Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Iona Mcpherson 08/03/2019 John Mcpherson 31/03/2004 05 March 2024 The principal activity of the Company during the financial year continued to be that of the construction and repair of buildings. SC265784 2023-09-30 SC265784 bus:Director1 2023-09-30 SC265784 bus:Director2 2023-09-30 SC265784 2022-09-30 SC265784 core:CurrentFinancialInstruments 2023-09-30 SC265784 core:CurrentFinancialInstruments 2022-09-30 SC265784 core:Non-currentFinancialInstruments 2023-09-30 SC265784 core:Non-currentFinancialInstruments 2022-09-30 SC265784 core:ShareCapital 2023-09-30 SC265784 core:ShareCapital 2022-09-30 SC265784 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC265784 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC265784 core:LandBuildings 2022-09-30 SC265784 core:OtherPropertyPlantEquipment 2022-09-30 SC265784 core:LandBuildings 2023-09-30 SC265784 core:OtherPropertyPlantEquipment 2023-09-30 SC265784 2021-09-30 SC265784 bus:OrdinaryShareClass1 2023-09-30 SC265784 bus:OrdinaryShareClass2 2023-09-30 SC265784 2022-10-01 2023-09-30 SC265784 bus:FilletedAccounts 2022-10-01 2023-09-30 SC265784 bus:SmallEntities 2022-10-01 2023-09-30 SC265784 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC265784 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC265784 bus:Director1 2022-10-01 2023-09-30 SC265784 bus:Director2 2022-10-01 2023-09-30 SC265784 core:LandBuildings core:TopRangeValue 2022-10-01 2023-09-30 SC265784 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 SC265784 2021-10-01 2022-09-30 SC265784 core:LandBuildings 2022-10-01 2023-09-30 SC265784 core:CurrentFinancialInstruments 2022-10-01 2023-09-30 SC265784 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 SC265784 1 2022-10-01 2023-09-30 SC265784 1 2021-10-01 2022-09-30 SC265784 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC265784 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 SC265784 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 SC265784 bus:OrdinaryShareClass2 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC265784 (Scotland)

SCOT-STEEL BUILDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SCOT-STEEL BUILDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

SCOT-STEEL BUILDINGS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
SCOT-STEEL BUILDINGS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,376,472 1,441,510
1,376,472 1,441,510
Current assets
Stocks 310,619 160,599
Debtors 4 2,483,955 2,864,879
Cash at bank and in hand 743,123 507,237
3,537,697 3,532,715
Creditors: amounts falling due within one year 5 ( 1,096,043) ( 1,337,148)
Net current assets 2,441,654 2,195,567
Total assets less current liabilities 3,818,126 3,637,077
Creditors: amounts falling due after more than one year 6 ( 49,500) ( 103,962)
Provision for liabilities 7, 8 ( 74,095) ( 85,154)
Net assets 3,694,531 3,447,961
Capital and reserves
Called-up share capital 9 140 140
Profit and loss account 3,694,391 3,447,821
Total shareholders' funds 3,694,531 3,447,961

For the financial year ending 30 September 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 Scot-Steel Buildings Limited (registered number: SC265784) were approved and authorised for issue by the Board of Directors on 05 March 2024. They were signed on its behalf by:

John Mcpherson
Director
SCOT-STEEL BUILDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
SCOT-STEEL BUILDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Scot-Steel Buildings 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 C/O Johnston Carmichael, 15 Academy Street, Forfar, DD8 2HA, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 construction and building repairs services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised on the accruals basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 Statement of Income and Retained Earnings 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
not depreciated
Plant and machinery etc. 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.

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 Statement of Income and Retained Earnings as described below.

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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 including transaction costs.

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.

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.

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 17 18

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2022 1,444,795 833,921 2,278,716
Additions 0 6,338 6,338
Disposals 0 ( 13,151) ( 13,151)
At 30 September 2023 1,444,795 827,108 2,271,903
Accumulated depreciation
At 01 October 2022 176,358 660,848 837,206
Charge for the financial year 25,194 43,636 68,830
Disposals 0 ( 10,605) ( 10,605)
At 30 September 2023 201,552 693,879 895,431
Net book value
At 30 September 2023 1,243,243 133,229 1,376,472
At 30 September 2022 1,268,437 173,073 1,441,510

4. Debtors

2023 2022
£ £
Trade debtors 2,049,881 2,822,276
Other debtors 434,074 42,603
2,483,955 2,864,879

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 55,934 54,221
Trade creditors 770,799 388,334
Taxation and social security 180,912 607,490
Other creditors 88,398 287,103
1,096,043 1,337,148

The bank loan is secured by a fixed charge over the land at Eassie, Glamis near Forfar.

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

2023 2022
£ £
Bank loans 49,500 103,962

The bank loan is secured by a fixed charge over the land at Eassie, Glamis near Forfar.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 74,095 85,154

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 85,154) ( 97,292)
Credited to the Statement of Income and Retained Earnings 11,059 12,138
0 0
At the end of financial year ( 74,095) ( 85,154)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100
40 B ordinary shares of £ 1.00 each 40 40
140 140