Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Andrew Ewan Fordyce 01/02/2002 Lesley Ann Fordyce 01/02/2002 Paul Harrold 01/02/2002 John William Holliday 01/02/2002 Philip Mcpherson 01/02/2002 Craig Alexander Stewart 10/09/2014 Andrew Ewan Fordyce 23 August 2024 The principal activity of the Company during the financial year was the provision of joinery services and general building work. SC227618 2023-12-31 SC227618 bus:Director1 2023-12-31 SC227618 bus:Director2 2023-12-31 SC227618 bus:Director3 2023-12-31 SC227618 bus:Director4 2023-12-31 SC227618 bus:Director5 2023-12-31 SC227618 bus:Director6 2023-12-31 SC227618 2022-12-31 SC227618 core:CurrentFinancialInstruments 2023-12-31 SC227618 core:CurrentFinancialInstruments 2022-12-31 SC227618 core:ShareCapital 2023-12-31 SC227618 core:ShareCapital 2022-12-31 SC227618 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC227618 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC227618 core:Goodwill 2022-12-31 SC227618 core:Goodwill 2023-12-31 SC227618 core:LandBuildings 2022-12-31 SC227618 core:OtherPropertyPlantEquipment 2022-12-31 SC227618 core:LandBuildings 2023-12-31 SC227618 core:OtherPropertyPlantEquipment 2023-12-31 SC227618 core:CostValuation 2022-12-31 SC227618 core:CostValuation 2023-12-31 SC227618 bus:OrdinaryShareClass1 2023-12-31 SC227618 bus:OrdinaryShareClass2 2023-12-31 SC227618 bus:OrdinaryShareClass3 2023-12-31 SC227618 bus:OrdinaryShareClass4 2023-12-31 SC227618 bus:OrdinaryShareClass5 2023-12-31 SC227618 core:WithinOneYear 2023-12-31 SC227618 core:WithinOneYear 2022-12-31 SC227618 core:BetweenOneFiveYears 2023-12-31 SC227618 core:BetweenOneFiveYears 2022-12-31 SC227618 core:MoreThanFiveYears 2023-12-31 SC227618 core:MoreThanFiveYears 2022-12-31 SC227618 2023-01-01 2023-12-31 SC227618 bus:FilletedAccounts 2023-01-01 2023-12-31 SC227618 bus:SmallEntities 2023-01-01 2023-12-31 SC227618 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC227618 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC227618 bus:Director1 2023-01-01 2023-12-31 SC227618 bus:Director2 2023-01-01 2023-12-31 SC227618 bus:Director3 2023-01-01 2023-12-31 SC227618 bus:Director4 2023-01-01 2023-12-31 SC227618 bus:Director5 2023-01-01 2023-12-31 SC227618 bus:Director6 2023-01-01 2023-12-31 SC227618 bus:CompanySecretary1 2023-01-01 2023-12-31 SC227618 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC227618 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC227618 2022-01-01 2022-12-31 SC227618 core:LandBuildings 2023-01-01 2023-12-31 SC227618 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC227618 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC227618 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC227618 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC227618 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC227618 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 SC227618 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 SC227618 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 SC227618 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 SC227618 bus:OrdinaryShareClass5 2023-01-01 2023-12-31 SC227618 bus:OrdinaryShareClass5 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC227618 (Scotland)

DARROCH & ALLAN (JOINERS & BUILDERS) LIMITED

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

DARROCH & ALLAN (JOINERS & BUILDERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

DARROCH & ALLAN (JOINERS & BUILDERS) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
DARROCH & ALLAN (JOINERS & BUILDERS) LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 437,003 437,833
Investments 5 82,018 82,018
519,022 519,852
Current assets
Stocks 362,289 293,768
Debtors 6 1,496,337 1,211,109
Cash at bank and in hand 1,012,328 858,113
2,870,954 2,362,990
Creditors: amounts falling due within one year 7 ( 1,318,667) ( 1,154,112)
Net current assets 1,552,287 1,208,878
Total assets less current liabilities 2,071,309 1,728,730
Provision for liabilities ( 51,717) ( 47,212)
Net assets 2,019,592 1,681,518
Capital and reserves
Called-up share capital 8 6,603 6,603
Profit and loss account 2,012,989 1,674,915
Total shareholders' funds 2,019,592 1,681,518

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 Darroch & Allan (joiners & Builders) Limited (registered number: SC227618) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Andrew Ewan Fordyce
Director
Lesley Ann Fordyce
Director
DARROCH & ALLAN (JOINERS & BUILDERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DARROCH & ALLAN (JOINERS & BUILDERS) 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

Darroch & Allan (joiners & Builders) 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 3 Diagonal Road, Pinefield Industrial Estate, Elgin, IV30 6AH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. 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 represents amounts receivable for building and joinery services net of VAT and trade discounts.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Construction contracts

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 Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. 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.

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 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.

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

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 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 not amortised
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 50 years straight line
Plant and machinery etc. 20 - 33 % reducing balance

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 lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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.

Fixed asset investments

Investments comprise of whisky held by the company for investment purposes and is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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 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 trade and other creditors 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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 48 45

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 1 1
At 31 December 2023 1 1
Accumulated amortisation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 1 1
At 31 December 2022 1 1

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 408,222 921,162 1,329,384
Additions 0 81,942 81,942
Disposals 0 ( 69,410) ( 69,410)
At 31 December 2023 408,222 933,694 1,341,916
Accumulated depreciation
At 01 January 2023 178,641 712,910 891,551
Charge for the financial year 12,757 64,662 77,419
Disposals 0 ( 64,057) ( 64,057)
At 31 December 2023 191,398 713,515 904,913
Net book value
At 31 December 2023 216,824 220,179 437,003
At 31 December 2022 229,581 208,252 437,833

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 82,018 82,018
At 31 December 2023 82,018 82,018
Carrying value at 31 December 2023 82,018 82,018
Carrying value at 31 December 2022 82,018 82,018

6. Debtors

2023 2022
£ £
Trade debtors 1,345,176 1,045,238
Other debtors 151,161 165,871
1,496,337 1,211,109

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 333,985 570,298
Taxation and social security 569,581 361,919
Other creditors 415,101 221,895
1,318,667 1,154,112

In respect to the government grants - there are certain conditions in place where if breached, these grants may be required to be repaid.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,503 A Ordinary shares of £ 1.00 each 3,503 3,503
1,000 B Ordinary shares of £ 1.00 each 1,000 1,000
1,000 C Ordinary shares of £ 1.00 each 1,000 1,000
1,000 D Ordinary shares of £ 1.00 each 1,000 1,000
1,000 E Ordinary shares of £ 0.10 each 100 100
6,603 6,603

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 16,852 16,852
between one and five years 67,410 67,410
after five years 926,078 942,930
1,010,340 1,027,192

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Charge to profit or loss in respect of denied contribution schemes 94,691 53,960

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to key management personnel 15,107 13,367

The above balance is unsecured, interest free and has no fixed terms of repayment.

Advances

As at 1 January 2023 the company was owed £34,769 by the directors. During the year, £166,853 has been repaid, a further £168,631 advanced and interest charged of £681 (calculated at 2%). As at 31 December 2023, the balance owed by the directors was £37,228. The balance is unsecured and has no fixed terms of repayment.