Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Patricia R Anderson 28/11/2023 14/02/2006 Gavin B Tennant 25/05/2023 08/10/1998 Gavin J Tennant 08/10/1998 07 August 2024 The principal activity of the Company during the financial year was that of stone cutting, timber merchants, quarry products and farming. SC190066 2024-03-31 SC190066 bus:Director1 2024-03-31 SC190066 bus:Director2 2024-03-31 SC190066 bus:Director3 2024-03-31 SC190066 2023-03-31 SC190066 core:CurrentFinancialInstruments 2024-03-31 SC190066 core:CurrentFinancialInstruments 2023-03-31 SC190066 core:Non-currentFinancialInstruments 2024-03-31 SC190066 core:Non-currentFinancialInstruments 2023-03-31 SC190066 core:ShareCapital 2024-03-31 SC190066 core:ShareCapital 2023-03-31 SC190066 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC190066 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC190066 core:LandBuildings 2023-03-31 SC190066 core:OtherPropertyPlantEquipment 2023-03-31 SC190066 core:LandBuildings 2024-03-31 SC190066 core:OtherPropertyPlantEquipment 2024-03-31 SC190066 core:CostValuation 2023-03-31 SC190066 core:CostValuation 2024-03-31 SC190066 bus:OrdinaryShareClass1 2024-03-31 SC190066 2023-04-01 2024-03-31 SC190066 bus:FilletedAccounts 2023-04-01 2024-03-31 SC190066 bus:SmallEntities 2023-04-01 2024-03-31 SC190066 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC190066 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC190066 bus:Director1 2023-04-01 2024-03-31 SC190066 bus:Director2 2023-04-01 2024-03-31 SC190066 bus:Director3 2023-04-01 2024-03-31 SC190066 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 SC190066 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC190066 2022-04-01 2023-03-31 SC190066 core:LandBuildings 2023-04-01 2024-03-31 SC190066 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC190066 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC190066 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC190066 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC190066 (Scotland)

TENNANTS (ELGIN) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

TENNANTS (ELGIN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

TENNANTS (ELGIN) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
TENNANTS (ELGIN) LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,918,284 2,873,359
Investments 4 200 200
2,918,484 2,873,559
Current assets
Stocks 5 418,040 199,940
Debtors 6 711,310 720,652
Cash at bank and in hand 228,386 525,894
1,357,736 1,446,486
Creditors: amounts falling due within one year 7 ( 685,746) ( 602,561)
Net current assets 671,990 843,925
Total assets less current liabilities 3,590,474 3,717,484
Creditors: amounts falling due after more than one year 8 ( 334,333) ( 393,957)
Provision for liabilities ( 196,945) ( 196,945)
Net assets 3,059,196 3,126,582
Capital and reserves
Called-up share capital 9 100,000 100,000
Profit and loss account 2,959,196 3,026,582
Total shareholders' funds 3,059,196 3,126,582

For the financial year ending 31 March 2024 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 Tennants (Elgin) Limited (registered number: SC190066) were approved and authorised for issue by the Director on 07 August 2024. They were signed on its behalf by:

Gavin J Tennant
Director
TENNANTS (ELGIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
TENNANTS (ELGIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

Tennants (Elgin) 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 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 £.

The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 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.

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 50 years straight line
Plant and machinery etc. 15 - 25 % 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.

Biological assets

The Company breeds rear cattle. In accordance with FRS102, these are defined as biological assets.

Where the Company measures a biological asset under the fair value model on initial recognition, it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.

In determining fair value the company has considered the active market in its present location and condition and the quoted price in that market. Where an active market does not exist the most recent market transaction price, market price for similar assets and sector benchmarks have been considered.

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.

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 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).

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 which 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 other short-term liquid investments with original maturities of three months or less.

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 measured at transaction price including transactions 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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 33 36

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 2,042,498 3,654,593 5,697,091
Additions 8,970 368,399 377,369
Disposals 0 ( 153,697) ( 153,697)
At 31 March 2024 2,051,468 3,869,295 5,920,763
Accumulated depreciation
At 01 April 2023 352,108 2,471,624 2,823,732
Charge for the financial year 37,511 268,872 306,383
Disposals 0 ( 127,636) ( 127,636)
At 31 March 2024 389,619 2,612,860 3,002,479
Net book value
At 31 March 2024 1,661,849 1,256,435 2,918,284
At 31 March 2023 1,690,390 1,182,969 2,873,359

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 200 200
At 31 March 2024 200 200
Carrying value at 31 March 2024 200 200
Carrying value at 31 March 2023 200 200

5. Stocks

2024 2023
£ £
Stocks 418,040 199,940

6. Debtors

2024 2023
£ £
Trade debtors 662,600 664,922
Other debtors 48,710 55,730
711,310 720,652

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,526 19,397
Trade creditors 241,479 185,902
Other taxation and social security 93,936 42,744
Obligations under finance leases and hire purchase contracts 206,392 190,057
Other creditors 134,413 164,461
685,746 602,561

Bank loans are secured by a floating charge over the assets of the business.

Obligations under hire purchase contracts are secured over the assets in which they relate.

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

2024 2023
£ £
Bank loans 13,774 47,049
Obligations under finance leases and hire purchase contracts 320,559 346,908
334,333 393,957

Bank loans are secured by a floating charge over the assets of the business.

Obligations under hire purchase contracts are secured over the assets in which they relate.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each 100,000 100,000

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due to Key Management Personnel 0 27,803

The balance is interest free and has no fixed terms of payment.

Advances

As at 1 April 2023, the company was owed £4,754 by the directors. During the year the company advanced £nil to the directors, of which £4,754 has been repaid. As at 31 March 2024, the balance owed by the directors is £nil. The balance has no fixed terms of repayment.