Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Marcovinicio Vallarino 14/12/2017 William Walkingshaw 25/01/2017 30 August 2024 The principal activity of the company continued to be that of the provision of management and consultancy services to the oil and gas sector. SC555642 2024-01-31 SC555642 bus:Director1 2024-01-31 SC555642 bus:Director2 2024-01-31 SC555642 2023-01-31 SC555642 core:CurrentFinancialInstruments 2024-01-31 SC555642 core:CurrentFinancialInstruments 2023-01-31 SC555642 core:ShareCapital 2024-01-31 SC555642 core:ShareCapital 2023-01-31 SC555642 core:SharePremium 2024-01-31 SC555642 core:SharePremium 2023-01-31 SC555642 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC555642 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC555642 core:OtherResidualIntangibleAssets 2023-01-31 SC555642 core:OtherResidualIntangibleAssets 2024-01-31 SC555642 core:OtherPropertyPlantEquipment 2023-01-31 SC555642 core:OtherPropertyPlantEquipment 2024-01-31 SC555642 bus:OrdinaryShareClass1 2024-01-31 SC555642 2023-02-01 2024-01-31 SC555642 bus:FilletedAccounts 2023-02-01 2024-01-31 SC555642 bus:SmallEntities 2023-02-01 2024-01-31 SC555642 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC555642 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC555642 bus:Director1 2023-02-01 2024-01-31 SC555642 bus:Director2 2023-02-01 2024-01-31 SC555642 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-02-01 2024-01-31 SC555642 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-02-01 2024-01-31 SC555642 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC555642 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC555642 2022-02-01 2023-01-31 SC555642 core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 SC555642 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC555642 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC555642 (Scotland)

TURNKEY ENVIRONMENTAL MANAGEMENT SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

TURNKEY ENVIRONMENTAL MANAGEMENT SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

TURNKEY ENVIRONMENTAL MANAGEMENT SERVICES LIMITED

BALANCE SHEET

As at 31 January 2024
TURNKEY ENVIRONMENTAL MANAGEMENT SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 17,873 36,473
Tangible assets 4 10,762 14,883
28,635 51,356
Current assets
Debtors 5 820,255 1,202,665
Cash at bank and in hand 1,667,776 1,083,177
2,488,031 2,285,842
Creditors: amounts falling due within one year 6 ( 204,143) ( 284,397)
Net current assets 2,283,888 2,001,445
Total assets less current liabilities 2,312,523 2,052,801
Provision for liabilities 0 ( 2,235)
Net assets 2,312,523 2,050,566
Capital and reserves
Called-up share capital 7 111 111
Share premium account 99,989 99,989
Profit and loss account 2,212,423 1,950,466
Total shareholders' funds 2,312,523 2,050,566

For the financial year ending 31 January 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 Turnkey Environmental Management Services Limited (registered number: SC555642) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

William Walkingshaw
Director
TURNKEY ENVIRONMENTAL MANAGEMENT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
TURNKEY ENVIRONMENTAL MANAGEMENT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Turnkey Environmental Management Services 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 Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA, United Kingdom. The principal place of business is TEMS International, 58/3 Queens Road, Aberdeen, AB15 4YE.

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

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.

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
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.

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:

Other intangible assets 3 years straight line
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 etc. 3 - 5 years straight line
25 % reducing balance

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

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

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 17 17

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 February 2023 100,553 100,553
At 31 January 2024 100,553 100,553
Accumulated amortisation
At 01 February 2023 64,080 64,080
Charge for the financial year 18,600 18,600
At 31 January 2024 82,680 82,680
Net book value
At 31 January 2024 17,873 17,873
At 31 January 2023 36,473 36,473

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 43,744 43,744
Additions 3,566 3,566
At 31 January 2024 47,310 47,310
Accumulated depreciation
At 01 February 2023 28,861 28,861
Charge for the financial year 7,687 7,687
At 31 January 2024 36,548 36,548
Net book value
At 31 January 2024 10,762 10,762
At 31 January 2023 14,883 14,883

5. Debtors

2024 2023
£ £
Trade debtors 401,661 865,601
Other debtors 418,594 337,064
820,255 1,202,665

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 25,320 36,879
Corporation tax 132,900 201,302
Other taxation and social security 20,005 27,930
Other creditors 25,918 18,286
204,143 284,397

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,111 ordinary shares of £ 0.10 each 111 111