets.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 221,463 42,862

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
11 Ordinary shares of £ 1.00 each 11 11

11. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 45,346 966

12. Related party transactions

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

2023 2022
£ £
Amounts due from group companies 781,541 772,925

Transactions with the entity's director

2023 2022
£ £
Amounts due from key management personnel 0 344

At the beginning of the year the director owed the business £344. During the year £59,028 was advanced and £59,372 was repaid resulting in a closing balance of £nil being owed to the business by the director.

Other related party transactions

2023 2022
£ £
Amounts due from connected companies 119,896 18,163