Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr B C Gillies 29/07/1998 Mrs K J Gillies 15/03/2000 Mr BC Gillies 22 April 2024 The principal activity of the company continued to be that of building reinstatement works. SC188039 2023-08-31 SC188039 bus:Director1 2023-08-31 SC188039 bus:Director2 2023-08-31 SC188039 2022-08-31 SC188039 core:CurrentFinancialInstruments 2023-08-31 SC188039 core:CurrentFinancialInstruments 2022-08-31 SC188039 core:Non-currentFinancialInstruments 2023-08-31 SC188039 core:Non-currentFinancialInstruments 2022-08-31 SC188039 core:ShareCapital 2023-08-31 SC188039 core:ShareCapital 2022-08-31 SC188039 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC188039 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC188039 core:Goodwill 2022-08-31 SC188039 core:Goodwill 2023-08-31 SC188039 core:LeaseholdImprovements 2022-08-31 SC188039 core:PlantMachinery 2022-08-31 SC188039 core:Vehicles 2022-08-31 SC188039 core:FurnitureFittings 2022-08-31 SC188039 core:LeaseholdImprovements 2023-08-31 SC188039 core:PlantMachinery 2023-08-31 SC188039 core:Vehicles 2023-08-31 SC188039 core:FurnitureFittings 2023-08-31 SC188039 bus:OrdinaryShareClass1 2023-08-31 SC188039 2022-09-01 2023-08-31 SC188039 bus:FilletedAccounts 2022-09-01 2023-08-31 SC188039 bus:SmallEntities 2022-09-01 2023-08-31 SC188039 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC188039 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC188039 bus:Director1 2022-09-01 2023-08-31 SC188039 bus:Director2 2022-09-01 2023-08-31 SC188039 bus:Director3 2022-09-01 2023-08-31 SC188039 core:Goodwill core:TopRangeValue 2022-09-01 2023-08-31 SC188039 core:LeaseholdImprovements core:TopRangeValue 2022-09-01 2023-08-31 SC188039 core:PlantMachinery 2022-09-01 2023-08-31 SC188039 core:Vehicles 2022-09-01 2023-08-31 SC188039 core:FurnitureFittings 2022-09-01 2023-08-31 SC188039 2021-09-01 2022-08-31 SC188039 core:LeaseholdImprovements 2022-09-01 2023-08-31 SC188039 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 SC188039 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 SC188039 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC188039 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC188039 (Scotland)

TOTAL REINSTATEMENT SERVICES LIMITED

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

TOTAL REINSTATEMENT SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

TOTAL REINSTATEMENT SERVICES LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
TOTAL REINSTATEMENT SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 520,927 467,307
520,927 467,307
Current assets
Stocks 6 1,271,441 1,309,103
Debtors 7 1,402,578 841,420
Cash at bank and in hand 722,572 564,809
3,396,591 2,715,332
Creditors: amounts falling due within one year 8 ( 1,289,841) ( 753,690)
Net current assets 2,106,750 1,961,642
Total assets less current liabilities 2,627,677 2,428,949
Creditors: amounts falling due after more than one year 9 ( 128,371) ( 230,647)
Provision for liabilities 10 ( 127,867) ( 88,788)
Net assets 2,371,439 2,109,514
Capital and reserves
Called-up share capital 11 2 2
Profit and loss account 2,371,437 2,109,512
Total shareholder's funds 2,371,439 2,109,514

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 Total Reinstatement Services Limited (registered number: SC188039) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

Mr BC Gillies
Director
TOTAL REINSTATEMENT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
TOTAL REINSTATEMENT SERVICES 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

Total Reinstatement Services 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 Unit 2a, The Paddock, Stirling Agricultural Centre, Stirling, FK9 4RN, Scotland, United Kingdom. The principal place of business is Queenshaugh Farm, PO Box 21038, Stirling, Stirlingshire, United Kingdom, FK8 1XJ.

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 £.

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.

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:

Leasehold improvements 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % 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 Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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.

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. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 57 59

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2022 23,702 23,702
At 31 August 2023 23,702 23,702
Accumulated amortisation
At 01 September 2022 23,702 23,702
At 31 August 2023 23,702 23,702
Net book value
At 31 August 2023 0 0
At 31 August 2022 0 0

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2022 69,237 132,942 695,390 80,101 977,670
Additions 0 33,000 203,465 21,250 257,715
Disposals 0 ( 3,636) ( 132,806) 0 ( 136,442)
At 31 August 2023 69,237 162,306 766,049 101,351 1,098,943
Accumulated depreciation
At 01 September 2022 57,080 65,494 327,074 60,715 510,363
Charge for the financial year 12,157 14,603 134,841 6,985 168,586
Disposals 0 ( 545) ( 100,388) 0 ( 100,933)
At 31 August 2023 69,237 79,552 361,527 67,700 578,016
Net book value
At 31 August 2023 0 82,754 404,522 33,651 520,927
At 31 August 2022 12,157 67,448 368,316 19,386 467,307

6. Stocks

2023 2022
£ £
Stocks 21,000 91,000
Work in progress 1,250,441 1,218,103
1,271,441 1,309,103

7. Debtors

2023 2022
£ £
Trade debtors 1,251,759 839,797
Amounts owed by directors 145,848 48
Prepayments 4,971 1,575
1,402,578 841,420

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 50,000 94,353
Trade creditors 287,876 196,689
Accruals 110,330 134,219
Taxation and social security 556,051 278,993
Obligations under finance leases and hire purchase contracts (secured) 52,276 53,128
Other creditors 233,308 ( 3,692)
1,289,841 753,690

The Bank of Scotland hold a Bond and Floating charge over the whole assets of the company.

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

2023 2022
£ £
Bank loans 87,500 93,147
Obligations under finance leases and hire purchase contracts (secured) 40,871 137,500
128,371 230,647

The Bank of Scotland hold a Bond and Floating charge over the whole assets of the company.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 127,867 88,788

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Burnside Holdings Limited (221,696) 5,000

The loan is unsecured, interest free and is repayable on demand.

Transactions with the entity's directors

2023 2022
£ £
Directors Loan Account 145,848 48

The loan is unsecured and is repayable on demand. Interest is charged at 2%, during the year interest in the sum of £1,271 (2022 - £635) was paid.

13. Ultimate controlling party

Parent Company:

Burnside Holdings Limited
C/O Johnston Carmichael, Unit 2a, The Paddock, Stirling Agricultural Centre, Stirling, Scotland, FK9 4RN