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Company No: SC253252 (Scotland)

MORAY GLASS LIMITED

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

MORAY GLASS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

MORAY GLASS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
MORAY GLASS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 42,217
Tangible assets 4 140,658 49,748
140,658 91,965
Current assets
Stocks 65,969 58,338
Debtors 5 189,013 328,245
Cash at bank and in hand 394,775 212,833
649,757 599,416
Creditors: amounts falling due within one year 6 ( 638,402) ( 583,320)
Net current assets 11,355 16,096
Total assets less current liabilities 152,013 108,061
Creditors: amounts falling due after more than one year 7 ( 17,365) ( 27,442)
Provision for liabilities 8 ( 34,972) ( 12,245)
Net assets 99,676 68,374
Capital and reserves
Called-up share capital 51 50
Capital redemption reserve 50 50
Profit and loss account 99,575 68,274
Total shareholders' funds 99,676 68,374

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 Moray Glass Limited (registered number: SC253252) were approved and authorised for issue by the Board of Directors on 03 April 2024. They were signed on its behalf by:

Neil McAndrew
Director
MORAY GLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
MORAY GLASS 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

Moray Glass 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 Commerce House, South Street, , Elgin, IV30 1JE, United Kingdom. The principal place of business is 3 Chanonry Street, Elgin, IV30 6NF.

The financial statements have been prepared under the historical cost convention, 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 £.

Turnover

Turnover represents the amounts receivable for the supply of glass and windows installation provided in the normal course of business, and is shown 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, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Goodwill 15 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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, 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. 15 - 25 % reducing balance

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.

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.

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.

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.

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 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 21

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 400,000 400,000
At 30 September 2023 400,000 400,000
Accumulated amortisation
At 01 October 2022 357,783 357,783
Charge for the financial year 42,217 42,217
At 30 September 2023 400,000 400,000
Net book value
At 30 September 2023 0 0
At 30 September 2022 42,217 42,217

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2022 234,836 234,836
Additions 114,280 114,280
At 30 September 2023 349,116 349,116
Accumulated depreciation
At 01 October 2022 185,088 185,088
Charge for the financial year 23,370 23,370
At 30 September 2023 208,458 208,458
Net book value
At 30 September 2023 140,658 140,658
At 30 September 2022 49,748 49,748

5. Debtors

2023 2022
£ £
Trade debtors 65,451 188,245
Amounts owed by related parties 123,562 140,000
189,013 328,245

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,077 9,829
Trade creditors 170,380 181,413
Corporation tax 56,845 39,382
Other taxation and social security 64,178 80,915
Other creditors 336,922 271,781
638,402 583,320

Bank loans are secured under the governments Bounce Back Loan Scheme.

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

2023 2022
£ £
Bank loans 17,365 27,442

Bank Loans are secured under the governments Bounce Back Loan Scheme.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 34,972 12,245

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Loan to entities under common control 110,150 140,000

The above balance is unsecured, interest free and has no fixed terms or repayment.

Transactions with the entity's directors

2023 2022
£ £
Amounts due to Key management personnel 8,769 157
Amount owed by Key management personnel 13,412 0

The above balance is unsecured and has no fixed terms of repayment.