Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Sir Archibald Grant 26/10/1994 21 August 2024 The principal activity of the company continued to be that of property investment and development. SC153876 2024-03-31 SC153876 bus:Director1 2024-03-31 SC153876 2023-03-31 SC153876 core:CurrentFinancialInstruments 2024-03-31 SC153876 core:CurrentFinancialInstruments 2023-03-31 SC153876 core:ShareCapital 2024-03-31 SC153876 core:ShareCapital 2023-03-31 SC153876 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC153876 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC153876 core:LandBuildings 2023-03-31 SC153876 core:OtherPropertyPlantEquipment 2023-03-31 SC153876 core:LandBuildings 2024-03-31 SC153876 core:OtherPropertyPlantEquipment 2024-03-31 SC153876 bus:OrdinaryShareClass1 2024-03-31 SC153876 2023-04-01 2024-03-31 SC153876 bus:FilletedAccounts 2023-04-01 2024-03-31 SC153876 bus:SmallEntities 2023-04-01 2024-03-31 SC153876 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC153876 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC153876 bus:Director1 2023-04-01 2024-03-31 SC153876 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC153876 2022-04-01 2023-03-31 SC153876 core:LandBuildings 2023-04-01 2024-03-31 SC153876 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC153876 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC153876 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC153876 (Scotland)

TILLYFOURIE QUARRIES LIMITED

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

TILLYFOURIE QUARRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

TILLYFOURIE QUARRIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
TILLYFOURIE QUARRIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 41,107 43,385
41,107 43,385
Current assets
Stocks 15,590 15,590
Debtors 4 10,932 13,258
Cash at bank and in hand 34,464 29,790
60,986 58,638
Creditors: amounts falling due within one year 5 ( 12,799) ( 22,551)
Net current assets 48,187 36,087
Total assets less current liabilities 89,294 79,472
Provision for liabilities 6 ( 5,262) ( 5,695)
Net assets 84,032 73,777
Capital and reserves
Called-up share capital 7 15,001 15,001
Profit and loss account 69,031 58,776
Total shareholder's funds 84,032 73,777

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 Tillyfourie Quarries Limited (registered number: SC153876) were approved and authorised for issue by the Director on 21 August 2024. They were signed on its behalf by:

Sir Archibald Grant
Director
TILLYFOURIE QUARRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
TILLYFOURIE QUARRIES 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

Tillyfourie Quarries 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 Brodies House, Union Grove, Aberdeen, AB10 6SD, 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.

Turnover

Turnover represents amounts receivable during the year for rental services net of VAT. Revenue is recognised as services are provided.

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 etc. 20 % 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
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).

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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where 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, 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 and cash 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 creditors, 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.

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 1 1

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 31,994 23,835 55,829
At 31 March 2024 31,994 23,835 55,829
Accumulated depreciation
At 01 April 2023 0 12,444 12,444
Charge for the financial year 0 2,278 2,278
At 31 March 2024 0 14,722 14,722
Net book value
At 31 March 2024 31,994 9,113 41,107
At 31 March 2023 31,994 11,391 43,385

4. Debtors

2024 2023
£ £
Other debtors 10,932 13,258

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 7
Taxation and social security 2,839 2,811
Obligations under finance leases and hire purchase contracts (secured) 0 9,817
Other creditors 9,960 9,916
12,799 22,551

Included in the above are amounts due under finance leases of £Nil (2023: £9,817) which are secured on the assets to which they relate.

6. Provision for liabilities

2024 2023
£ £
Deferred tax 5,262 5,695

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
15,001 Ordinary shares of £ 1.00 each 15,001 15,001