Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr G Coull 06/04/2022 Mr J Grant 16/10/2008 Mr W McPherson 16/10/2008 Mr S Wilson 06/04/2022 15 April 2024 The principal activity of the Company during the financial year was that of the construction of domestic buildings. SC349995 2023-08-31 SC349995 bus:Director1 2023-08-31 SC349995 bus:Director2 2023-08-31 SC349995 bus:Director3 2023-08-31 SC349995 bus:Director4 2023-08-31 SC349995 2022-08-31 SC349995 core:CurrentFinancialInstruments 2023-08-31 SC349995 core:CurrentFinancialInstruments 2022-08-31 SC349995 core:Non-currentFinancialInstruments 2023-08-31 SC349995 core:Non-currentFinancialInstruments 2022-08-31 SC349995 core:ShareCapital 2023-08-31 SC349995 core:ShareCapital 2022-08-31 SC349995 core:RevaluationReserve 2023-08-31 SC349995 core:RevaluationReserve 2022-08-31 SC349995 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC349995 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC349995 core:LandBuildings 2022-08-31 SC349995 core:OtherPropertyPlantEquipment 2022-08-31 SC349995 core:LandBuildings 2023-08-31 SC349995 core:OtherPropertyPlantEquipment 2023-08-31 SC349995 bus:OrdinaryShareClass1 2023-08-31 SC349995 2022-09-01 2023-08-31 SC349995 bus:FilletedAccounts 2022-09-01 2023-08-31 SC349995 bus:SmallEntities 2022-09-01 2023-08-31 SC349995 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC349995 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC349995 bus:Director1 2022-09-01 2023-08-31 SC349995 bus:Director2 2022-09-01 2023-08-31 SC349995 bus:Director3 2022-09-01 2023-08-31 SC349995 bus:Director4 2022-09-01 2023-08-31 SC349995 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 SC349995 2021-09-01 2022-08-31 SC349995 core:LandBuildings 2022-09-01 2023-08-31 SC349995 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 SC349995 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 SC349995 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC349995 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC349995 (Scotland)

GRANT & MCPHERSON CONSTRUCTION LIMITED

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

GRANT & MCPHERSON CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

GRANT & MCPHERSON CONSTRUCTION LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
GRANT & MCPHERSON CONSTRUCTION LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 183,286 161,632
183,286 161,632
Current assets
Stocks 4 26,115 25,710
Debtors 5 15,216 30,535
Cash at bank and in hand 188,985 171,672
230,316 227,917
Creditors: amounts falling due within one year 6 ( 203,128) ( 186,250)
Net current assets 27,188 41,667
Total assets less current liabilities 210,474 203,299
Creditors: amounts falling due after more than one year 7 ( 17,894) ( 32,492)
Provision for liabilities 8 ( 30,334) ( 24,678)
Net assets 162,246 146,129
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 69,422 69,422
Profit and loss account 92,724 76,607
Total shareholders' funds 162,246 146,129

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 Grant & McPherson Construction Limited (registered number: SC349995) were approved and authorised for issue by the Board of Directors on 15 April 2024. They were signed on its behalf by:

Mr J Grant
Director
Mr W McPherson
Director
Mr G Coull
Director
Mr S Wilson
Director
GRANT & MCPHERSON CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
GRANT & MCPHERSON CONSTRUCTION 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

Grant & McPherson Construction 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 11 Main Street, Elgin, IV30 6BQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties 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.

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.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable 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 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 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.

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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings 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).

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 direct materials.

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 and bank loans, are recognised at transaction price.

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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 10

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2022 130,000 119,011 249,011
Additions 0 33,065 33,065
At 31 August 2023 130,000 152,076 282,076
Accumulated depreciation
At 01 September 2022 0 87,379 87,379
Charge for the financial year 0 11,411 11,411
At 31 August 2023 0 98,790 98,790
Net book value
At 31 August 2023 130,000 53,286 183,286
At 31 August 2022 130,000 31,632 161,632

4. Stocks

2023 2022
£ £
Stocks 4,950 4,700
Work in progress 21,165 21,010
26,115 25,710

5. Debtors

2023 2022
£ £
Trade debtors 14,949 14,404
Other debtors 267 16,131
15,216 30,535

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 40,141 50,504
Corporation tax 30,389 29,223
Other taxation and social security 53,016 47,997
Obligations under finance leases and hire purchase contracts 4,598 4,366
Other creditors 64,984 44,160
203,128 186,250

Bank loans are secured over the assets of the company. Included within bank loans above, is the bounce back loan which is 100% secured by the UK government.

Obligations under finance leases and hire purchase contracts are secured over the asset in which the agreement relates to.

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

2023 2022
£ £
Bank loans 17,500 27,500
Obligations under finance leases and hire purchase contracts 394 4,992
17,894 32,492

Bank loans are secured over the assets of the company. Included within bank loans above, is the bounce back loan which is 100% secured by the UK government.

Obligations under finance leases and hire purchase contracts are secured over the asset in which the agreement relates to.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 30,334 24,678

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to key management personnel 24,865 10,931

This amount is interest free and there is no fixed term of repayment.