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Company No: SC412672 (Scotland)

N BURNS & C BURNS LTD

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

N BURNS & C BURNS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

N BURNS & C BURNS LTD

BALANCE SHEET

AS AT 31 MARCH 2024
N BURNS & C BURNS LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 15,487 16,719
15,487 16,719
Current assets
Debtors 5 15,113 13,153
Cash at bank and in hand 6 412,153 386,085
427,266 399,238
Creditors: amounts falling due within one year 7 ( 111,141) ( 106,080)
Net current assets 316,125 293,158
Total assets less current liabilities 331,612 309,877
Provision for liabilities 8, 9 ( 3,520) ( 3,790)
Net assets 328,092 306,087
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 327,992 305,987
Total shareholders' funds 328,092 306,087

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.

Directors' responsibilities:

The financial statements of N Burns & C Burns Ltd (registered number: SC412672) were approved and authorised for issue by the Board of Directors on 02 August 2024. They were signed on its behalf by:

Mr N Burns
Director
N BURNS & C BURNS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
N BURNS & C BURNS LTD

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

N Burns & C Burns 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 6 King Street, Perth, PH2 8JA, United Kingdom.

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 amounts receivable for auctioneering and valuing net of VAT and trade discounts.

Revenue is recognised on the accruals basis.

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 Statement of Income and Retained Earnings 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.

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 5 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. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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, 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 etc. 5 years straight line
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.

Leases

The Company as lessee
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 Statement of Income and Retained Earnings 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).

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.

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

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 30,000 30,000
At 31 March 2024 30,000 30,000
Accumulated amortisation
At 01 April 2023 30,000 30,000
At 31 March 2024 30,000 30,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 57,568 57,568
Additions 2,629 2,629
Disposals ( 2,750) ( 2,750)
At 31 March 2024 57,447 57,447
Accumulated depreciation
At 01 April 2023 40,849 40,849
Charge for the financial year 3,861 3,861
Disposals ( 2,750) ( 2,750)
At 31 March 2024 41,960 41,960
Net book value
At 31 March 2024 15,487 15,487
At 31 March 2023 16,719 16,719

5. Debtors

2024 2023
£ £
Trade debtors 5,402 4,870
Other debtors 9,711 8,283
15,113 13,153

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 412,153 386,085

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 21,381 28,668
Taxation and social security 79,121 69,882
Other creditors 10,639 7,530
111,141 106,080

8. Provision for liabilities

2024 2023
£ £
Deferred tax 3,520 3,790

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 3,790) ( 1,796)
Credited/(charged) to the Statement of Income and Retained Earnings 270 ( 1,994)
At the end of financial year ( 3,520) ( 3,790)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 A ordinary shares of £ 1.00 each 2 2
98 Ordinary shares of £ 1.00 each 98 98
100 100

11. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 2,664 3,256

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 13 3

Advances have been made in this period to the Directors totalling £95,690 and £95,700 has been repaid. The loan is unsecured, interest free and repayable on demand.