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Company No: SC417574 (Scotland)

ELDER & PATON (PERTH) LIMITED

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

ELDER & PATON (PERTH) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

ELDER & PATON (PERTH) LIMITED

BALANCE SHEET

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

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 5,000 6,500
Tangible assets 5 1,766,126 1,484,641
Investments 6 200 200
1,771,326 1,491,341
Current assets
Stocks 7 445,056 545,417
Debtors
- due within one year 8 776,017 670,130
- due after more than one year 8 437,653 601,535
Cash at bank and in hand 9 110,142 41,268
1,768,868 1,858,350
Creditors: amounts falling due within one year 10 ( 963,580) ( 911,735)
Net current assets 805,288 946,615
Total assets less current liabilities 2,576,614 2,437,956
Creditors: amounts falling due after more than one year 11 ( 966,065) ( 869,430)
Provision for liabilities 12, 13 ( 86,407) ( 76,519)
Net assets 1,524,142 1,492,007
Capital and reserves
Called-up share capital 14 4 4
Profit and loss account 1,524,138 1,492,003
Total shareholders' funds 1,524,142 1,492,007

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 (Perth) Limited (registered number: SC417574) 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 (PERTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
ELDER & PATON (PERTH) 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 (Perth) 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 Arran Road, North Muirton, PH1 3DZ, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Prior year adjustment

Prior period adjustments have been recognised in the comparative period ended 28 February 2023. Information in relation to the correction and restatement of opening balances of assets and equity are included at note 2.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised when the company has entitlement to the 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 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.

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 13 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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings 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).

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 and bank loans, 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. Prior year adjustment

Prior period adjustments have been recognised in the comparative period ended 28 February 2023. During the preparation of the period ended 29 February 2024 accounts, it was identified that two ordinary shares that were previously thought to have been converted into A & B shares had not been cancelled so the comparatives in the financial statements have been re-stated to introduce these shares.

As previously reported Adjustment As restated
Year ended 28 February 2023 £ £ £
Debtors - due within one year 670,128 2 670,130
Called-up share capital 2 2 4

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 52 51

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 20,000 20,000
At 29 February 2024 20,000 20,000
Accumulated amortisation
At 01 March 2023 13,500 13,500
Charge for the financial year 1,500 1,500
At 29 February 2024 15,000 15,000
Net book value
At 29 February 2024 5,000 5,000
At 28 February 2023 6,500 6,500

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2023 1,070,725 938,085 2,008,810
Additions 45,380 400,764 446,144
At 29 February 2024 1,116,105 1,338,849 2,454,954
Accumulated depreciation
At 01 March 2023 21,415 502,754 524,169
Charge for the financial year 21,944 142,715 164,659
At 29 February 2024 43,359 645,469 688,828
Net book value
At 29 February 2024 1,072,746 693,380 1,766,126
At 28 February 2023 1,049,310 435,331 1,484,641

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 200
At 29 February 2024 200
Carrying value at 29 February 2024 200
Carrying value at 28 February 2023 200

7. Stocks

2024 2023
£ £
Stocks 3,000 33,000
Work in progress 442,056 512,417
445,056 545,417

8. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 382,712 288,890
Amounts owed by connected persons (note 15) 103,620 88,930
Other debtors 289,685 292,310
776,017 670,130
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings (note 15) 410,868 570,733
Amounts owed by related parties (note 15) 26,785 30,802
437,653 601,535

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

9. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 110,142 41,268

10. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 36,010 39,543
Trade creditors 492,806 566,384
Taxation and social security 252,696 164,479
Obligations under finance leases and hire purchase contracts 95,135 60,199
Other creditors 86,933 81,130
963,580 911,735

Included in bank loans are loans which are secured by a fixed charge over the property and a floating charge over the assets of the company of £25,827 (2023 - £29,611).

Also included in bank loans are amounts advanced to the company under the bounce back loan scheme of £10,183 (2023 - £9,932). This loan is covered by a government backed guarantee.

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

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

2024 2023
£ £
Bank loans 728,032 769,872
Obligations under finance leases and hire purchase contracts 238,033 84,728
Other creditors 0 14,830
966,065 869,430

Included in bank are loans which are secured by a fixed charge over the property and a floating charge over the assets of the company of £714,941 (2023 - £746,598).

Also included in bank loans are amounts advanced to the company under the bounce back loan scheme of £13,091 (2023 - £23,274). This loan is covered by a government backed guarantee.

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

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 578,494 615,629

12. Provision for liabilities

2024 2023
£ £
Deferred tax 86,407 76,519

13. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 76,519) ( 69,946)
Charged to the Statement of Income and Retained Earnings ( 9,888) ( 6,573)
At the end of financial year ( 86,407) ( 76,519)

14. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
2 Ordinary shares of £ 1.00 each 2 2
4 4

15. Related party transactions

Transactions with related parties or connected persons

Amounts owed by connected persons

2024 2023
£ £
Loan 103,620 88,930

Advances were made in this period to the shareholder totalling £172,938 and £160,370 was repaid. Interest of £2,122 was charged at HMRC's official interest rate of 2.25%. This loan is unsecured and has no fixed terms of repayment.

Amounts owed by related parties

2024 2023
£ £
Other related parties 26,785 30,802

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

Transactions with the entity’s director (or members of its governing body)

Amounts owed by director

2024 2023
£ £
Loan 193,905 199,430

Advances were made in this period to the director totalling £111,687 and £120,696 was repaid. Interest of £3,484 was charged at HMRC's official interest rate of 2.25%. This loan is unsecured and has no fixed terms of repayment.