Silverfin false false 31/07/2023 01/08/2022 31/07/2023 D Armstrong 05/02/2019 P Calder 14/07/2011 23 April 2024 The principal activity of the Company during the financial year is that of high quality multi trades principal contract service. SC403482 2023-07-31 SC403482 bus:Director1 2023-07-31 SC403482 bus:Director2 2023-07-31 SC403482 core:CurrentFinancialInstruments 2023-07-31 SC403482 core:CurrentFinancialInstruments 2022-07-31 SC403482 2022-07-31 SC403482 core:Non-currentFinancialInstruments 2023-07-31 SC403482 core:Non-currentFinancialInstruments 2022-07-31 SC403482 core:ShareCapital 2023-07-31 SC403482 core:ShareCapital 2022-07-31 SC403482 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC403482 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC403482 core:OtherPropertyPlantEquipment 2022-07-31 SC403482 core:OtherPropertyPlantEquipment 2023-07-31 SC403482 bus:OrdinaryShareClass1 2023-07-31 SC403482 2022-08-01 2023-07-31 SC403482 bus:FilletedAccounts 2022-08-01 2023-07-31 SC403482 bus:SmallEntities 2022-08-01 2023-07-31 SC403482 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC403482 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC403482 bus:Director1 2022-08-01 2023-07-31 SC403482 bus:Director2 2022-08-01 2023-07-31 SC403482 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-08-01 2023-07-31 SC403482 2021-08-01 2022-07-31 SC403482 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 SC403482 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 SC403482 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC403482 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC403482 (Scotland)

PMA CONTRACTS LTD

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

PMA CONTRACTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

PMA CONTRACTS LTD

BALANCE SHEET

AS AT 31 JULY 2023
PMA CONTRACTS LTD

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Current assets
Debtors 4 124,542 121,533
Cash at bank and in hand 13 18,694
124,555 140,227
Creditors: amounts falling due within one year 5 ( 91,752) ( 101,900)
Net current assets 32,803 38,327
Total assets less current liabilities 32,803 38,327
Creditors: amounts falling due after more than one year 6 ( 32,408) ( 37,963)
Net assets 395 364
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 394 363
Total shareholders' funds 395 364

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 PMA Contracts Ltd (registered number: SC403482) were approved and authorised for issue by the Board of Directors on 23 April 2024. They were signed on its behalf by:

P Calder
Director
PMA CONTRACTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PMA CONTRACTS LTD

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

PMA Contracts 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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

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 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.

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.

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:

Plant and machinery etc. 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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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

Plant and machinery etc. Total
£ £
Cost
At 01 August 2022 903 903
At 31 July 2023 903 903
Accumulated depreciation
At 01 August 2022 903 903
At 31 July 2023 903 903
Net book value
At 31 July 2023 0 0
At 31 July 2022 0 0

4. Debtors

2023 2022
£ £
Other debtors 124,542 121,533

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 19,195 11,311
Taxation and social security 23,056 44,760
Other creditors 49,501 45,829
91,752 101,900

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

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

2023 2022
£ £
Bank loans 32,408 37,963

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

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1 1

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due from key management personnel 58,311 51,969