Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Alison Milne 31/05/2022 Kevin Brian Milne 07/07/2016 19 February 2024 The principal activity of the Company during the financial year was that of painting and decorating services. SC539716 2023-07-31 SC539716 bus:Director1 2023-07-31 SC539716 bus:Director2 2023-07-31 SC539716 2022-07-31 SC539716 core:CurrentFinancialInstruments 2023-07-31 SC539716 core:CurrentFinancialInstruments 2022-07-31 SC539716 core:Non-currentFinancialInstruments 2023-07-31 SC539716 core:Non-currentFinancialInstruments 2022-07-31 SC539716 core:ShareCapital 2023-07-31 SC539716 core:ShareCapital 2022-07-31 SC539716 core:CapitalRedemptionReserve 2023-07-31 SC539716 core:CapitalRedemptionReserve 2022-07-31 SC539716 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC539716 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC539716 core:Goodwill 2022-07-31 SC539716 core:Goodwill 2023-07-31 SC539716 core:LandBuildings 2022-07-31 SC539716 core:OtherPropertyPlantEquipment 2022-07-31 SC539716 core:LandBuildings 2023-07-31 SC539716 core:OtherPropertyPlantEquipment 2023-07-31 SC539716 core:CurrentFinancialInstruments core:Secured 2023-07-31 SC539716 2021-07-31 SC539716 bus:OrdinaryShareClass1 2023-07-31 SC539716 2022-08-01 2023-07-31 SC539716 bus:FilletedAccounts 2022-08-01 2023-07-31 SC539716 bus:SmallEntities 2022-08-01 2023-07-31 SC539716 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC539716 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC539716 bus:Director1 2022-08-01 2023-07-31 SC539716 bus:Director2 2022-08-01 2023-07-31 SC539716 core:Goodwill core:TopRangeValue 2022-08-01 2023-07-31 SC539716 core:Goodwill 2022-08-01 2023-07-31 SC539716 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 SC539716 2021-08-01 2022-07-31 SC539716 core:LandBuildings 2022-08-01 2023-07-31 SC539716 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 SC539716 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 SC539716 1 2022-08-01 2023-07-31 SC539716 1 2021-08-01 2022-07-31 SC539716 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC539716 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC539716 (Scotland)

LAWRENCE MILNE DECORATORS LIMITED

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

LAWRENCE MILNE DECORATORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

LAWRENCE MILNE DECORATORS LIMITED

BALANCE SHEET

AS AT 31 JULY 2023
LAWRENCE MILNE DECORATORS LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 267,325 354,025
Tangible assets 4 789,976 279,571
1,057,301 633,596
Current assets
Stocks 5 23,330 52,943
Debtors 6 691,959 684,196
Cash at bank and in hand 7 29,865 68,503
745,154 805,642
Creditors: amounts falling due within one year 8 ( 411,643) ( 512,666)
Net current assets 333,511 292,976
Total assets less current liabilities 1,390,812 926,572
Creditors: amounts falling due after more than one year 9 ( 398,259) ( 49,369)
Provision for liabilities 10 ( 69,718) ( 43,945)
Net assets 922,835 833,258
Capital and reserves
Called-up share capital 11 60 60
Capital redemption reserve 40 40
Profit and loss account 922,735 833,158
Total shareholders' funds 922,835 833,258

For the financial year ending 31 July 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 Lawrence Milne Decorators Limited (registered number: SC539716) were approved and authorised for issue by the Director on 19 February 2024. They were signed on its behalf by:

Kevin Brian Milne
Director
LAWRENCE MILNE DECORATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
LAWRENCE MILNE DECORATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

Lawrence Milne Decorators 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 Balmacassie Brae, Balmacassie Commercial Park, Ellon, AB41 8BY, 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

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company's shareholders have confirmed that they will provide adequate resources and have confirmed that they will ensure all liabilities are met. The directors shall not seek repayment of their loans until all due debts have been paid. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts received for the provision of painting and decorating goods and services. Turnover on goods is recognised at the point the customer receives the goods. Turnover on services is recognised upon completion of the services provided.

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.

Intangible assets

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

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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 etc. 15 - 33.33 % 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in 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 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 replacement cost and cost, adjusted where applicable for any loss of service potential.

Work in progress is stated at costs incurred to date yet to be invoiced to clients, and includes materials and direct labour.

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 at bank and 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.

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 bank loans, 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 56 55

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2022 867,000 867,000
At 31 July 2023 867,000 867,000
Accumulated amortisation
At 01 August 2022 512,975 512,975
Charge for the financial year 86,700 86,700
At 31 July 2023 599,675 599,675
Net book value
At 31 July 2023 267,325 267,325
At 31 July 2022 354,025 354,025

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2022 0 564,841 564,841
Additions 306,483 340,313 646,796
Disposals 0 ( 129,449) ( 129,449)
At 31 July 2023 306,483 775,705 1,082,188
Accumulated depreciation
At 01 August 2022 0 285,270 285,270
Charge for the financial year 0 88,434 88,434
Disposals 0 ( 81,492) ( 81,492)
At 31 July 2023 0 292,212 292,212
Net book value
At 31 July 2023 306,483 483,493 789,976
At 31 July 2022 0 279,571 279,571

5. Stocks

2023 2022
£ £
Stocks 21,130 51,446
Work in progress 2,200 1,497
23,330 52,943

6. Debtors

2023 2022
£ £
Trade debtors 609,721 596,465
Other debtors 82,238 87,731
691,959 684,196

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 29,865 68,503

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 18,968 100,000
Trade creditors 149,335 186,643
Corporation tax 44,971 102,701
Other taxation and social security 52,067 49,782
Obligations under finance leases and hire purchase contracts 97,216 59,273
Other creditors 49,086 14,267
411,643 512,666

Bank loans due at 31 July 2023 are secured by way of standard security over the land held by the company.
Bank loans due at 31 July 2022 were repaid in full during the year and were not secured, having been issued through the Covid Business Interruption Loan Scheme.

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

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

2023 2022
£ £
Bank loans (secured) 225,573 0
Obligations under finance leases and hire purchase contracts (secured) 172,686 49,369
398,259 49,369

Bank loans due at 31 July 2023 are secured by way of standard security over the land held by the company.

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 43,945) ( 55,074)
(Charged)/credited to the Profit and Loss Account ( 25,773) 11,129
0 0
At the end of financial year ( 69,718) ( 43,945)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each 60 60

12. Financial commitments

Other financial commitments

2023 2022
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 0 333,333

During the year, the property terminated their rental lease with no future commitments arising.

13. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due (to)/from directors (28,280) 5,000