Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Alastair Robert Baillie 26/08/1998 Annette Lavinia Bird 21/01/2024 01/07/2013 12 August 2024 The principal activity of the Company during the financial year continued to be that of the provision of engineering consultancy and training services. SC188939 2024-03-31 SC188939 bus:Director1 2024-03-31 SC188939 bus:Director2 2024-03-31 SC188939 2023-03-31 SC188939 core:CurrentFinancialInstruments 2024-03-31 SC188939 core:CurrentFinancialInstruments 2023-03-31 SC188939 core:ShareCapital 2024-03-31 SC188939 core:ShareCapital 2023-03-31 SC188939 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC188939 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC188939 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 SC188939 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 SC188939 core:PlantMachinery 2023-03-31 SC188939 core:FurnitureFittings 2023-03-31 SC188939 core:PlantMachinery 2024-03-31 SC188939 core:FurnitureFittings 2024-03-31 SC188939 bus:OrdinaryShareClass1 2024-03-31 SC188939 2023-04-01 2024-03-31 SC188939 bus:FilletedAccounts 2023-04-01 2024-03-31 SC188939 bus:SmallEntities 2023-04-01 2024-03-31 SC188939 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC188939 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC188939 bus:Director1 2023-04-01 2024-03-31 SC188939 bus:Director2 2023-04-01 2024-03-31 SC188939 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 SC188939 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC188939 core:PlantMachinery core:BottomRangeValue 2023-04-01 2024-03-31 SC188939 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC188939 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC188939 2022-04-01 2023-03-31 SC188939 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 SC188939 core:PlantMachinery 2023-04-01 2024-03-31 SC188939 core:FurnitureFittings 2023-04-01 2024-03-31 SC188939 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC188939 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC188939 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC188939 (Scotland)

ENGINEERING INSIGHTS LIMITED

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

ENGINEERING INSIGHTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

ENGINEERING INSIGHTS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
ENGINEERING INSIGHTS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 99,570 84,768
Tangible assets 4 1,246 1,721
100,816 86,489
Current assets
Debtors 5 44,368 37,066
Cash at bank and in hand 294,199 245,396
338,567 282,462
Creditors: amounts falling due within one year 6 ( 99,496) ( 123,420)
Net current assets 239,071 159,042
Total assets less current liabilities 339,887 245,531
Provision for liabilities 7 ( 25,204) ( 21,622)
Net assets 314,683 223,909
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 314,583 223,809
Total shareholders' funds 314,683 223,909

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 Engineering Insights Limited (registered number: SC188939) were approved and authorised for issue by the Director on 12 August 2024. They were signed on its behalf by:

Alastair Robert Baillie
Director
ENGINEERING INSIGHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
ENGINEERING INSIGHTS 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

Engineering Insights 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 Bishops Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, 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 £.

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for engineering consultancy and training services net of VAT and trade discounts. Turnover is recognised on an accruals basis dependent on when the service is provided.

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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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:

Website costs 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Plant and machinery 3 - 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

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).

Financial 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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 and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including trade 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 2 2

3. Intangible assets

Website costs Total
£ £
Cost
At 01 April 2023 87,996 87,996
Additions 25,466 25,466
At 31 March 2024 113,462 113,462
Accumulated amortisation
At 01 April 2023 3,228 3,228
Charge for the financial year 10,664 10,664
At 31 March 2024 13,892 13,892
Net book value
At 31 March 2024 99,570 99,570
At 31 March 2023 84,768 84,768

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 154,559 6,893 161,452
Additions 780 0 780
Disposals ( 1,896) 0 ( 1,896)
At 31 March 2024 153,443 6,893 160,336
Accumulated depreciation
At 01 April 2023 153,001 6,730 159,731
Charge for the financial year 1,194 61 1,255
Disposals ( 1,896) 0 ( 1,896)
At 31 March 2024 152,299 6,791 159,090
Net book value
At 31 March 2024 1,144 102 1,246
At 31 March 2023 1,558 163 1,721

5. Debtors

2024 2023
£ £
Trade debtors 9,977 0
Other debtors 34,391 37,066
44,368 37,066

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 7,445
Taxation and social security 27,460 24,431
Other creditors 72,036 91,544
99,496 123,420

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 25,204 21,622

8. Called-up share capital

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