Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Thomas Harwood 24/02/1995 30 August 2024 The principal activities of the company continued to be that of the supply of electronic components and the provision of recruitment services. SC155934 2023-08-31 SC155934 bus:Director1 2023-08-31 SC155934 2022-08-31 SC155934 core:CurrentFinancialInstruments 2023-08-31 SC155934 core:CurrentFinancialInstruments 2022-08-31 SC155934 core:Non-currentFinancialInstruments 2023-08-31 SC155934 core:Non-currentFinancialInstruments 2022-08-31 SC155934 core:ShareCapital 2023-08-31 SC155934 core:ShareCapital 2022-08-31 SC155934 core:CapitalRedemptionReserve 2023-08-31 SC155934 core:CapitalRedemptionReserve 2022-08-31 SC155934 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC155934 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC155934 core:LandBuildings 2022-08-31 SC155934 core:OtherPropertyPlantEquipment 2022-08-31 SC155934 core:LandBuildings 2023-08-31 SC155934 core:OtherPropertyPlantEquipment 2023-08-31 SC155934 bus:OrdinaryShareClass1 2023-08-31 SC155934 2022-09-01 2023-08-31 SC155934 bus:FilletedAccounts 2022-09-01 2023-08-31 SC155934 bus:SmallEntities 2022-09-01 2023-08-31 SC155934 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC155934 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC155934 bus:Director1 2022-09-01 2023-08-31 SC155934 core:LandBuildings core:TopRangeValue 2022-09-01 2023-08-31 SC155934 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 SC155934 2021-09-01 2022-08-31 SC155934 core:LandBuildings 2022-09-01 2023-08-31 SC155934 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 SC155934 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC155934 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC155934 (Scotland)

RENFREWSHIRE ELECTRONICS LIMITED

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

RENFREWSHIRE ELECTRONICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

RENFREWSHIRE ELECTRONICS LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
RENFREWSHIRE ELECTRONICS LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 136,610 151,862
136,610 151,862
Current assets
Stocks 1,357,438 1,185,305
Debtors
- due within one year 4 956,231 1,057,077
- due after more than one year 4 375,485 368,638
Cash at bank and in hand 38,791 43,771
2,727,945 2,654,791
Creditors: amounts falling due within one year 5 ( 1,744,840) ( 1,551,210)
Net current assets 983,105 1,103,581
Total assets less current liabilities 1,119,715 1,255,443
Creditors: amounts falling due after more than one year 6, 10 ( 95,059) ( 150,221)
Provision for liabilities ( 19,804) ( 29,369)
Net assets 1,004,852 1,075,853
Capital and reserves
Called-up share capital 7 80,000 80,000
Capital redemption reserve 20,000 20,000
Profit and loss account 904,852 975,853
Total shareholder's funds 1,004,852 1,075,853

For the financial year ending 31 August 2023 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 Renfrewshire Electronics Limited (registered number: SC155934) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

Thomas Harwood
Director
RENFREWSHIRE ELECTRONICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
RENFREWSHIRE ELECTRONICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

Renfrewshire Electronics 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 Block 15 Dubbs Road, Port Glasgow, PA14 5UG, 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.

Foreign currency

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Turnover

Turnover from the supply of electronic components and the provision of recruitment services is recognised at the fair value of the consideration received or receivable 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.

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

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.

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 10 years straight line
Plant and machinery etc. 15 - 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 lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

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 Profit and Loss Account.

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 those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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, deposits held at call with banks, 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 and bank loans 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 70 69

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2022 230,818 919,079 1,149,897
Additions 0 22,719 22,719
Disposals 0 ( 28,595) ( 28,595)
At 31 August 2023 230,818 913,203 1,144,021
Accumulated depreciation
At 01 September 2022 196,269 801,766 998,035
Charge for the financial year 6,831 26,978 33,809
Disposals 0 ( 24,433) ( 24,433)
At 31 August 2023 203,100 804,311 1,007,411
Net book value
At 31 August 2023 27,718 108,892 136,610
At 31 August 2022 34,549 117,313 151,862

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 749,197 868,293
Prepayments and accrued income 58,026 34,485
VAT recoverable 25,771 28,124
Other debtors 123,237 126,175
956,231 1,057,077
Debtors: amounts falling due after more than one year
Amounts owed by director 375,485 368,638

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 650,728 796,491
Trade creditors 132,357 229,952
Corporation tax 14,613 22,475
Other taxation and social security 453,542 307,753
Obligations under finance leases and hire purchase contracts 21,180 18,362
Other creditors 472,420 176,177
1,744,840 1,551,210

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

2023 2022
£ £
Bank loans 72,164 117,483
Obligations under finance leases and hire purchase contracts 22,895 32,738
95,059 150,221

The bank has a standard security over the Company's assets.

Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance companies hold security over the asset until the finance has been paid in full.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
80,000 Ordinary shares of £ 1.00 each 80,000 80,000

8. Financial commitments

Other financial commitments

2023 2022
£ £
Within one year 40,000 40,000
Between two and five years 40,000 80,000
80,000 120,000

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due from key personnel 375,485 368,638

During the year, advances of £6,847 (2022 - £81,850) were made in respect of the director's loan. The amount due from the director at 31 August 2023 was £375,485 (2022 - £368,638 ). No interest is charged on the director's loan account. The director's loan account has been included as a debtor due after one year as the director does not intend to repay the balance in the next year. A rolling agreement has been signed in respect of this.

Other related party transactions

2023 2022
£ £
Amounts due from related parties 23,334 23,334
Amounts due to related parties (5,522) (19,121)

10. Loans and overdrafts

2023 2022
£ £
Other loans 46,952 51,101
Bank loans and overdrafts 675,940 862,873
722,892 913,974
2023 2022
£ £
Payable within one year 650,728 796,491
Payable after one year 72,164 117,483

The bank loans and overdrafts are secured by floating charges over the assets of the company. The Director has a personal guarantee in place in respect of other loan amounts outstanding of £nil (2022 - £9,010)