Silverfin false 31/05/2023 01/06/2022 31/05/2023 James Campbell Murdoch 25/05/2012 23 February 2024 The principal activity of the Company during the financial year continued to be the provision of general building services. SC424965 2023-05-31 SC424965 bus:Director1 2023-05-31 SC424965 2022-05-31 SC424965 core:CurrentFinancialInstruments 2023-05-31 SC424965 core:CurrentFinancialInstruments 2022-05-31 SC424965 core:Non-currentFinancialInstruments 2023-05-31 SC424965 core:Non-currentFinancialInstruments 2022-05-31 SC424965 core:ShareCapital 2023-05-31 SC424965 core:ShareCapital 2022-05-31 SC424965 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC424965 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC424965 core:Goodwill 2022-05-31 SC424965 core:Goodwill 2023-05-31 SC424965 core:PlantMachinery 2022-05-31 SC424965 core:Vehicles 2022-05-31 SC424965 core:ComputerEquipment 2022-05-31 SC424965 core:PlantMachinery 2023-05-31 SC424965 core:Vehicles 2023-05-31 SC424965 core:ComputerEquipment 2023-05-31 SC424965 core:CurrentFinancialInstruments core:Secured 2023-05-31 SC424965 bus:OrdinaryShareClass1 2023-05-31 SC424965 2022-06-01 2023-05-31 SC424965 bus:FullAccounts 2022-06-01 2023-05-31 SC424965 bus:SmallEntities 2022-06-01 2023-05-31 SC424965 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC424965 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC424965 bus:Director1 2022-06-01 2023-05-31 SC424965 core:Goodwill core:TopRangeValue 2022-06-01 2023-05-31 SC424965 core:PlantMachinery 2022-06-01 2023-05-31 SC424965 core:Vehicles 2022-06-01 2023-05-31 SC424965 core:ComputerEquipment core:TopRangeValue 2022-06-01 2023-05-31 SC424965 2021-06-01 2022-05-31 SC424965 core:ComputerEquipment 2022-06-01 2023-05-31 SC424965 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 SC424965 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 SC424965 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC424965 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC424965 (Scotland)

J & B MURDOCH LTD

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

J & B MURDOCH LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

J & B MURDOCH LTD

BALANCE SHEET

AS AT 31 MAY 2023
J & B MURDOCH LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,184 5,344
Investment property 5 117,416 117,416
121,600 122,760
Current assets
Stocks 13,250 6,250
Cash at bank and in hand 16,678 72,919
29,928 79,169
Creditors: amounts falling due within one year 6 ( 72,094) ( 130,716)
Net current liabilities (42,166) (51,547)
Total assets less current liabilities 79,434 71,213
Creditors: amounts falling due after more than one year 7 ( 57,763) ( 63,992)
Net assets 21,671 7,221
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 21,571 7,121
Total shareholders' funds 21,671 7,221

For the financial year ending 31 May 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 J & B Murdoch Ltd (registered number: SC424965) were approved and authorised for issue by the Director on 23 February 2024. They were signed on its behalf by:

James Campbell Murdoch
Director
J & B MURDOCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
J & B MURDOCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

J & B Murdoch 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 Johnston Carmichael Llp First Floor, 227 West George Street, Glasgow, G2 2ND, 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

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 represents amounts receivable for the provision of building services net of VAT.

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
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 10 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 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 lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets 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.

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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 in hand, deposits held at call with banks 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 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.

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 the director 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2022 30,000 30,000
At 31 May 2023 30,000 30,000
Accumulated amortisation
At 01 June 2022 30,000 30,000
At 31 May 2023 30,000 30,000
Net book value
At 31 May 2023 0 0
At 31 May 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 June 2022 3,351 16,086 479 19,916
At 31 May 2023 3,351 16,086 479 19,916
Accumulated depreciation
At 01 June 2022 2,190 11,903 479 14,572
Charge for the financial year 116 1,044 0 1,160
At 31 May 2023 2,306 12,947 479 15,732
Net book value
At 31 May 2023 1,045 3,139 0 4,184
At 31 May 2022 1,161 4,183 0 5,344

5. Investment property

Investment property
£
Valuation
As at 01 June 2022 117,416
As at 31 May 2023 117,416

Valuation

The director has considered the valuation of similar properties sold and considers that the investment properties are held at fair value.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 10,162 10,470
Trade creditors 2,300 2,200
Corporation tax 1,379 6,290
Other taxation and social security 1,829 7,480
Other creditors 56,424 104,276
72,094 130,716

Included within bank loans is a liability of £2,081 (2022: £1,951) which is secured against the asset to which it relates

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

2023 2022
£ £
Bank loans (secured) 57,763 63,992

Included within bank loans is a liability of £41,376 (2022: £39,264) which is secured against the asset to which it relates.

8. Called-up share capital

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

9. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts owed to key management personnel 39,345 49,154