Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Donna Cairns 21/03/2014 Gavin Cairns 21/03/2014 11 September 2024 The principal activity of the Company during the financial year was the provision of roughcasting services. SC473140 2024-03-31 SC473140 bus:Director1 2024-03-31 SC473140 bus:Director2 2024-03-31 SC473140 2023-03-31 SC473140 core:CurrentFinancialInstruments 2024-03-31 SC473140 core:CurrentFinancialInstruments 2023-03-31 SC473140 core:Non-currentFinancialInstruments 2024-03-31 SC473140 core:Non-currentFinancialInstruments 2023-03-31 SC473140 core:ShareCapital 2024-03-31 SC473140 core:ShareCapital 2023-03-31 SC473140 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC473140 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC473140 core:LandBuildings 2023-03-31 SC473140 core:PlantMachinery 2023-03-31 SC473140 core:Vehicles 2023-03-31 SC473140 core:FurnitureFittings 2023-03-31 SC473140 core:ComputerEquipment 2023-03-31 SC473140 core:LandBuildings 2024-03-31 SC473140 core:PlantMachinery 2024-03-31 SC473140 core:Vehicles 2024-03-31 SC473140 core:FurnitureFittings 2024-03-31 SC473140 core:ComputerEquipment 2024-03-31 SC473140 2022-03-31 SC473140 bus:OrdinaryShareClass1 2024-03-31 SC473140 core:WithinOneYear 2024-03-31 SC473140 core:WithinOneYear 2023-03-31 SC473140 core:BetweenOneFiveYears 2024-03-31 SC473140 core:BetweenOneFiveYears 2023-03-31 SC473140 2023-04-01 2024-03-31 SC473140 bus:FilletedAccounts 2023-04-01 2024-03-31 SC473140 bus:SmallEntities 2023-04-01 2024-03-31 SC473140 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC473140 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC473140 bus:Director1 2023-04-01 2024-03-31 SC473140 bus:Director2 2023-04-01 2024-03-31 SC473140 core:PlantMachinery 2023-04-01 2024-03-31 SC473140 core:Vehicles 2023-04-01 2024-03-31 SC473140 core:FurnitureFittings 2023-04-01 2024-03-31 SC473140 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC473140 2022-04-01 2023-03-31 SC473140 core:LandBuildings 2023-04-01 2024-03-31 SC473140 core:ComputerEquipment 2023-04-01 2024-03-31 SC473140 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC473140 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC473140 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC473140 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC473140 (Scotland)

GAVIN CAIRNS ROUGHCASTING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

GAVIN CAIRNS ROUGHCASTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

GAVIN CAIRNS ROUGHCASTING LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
GAVIN CAIRNS ROUGHCASTING LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 5 299,340 287,562
299,340 287,562
Current assets
Stocks 0 9,732
Debtors 6 1,198,658 1,029,517
Cash at bank and in hand 7 964,773 805,383
2,163,431 1,844,632
Creditors: amounts falling due within one year 8 ( 360,890) ( 391,548)
Net current assets 1,802,541 1,453,084
Total assets less current liabilities 2,101,881 1,740,646
Creditors: amounts falling due after more than one year 9 ( 41,187) ( 42,380)
Provision for liabilities 10 ( 22,605) ( 21,428)
Net assets 2,038,089 1,676,838
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account 2,037,989 1,676,738
Total shareholders' funds 2,038,089 1,676,838

For the financial year ending 31 March 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 Gavin Cairns Roughcasting Limited (registered number: SC473140) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

Gavin Cairns
Director
GAVIN CAIRNS ROUGHCASTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
GAVIN CAIRNS ROUGHCASTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Gavin Cairns Roughcasting 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 14 Heights of Woodside, Westhill, Inverness, Scotland, IV2 5TH.

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 £.

Prior year adjustment

The prior period profit before tax has been reinstated to include an element of business expenses which had been incorrectly treated as personal. As a result of the restatement, the prior period profit before tax has decreased by £10,277. As the restatement relates partly to a historic period, the corrective adjustment has been reflected within the earliest prior presented within these financial statements.

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.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance
Computer equipment 3 years straight line

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.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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.

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. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Retained earnings (1,687,014) 10,277 (1,676,737)
Directors Loan Account 325,958 (10,277) 315,681

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 5

4. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 March 2024 of £1 per ordinary share 81,932 87,100

5. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 201,835 26,908 122,607 0 1,216 352,566
Additions 0 0 28,014 10,780 0 38,794
Disposals 0 0 ( 14,395) 0 ( 674) ( 15,069)
At 31 March 2024 201,835 26,908 136,226 10,780 542 376,291
Accumulated depreciation
At 01 April 2023 0 17,082 46,706 0 1,216 65,004
Charge for the financial year 0 1,474 22,050 503 0 24,027
Disposals 0 0 ( 11,406) 0 ( 674) ( 12,080)
At 31 March 2024 0 18,556 57,350 503 542 76,951
Net book value
At 31 March 2024 201,835 8,352 78,876 10,277 0 299,340
At 31 March 2023 201,835 9,826 75,901 0 0 287,562

6. Debtors

2024 2023
£ £
Trade debtors 419,028 527,717
Corporation tax 105,862 109,330
Other debtors 673,768 392,470
1,198,658 1,029,517

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 964,773 805,383

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 75,915 96,199
Taxation and social security 204,304 272,782
Obligations under finance leases and hire purchase contracts 18,996 15,936
Other creditors 61,675 6,631
360,890 391,548

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 41,187 42,380

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 21,428) ( 13,387)
Charged to the Profit and Loss Account ( 1,177) ( 8,041)
At the end of financial year ( 22,605) ( 21,428)

11. Called-up share capital

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

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 6,015 6,015
between one and five years 21,828 27,843
27,843 33,858

13. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management personnel 400,910 315,681

Advances

At the beginning of the year the business was owed £315,681 by the directors. Advances were made to the directors in the year to 31 March 2024 for £175,051 (at interest rate of 2.25% totalling £8,265). £98,087 has been repaid within the year resulting in a closing balance of £400,910 being owed to the business by the directors.

This loan is unsecured and has no fixed terms of repayment