Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Patrick Hart 17/12/2004 Stephen Lee 24/05/2017 Patrick Hart 29 July 2024 The principal activity of the company continued to be the manufacture and retail of engineering structures and parts. The company continues to undertake general mechanical engineering. SC277531 2024-03-31 SC277531 bus:Director1 2024-03-31 SC277531 bus:Director2 2024-03-31 SC277531 2023-03-31 SC277531 core:CurrentFinancialInstruments 2024-03-31 SC277531 core:CurrentFinancialInstruments 2023-03-31 SC277531 core:ShareCapital 2024-03-31 SC277531 core:ShareCapital 2023-03-31 SC277531 core:CapitalRedemptionReserve 2024-03-31 SC277531 core:CapitalRedemptionReserve 2023-03-31 SC277531 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC277531 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC277531 core:PlantMachinery 2023-03-31 SC277531 core:Vehicles 2023-03-31 SC277531 core:PlantMachinery 2024-03-31 SC277531 core:Vehicles 2024-03-31 SC277531 bus:OrdinaryShareClass1 2024-03-31 SC277531 bus:OrdinaryShareClass2 2024-03-31 SC277531 2023-04-01 2024-03-31 SC277531 bus:FilletedAccounts 2023-04-01 2024-03-31 SC277531 bus:SmallEntities 2023-04-01 2024-03-31 SC277531 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC277531 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC277531 bus:Director1 2023-04-01 2024-03-31 SC277531 bus:Director2 2023-04-01 2024-03-31 SC277531 bus:CompanySecretary1 2023-04-01 2024-03-31 SC277531 core:PlantMachinery core:BottomRangeValue 2023-04-01 2024-03-31 SC277531 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC277531 core:Vehicles core:BottomRangeValue 2023-04-01 2024-03-31 SC277531 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 SC277531 2022-04-01 2023-03-31 SC277531 core:PlantMachinery 2023-04-01 2024-03-31 SC277531 core:Vehicles 2023-04-01 2024-03-31 SC277531 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC277531 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC277531 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC277531 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC277531 (Scotland)

SELLAR ENGINEERING LIMITED

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

SELLAR ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

SELLAR ENGINEERING LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
SELLAR ENGINEERING LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 130,298 64,355
130,298 64,355
Current assets
Stocks 26,900 20,500
Debtors 4 416,666 302,242
Cash at bank and in hand 87,653 125,265
531,219 448,007
Creditors: amounts falling due within one year 5 ( 210,425) ( 143,447)
Net current assets 320,794 304,560
Total assets less current liabilities 451,092 368,915
Provision for liabilities 6 ( 24,329) ( 15,701)
Net assets 426,763 353,214
Capital and reserves
Called-up share capital 7 67 67
Capital redemption reserve 60 60
Profit and loss account 426,636 353,087
Total shareholders' funds 426,763 353,214

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.

Directors' responsibilities:

The financial statements of Sellar Engineering Limited (registered number: SC277531) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

Patrick Hart
Director
Stephen Lee
Director
SELLAR ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
SELLAR ENGINEERING 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

Sellar Engineering 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 Industrial Estate,, Steven Road, Huntly, Aberdeenshire, AB54 8SX, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services from the manufacture and retail of engineering structures and parts, net of VAT. Turnover is recognised on the accruals basis.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee 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.

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 2 - 4 years straight line
Vehicles 3 - 4 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.

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.

Basic financial liabilities
Basic financial liabilities, including 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.

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 directors 12 11

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 April 2023 118,897 29,792 148,689
Additions 84,587 13,995 98,582
Disposals 0 ( 6,200) ( 6,200)
At 31 March 2024 203,484 37,587 241,071
Accumulated depreciation
At 01 April 2023 60,017 24,317 84,334
Charge for the financial year 27,096 5,543 32,639
Disposals 0 ( 6,200) ( 6,200)
At 31 March 2024 87,113 23,660 110,773
Net book value
At 31 March 2024 116,371 13,927 130,298
At 31 March 2023 58,880 5,475 64,355

4. Debtors

2024 2023
£ £
Trade debtors 414,499 299,883
Other debtors 2,167 2,359
416,666 302,242

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 125,992 58,022
Taxation and social security 51,245 47,302
Other creditors 33,188 38,123
210,425 143,447

6. Provision for liabilities

2024 2023
£ £
Deferred tax 24,329 15,701

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4,000 A Ordinary Shares shares of £ 0.01 each 40 40
2,700 B Participating Shares ordinary shares of £ 0.01 each 27 27
67 67