Silverfin false false 31/12/2023 01/01/2023 31/12/2023 S Allan 02/03/1992 B Mundell 02/03/1992 29 August 2024 The principal activity of the company continued to be that of financial leasing. SC031940 2023-12-31 SC031940 bus:Director1 2023-12-31 SC031940 bus:Director2 2023-12-31 SC031940 core:CurrentFinancialInstruments 2023-12-31 SC031940 core:CurrentFinancialInstruments 2022-12-31 SC031940 2022-12-31 SC031940 core:ShareCapital 2023-12-31 SC031940 core:ShareCapital 2022-12-31 SC031940 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC031940 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC031940 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC031940 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC031940 bus:OrdinaryShareClass1 2023-12-31 SC031940 2023-01-01 2023-12-31 SC031940 bus:FilletedAccounts 2023-01-01 2023-12-31 SC031940 bus:SmallEntities 2023-01-01 2023-12-31 SC031940 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC031940 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC031940 bus:Director1 2023-01-01 2023-12-31 SC031940 bus:Director2 2023-01-01 2023-12-31 SC031940 2022-01-01 2022-12-31 SC031940 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC031940 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC031940 (Scotland)

TARBERT LOCH FYNE PROJECTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TARBERT LOCH FYNE PROJECTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TARBERT LOCH FYNE PROJECTS LIMITED

BALANCE SHEET

As at 31 December 2023
TARBERT LOCH FYNE PROJECTS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Debtors 3 70,559 278,539
Cash at bank and in hand 138,255 4,364
208,814 282,903
Creditors: amounts falling due within one year 4 ( 69,074) ( 141,194)
Net current assets 139,740 141,709
Total assets less current liabilities 139,740 141,709
Net assets 139,740 141,709
Capital and reserves
Called-up share capital 5 10,000 10,000
Profit and loss account 129,740 131,709
Total shareholders' funds 139,740 141,709

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 Tarbert Loch Fyne Projects Limited (registered number: SC031940) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

B Mundell
Director
TARBERT LOCH FYNE PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TARBERT LOCH FYNE PROJECTS 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

Tarbert Loch Fyne Projects 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 2 - 4 Queen Elizabeth Ave, Glasgow, G52 4NQ, Scotland, United Kingdom. The principal place of business is Bardaravine, Tarbert, Argyll, PA29 6YF.

The financial statements have been prepared under the historical cost convention, modified to include 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

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, 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, bank loans, loans from fellow group companies and preference shares 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 directors 2 2

3. Debtors

2023 2022
£ £
Corporation tax 70,199 70,200
Other debtors 360 208,339
70,559 278,539

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,159 4,079
Amounts owed to related parties 63,013 63,013
Taxation and social security 0 70,200
Other creditors 3,902 3,902
69,074 141,194

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

6. Related party transactions

Transactions with the entity's directors

As at 31 December 2023 the company was due the directors £2,202 (2022 - £2,202). These loans are interest free with no set repayment terms.

Other related party transactions

2023 2022
£ £
Amounts due from related parties 0 207,999
Amounts due to related parties 63,013 63,013