Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Sheila Cowie Neil Jolly 01/04/2009 George Paterson 01/04/2009 Neil Frew Stewart 13 August 2024 The principal activity of the Company are that of the fabrication and machinery of all types of metals. SC062107 2023-12-31 SC062107 bus:Director2 2023-12-31 SC062107 bus:Director3 2023-12-31 SC062107 2022-12-31 SC062107 core:CurrentFinancialInstruments 2023-12-31 SC062107 core:CurrentFinancialInstruments 2022-12-31 SC062107 core:Non-currentFinancialInstruments 2023-12-31 SC062107 core:Non-currentFinancialInstruments 2022-12-31 SC062107 core:ShareCapital 2023-12-31 SC062107 core:ShareCapital 2022-12-31 SC062107 core:SharePremium 2023-12-31 SC062107 core:SharePremium 2022-12-31 SC062107 core:CapitalRedemptionReserve 2023-12-31 SC062107 core:CapitalRedemptionReserve 2022-12-31 SC062107 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC062107 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC062107 core:LandBuildings 2022-12-31 SC062107 core:PlantMachinery 2022-12-31 SC062107 core:Vehicles 2022-12-31 SC062107 core:FurnitureFittings 2022-12-31 SC062107 core:LandBuildings 2023-12-31 SC062107 core:PlantMachinery 2023-12-31 SC062107 core:Vehicles 2023-12-31 SC062107 core:FurnitureFittings 2023-12-31 SC062107 bus:OrdinaryShareClass1 2023-12-31 SC062107 2023-01-01 2023-12-31 SC062107 bus:FilletedAccounts 2023-01-01 2023-12-31 SC062107 bus:SmallEntities 2023-01-01 2023-12-31 SC062107 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC062107 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC062107 bus:Director1 2023-01-01 2023-12-31 SC062107 bus:Director2 2023-01-01 2023-12-31 SC062107 bus:Director3 2023-01-01 2023-12-31 SC062107 bus:Director4 2023-01-01 2023-12-31 SC062107 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC062107 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC062107 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 SC062107 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC062107 2022-01-01 2022-12-31 SC062107 core:LandBuildings 2023-01-01 2023-12-31 SC062107 core:PlantMachinery 2023-01-01 2023-12-31 SC062107 core:Vehicles 2023-01-01 2023-12-31 SC062107 core:FurnitureFittings 2023-01-01 2023-12-31 SC062107 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC062107 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC062107 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC062107 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC062107 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC062107 (Scotland)

JAMES AIKEN ENGINEERING SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

JAMES AIKEN ENGINEERING SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

JAMES AIKEN ENGINEERING SOLUTIONS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
JAMES AIKEN ENGINEERING SOLUTIONS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 484,231 377,278
484,231 377,278
Current assets
Stocks 4 71,950 52,950
Debtors 5 943,517 1,118,264
Cash at bank and in hand 524,562 10,127
1,540,029 1,181,341
Creditors: amounts falling due within one year 6 ( 762,579) ( 556,841)
Net current assets 777,450 624,500
Total assets less current liabilities 1,261,681 1,001,778
Creditors: amounts falling due after more than one year 7 ( 132,258) ( 283,635)
Provision for liabilities 8 ( 109,144) ( 80,906)
Net assets 1,020,279 637,237
Capital and reserves
Called-up share capital 9 2,746 2,746
Share premium account 43,449 43,449
Capital redemption reserve 930 930
Profit and loss account 973,154 590,112
Total shareholders' funds 1,020,279 637,237

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 James Aiken Engineering Solutions Limited (registered number: SC062107) were approved and authorised for issue by the Board of Directors on 13 August 2024. They were signed on its behalf by:

Neil Frew Stewart
Director
JAMES AIKEN ENGINEERING SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
JAMES AIKEN ENGINEERING SOLUTIONS 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

James Aiken Engineering Solutions 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 47 Woodside Road, Bridge Of Don, Aberdeen, AB23 8EF, United Kingdom.

The financial statements have been prepared 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company continued to trade profitability post year end. The directors have 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passes to the buyer (usually on dispatch of the goods). 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.

Revenue from provision of services is recognized in the period in which the service is preformed.

Rental income represent rent receivable, excluding VAT and recognised in the financial statements over the term of the lease.

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, 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, 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 30 years straight line
Plant and machinery 10 years straight line
Vehicles 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.

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 reporting period end date, the company reviews the carrying amounts of tangible assets to determine whether there is any indication that those assets have suffered and 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less cost to complete and sell is recognised as impairment loss in profit or loss. Reversal 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 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 transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially 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. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 31 30

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 311,046 796,235 96,149 43,535 1,246,965
Additions 0 99,031 69,985 0 169,016
Disposals 0 0 ( 41,732) 0 ( 41,732)
At 31 December 2023 311,046 895,266 124,402 43,535 1,374,249
Accumulated depreciation
At 01 January 2023 184,036 581,794 62,221 41,636 869,687
Charge for the financial year 10,679 33,179 16,306 1,899 62,063
Disposals 0 0 ( 41,732) 0 ( 41,732)
At 31 December 2023 194,715 614,973 36,795 43,535 890,018
Net book value
At 31 December 2023 116,331 280,293 87,607 0 484,231
At 31 December 2022 127,010 214,441 33,928 1,899 377,278

Included within land and buildings is an investment property with a NBV of £30,502. The directors have considered the fair value of this property and do not believe that this would be materially different as at the balance sheet date.

4. Stocks

2023 2022
£ £
Stocks 3,950 3,950
Work in progress 68,000 49,000
71,950 52,950

5. Debtors

2023 2022
£ £
Trade debtors 423,648 616,960
Amounts owed by Group undertakings 484,764 456,019
Other debtors 35,105 45,285
943,517 1,118,264

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 67,439
Trade creditors 271,591 224,660
Taxation and social security 280,917 152,500
Obligations under finance leases and hire purchase contracts 149,755 41,334
Other creditors 60,316 70,908
762,579 556,841

There is a standard security held over the related assets for amounts on hire purchase contacts.

Include within other creditors is balance of £nil (2022 - £12,488) with respect to the company's invoice discounting facility, which secured over the related debtors.

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

2023 2022
£ £
Bank loans 0 156,352
Obligations under finance leases and hire purchase contracts 132,258 127,283
132,258 283,635

There is a standard security held over the related assets for amounts on hire purchase contacts.

The bank loan was repaid in full during the year.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 109,144 80,906

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2,746 Ordinary shares of £ 1.00 each 2,746 2,746

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 112,478 224,956

11. Related party transactions

The Company is controlled by S M Cowie through her controlling interest in Jasmine Holdings Limited, the immediate and ultimate parent company.

During the year, purchases of £112,478 (2022 - £150,501) were made from the parent company. In addition to this, there was a further £29,500 (2022 - £205,500) loan advanced during the year. At the year end the balance due from this company was £484,764 (2022 - £456,019).

12. Events after the Balance Sheet date

Post year end, the company provided a loan of £150,000 to the parent company. This loan is interest free and there are no fixed terms of repayment in place.

13. Ultimate controlling party

Parent Company:

Jasmine Holdings Limited
47 Woodside Road, Aberdeen, AB23 8EF