Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Brian Russell 18/08/2021 Thomas Sutherland 12/12/2019 19 August 2024 The principal activity of the company continued to be that of property development. SC649474 2023-12-31 SC649474 bus:Director1 2023-12-31 SC649474 bus:Director2 2023-12-31 SC649474 2022-12-31 SC649474 core:CurrentFinancialInstruments 2023-12-31 SC649474 core:CurrentFinancialInstruments 2022-12-31 SC649474 core:ShareCapital 2023-12-31 SC649474 core:ShareCapital 2022-12-31 SC649474 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC649474 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC649474 bus:OrdinaryShareClass1 2023-12-31 SC649474 2023-01-01 2023-12-31 SC649474 bus:FilletedAccounts 2023-01-01 2023-12-31 SC649474 bus:SmallEntities 2023-01-01 2023-12-31 SC649474 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC649474 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC649474 bus:Director1 2023-01-01 2023-12-31 SC649474 bus:Director2 2023-01-01 2023-12-31 SC649474 2022-01-01 2022-12-31 SC649474 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC649474 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC649474 (Scotland)

BURNREID 2019 LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BURNREID 2019 LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BURNREID 2019 LIMITED

BALANCE SHEET

As at 31 December 2023
BURNREID 2019 LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Stocks 896,810 1,601,840
Debtors 3 5,983 904
Cash at bank and in hand 153,079 12,841
1,055,872 1,615,585
Creditors: amounts falling due within one year 4 ( 1,111,736) ( 1,618,412)
Net current liabilities (55,864) (2,827)
Total assets less current liabilities (55,864) (2,827)
Net liabilities ( 55,864) ( 2,827)
Capital and reserves
Called-up share capital 5 4 4
Profit and loss account ( 55,868 ) ( 2,831 )
Total shareholders' deficit ( 55,864) ( 2,827)

For the financial year ending 31 December 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 Burnreid 2019 Limited (registered number: SC649474) were approved and authorised for issue by the Board of Directors on 19 August 2024. They were signed on its behalf by:

Thomas Sutherland
Director
BURNREID 2019 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BURNREID 2019 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Burnreid 2019 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 2 The Galleria, Langstane Place, Aberdeen, AB11 6FB, Scotland, United Kingdom.

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 £.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for at least twelve months from the date of signing the financial statements. This assumption is based upon assurances received from the directors' that it is their intention to provide such assistance as is required to enable the company to meet its financial commitments. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially 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. 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.

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

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.

Work in progress

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Debtors

2023 2022
£ £
Other debtors 5,983 904

4. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 1,111,736 1,618,412

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

6. Related party transactions

As at 31 December 2023, the company was due one of the directors £272,646 (2022 - £479,083). The loan is interest free with no set repayment terms.