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Company No: SC066189 (Scotland)

IAN FISKEN (FORFAR) LIMITED

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

IAN FISKEN (FORFAR) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

IAN FISKEN (FORFAR) LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
IAN FISKEN (FORFAR) LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 839,117 769,921
839,117 769,921
Current assets
Stocks 983,710 1,251,674
Debtors 4 188,984 272,879
Cash at bank and in hand 57,348 551
1,230,042 1,525,104
Creditors: amounts falling due within one year 5 ( 1,154,474) ( 1,460,970)
Net current assets 75,568 64,134
Total assets less current liabilities 914,685 834,055
Creditors: amounts falling due after more than one year 6 ( 366,232) ( 434,103)
Provision for liabilities 7, 8 ( 27,670) ( 27,409)
Net assets 520,783 372,543
Capital and reserves
Called-up share capital 9 40,000 40,000
Revaluation reserve 75,000 75,000
Profit and loss account 405,783 257,543
Total shareholders' funds 520,783 372,543

For the financial year ending 31 October 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 Ian Fisken (Forfar) Limited (registered number: SC066189) were approved and authorised for issue by the Board of Directors on 10 April 2024. They were signed on its behalf by:

Dougal Ian Fisken
Director
IAN FISKEN (FORFAR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
IAN FISKEN (FORFAR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Ian Fisken (Forfar) 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 Queenswell Road, Forfar, DD8 3HZ, 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 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 represents amounts receivable for vehicle sales and repairs net of VAT and trade discounts.

Revenue from the sale of vehicles is recognised on delivery to customers such that risks and rewards of ownership have been transferred to them.

Revenue from repairs is recognised when the company has entitlement to the income in exchange for the provision of services.

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 Profit and Loss Account 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 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 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

At each balance sheet date, the company reviews it's tangible 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 materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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.

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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 29

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2022 672,149 524,300 20,000 326,669 1,543,118
Additions 0 67,587 0 33,537 101,124
At 31 October 2023 672,149 591,887 20,000 360,206 1,644,242
Accumulated depreciation
At 01 November 2022 0 434,528 12,000 326,669 773,197
Charge for the financial year 0 23,939 4,000 3,989 31,928
At 31 October 2023 0 458,467 16,000 330,658 805,125
Net book value
At 31 October 2023 672,149 133,420 4,000 29,548 839,117
At 31 October 2022 672,149 89,772 8,000 0 769,921

Revaluation of tangible assets

Freehold land and buildings were revalued to fair value of £672,149 at 31 October 2021, with any subsequent additions at cost.

2023 2022
£ £
Historical cost 597,149 597,149
Carrying value 597,149 597,149

4. Debtors

2023 2022
£ £
Trade debtors 110,678 186,434
Other debtors 78,306 86,445
188,984 272,879

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 87,155 333,782
Trade creditors 633,128 666,497
Taxation and social security 182,092 141,074
Other creditors 252,099 319,617
1,154,474 1,460,970

The loans are secured by fixed charges over the land and buildings and a floating charge over all other assets of the company.

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

2023 2022
£ £
Bank loans 249,592 184,423
Other creditors 116,640 249,680
366,232 434,103

The long-term loans are secured by fixed charges over the land and buildings and a floating charge over all the other assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 12,052 41,069

The long-term loans are secured by fixed charges over the land and buildings and a floating charge over all the other assets of the company.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 27,670 27,409

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 27,409) ( 31,160)
(Charged)/credited to the Profit and Loss Account ( 261) 3,751
At the end of financial year ( 27,670) ( 27,409)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
30,000 A ordinary shares of £ 1.00 each 30,000 30,000
9,900 B ordinary shares of £ 1.00 each 9,900 9,900
100 C ordinary shares of £ 1.00 each 100 100
40,000 40,000

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due from director 645 48,814

There was an advance of £645 and a repayment of £48,814 made during the year.