Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr M Paton 25/08/2023 17/02/2017 Mr P Paton 17/02/2017 02 September 2024 The principal activity of the Company during the financial year was the maintenance and repair of motor vehicles. SC558036 2024-02-29 SC558036 bus:Director1 2024-02-29 SC558036 bus:Director2 2024-02-29 SC558036 2023-02-28 SC558036 core:CurrentFinancialInstruments 2024-02-29 SC558036 core:CurrentFinancialInstruments 2023-02-28 SC558036 core:Non-currentFinancialInstruments 2024-02-29 SC558036 core:Non-currentFinancialInstruments 2023-02-28 SC558036 core:ShareCapital 2024-02-29 SC558036 core:ShareCapital 2023-02-28 SC558036 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC558036 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC558036 core:Goodwill 2023-02-28 SC558036 core:Goodwill 2024-02-29 SC558036 core:LandBuildings 2023-02-28 SC558036 core:OtherPropertyPlantEquipment 2023-02-28 SC558036 core:LandBuildings 2024-02-29 SC558036 core:OtherPropertyPlantEquipment 2024-02-29 SC558036 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2024-02-29 SC558036 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-02-28 SC558036 2022-02-28 SC558036 bus:OrdinaryShareClass1 2024-02-29 SC558036 core:OtherRelatedParties 2024-02-29 SC558036 core:OtherRelatedParties 2023-02-28 SC558036 2023-03-01 2024-02-29 SC558036 bus:FilletedAccounts 2023-03-01 2024-02-29 SC558036 bus:SmallEntities 2023-03-01 2024-02-29 SC558036 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC558036 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC558036 bus:Director1 2023-03-01 2024-02-29 SC558036 bus:Director2 2023-03-01 2024-02-29 SC558036 core:Goodwill core:TopRangeValue 2023-03-01 2024-02-29 SC558036 core:Goodwill 2023-03-01 2024-02-29 SC558036 core:LandBuildings core:TopRangeValue 2023-03-01 2024-02-29 SC558036 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC558036 2022-03-01 2023-02-28 SC558036 core:LandBuildings 2023-03-01 2024-02-29 SC558036 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 SC558036 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC558036 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC558036 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC558036 (Scotland)

ELDER & PATON (LEVEN) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

ELDER & PATON (LEVEN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

ELDER & PATON (LEVEN) LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
ELDER & PATON (LEVEN) LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 47,250 60,750
Tangible assets 4 540,343 430,355
587,593 491,105
Current assets
Stocks 5 89,410 135,467
Debtors
- due within one year 6 171,337 127,165
- due after more than one year 6 167,718 227,755
Cash at bank and in hand 7 41,852 157,416
470,317 647,803
Creditors: amounts falling due within one year 8 ( 287,351) ( 311,267)
Net current assets 182,966 336,536
Total assets less current liabilities 770,559 827,641
Creditors: amounts falling due after more than one year 9 ( 310,426) ( 484,401)
Provision for liabilities 10, 11 ( 10,574) ( 13,484)
Net assets 449,559 329,756
Capital and reserves
Called-up share capital 12 100 100
Profit and loss account 449,459 329,656
Total shareholder's funds 449,559 329,756

For the financial year ending 29 February 2024 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 Elder & Paton (Leven) Limited (registered number: SC558036) were approved and authorised for issue by the Director on 02 September 2024. They were signed on its behalf by:

Mr P Paton
Director
ELDER & PATON (LEVEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
ELDER & PATON (LEVEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 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

Elder & Paton (Leven) 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 Leven, Vale, Leven, KY8 4RB, Scotland, 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 services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised when the company has entitlement to income in exchange for the provision of services.

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.

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
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 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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, 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. 15 - 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.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 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 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).

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. 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, 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 and loans from fellow group companies, 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.

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

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 20 21

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 135,000 135,000
At 29 February 2024 135,000 135,000
Accumulated amortisation
At 01 March 2023 74,250 74,250
Charge for the financial year 13,500 13,500
At 29 February 2024 87,750 87,750
Net book value
At 29 February 2024 47,250 47,250
At 28 February 2023 60,750 60,750

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2023 386,927 174,703 561,630
Additions 133,068 2,664 135,732
At 29 February 2024 519,995 177,367 697,362
Accumulated depreciation
At 01 March 2023 42,482 88,793 131,275
Charge for the financial year 9,291 16,453 25,744
At 29 February 2024 51,773 105,246 157,019
Net book value
At 29 February 2024 468,222 72,121 540,343
At 28 February 2023 344,445 85,910 430,355

5. Stocks

2024 2023
£ £
Stocks 3,000 11,000
Work in progress 86,410 124,467
89,410 135,467

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 170,042 122,908
Other debtors 1,295 4,257
171,337 127,165
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings (note 13) 0 3,469
Amounts owed by related parties (note 13) 167,718 224,286
167,718 227,755

Amounts owed by related parties are unsecured, interest free and not repayable within twelve months of the balance sheet date.

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 41,852 157,416

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,158 9,911
Trade creditors 163,760 204,474
Taxation and social security 89,099 72,713
Obligations under finance leases and hire purchase contracts 10,661 9,920
Other creditors 13,673 14,249
287,351 311,267

Included within bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

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

2024 2023
£ £
Bank loans 14,101 24,111
Amounts owed to Group undertakings (note 13) 288,805 442,109
Obligations under finance leases and hire purchase contracts 7,520 18,181
310,426 484,401

Included within bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

10. Provision for liabilities

2024 2023
£ £
Deferred tax 10,574 13,484

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 13,484) ( 16,091)
Credited to the Profit and Loss Account 2,910 2,607
At the end of financial year ( 10,574) ( 13,484)

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

13. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

2024 2023
£ £
Other related parties 167,718 224,286

The balance noted above is a combination of trading and cash movements between related parties. This balance is unsecured and interest free.