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Company No: SC240065 (Scotland)

GEORGE INNES BUILDERS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

GEORGE INNES BUILDERS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

GEORGE INNES BUILDERS LTD.

BALANCE SHEET

AS AT 31 DECEMBER 2023
GEORGE INNES BUILDERS LTD.

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 81,416 99,128
81,416 99,128
Current assets
Stocks 5,000 5,000
Debtors 5 46,041 148,054
Cash at bank and in hand 379,584 347,760
430,625 500,814
Creditors: amounts falling due within one year 6 ( 137,335) ( 158,914)
Net current assets 293,290 341,900
Total assets less current liabilities 374,706 441,028
Creditors: amounts falling due after more than one year 7 ( 19,069) ( 29,114)
Provision for liabilities ( 17,897) ( 22,237)
Net assets 337,740 389,677
Capital and reserves
Called-up share capital 8 10,000 10,000
Profit and loss account 327,740 379,677
Total shareholder's funds 337,740 389,677

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.

Director's responsibilities:

The financial statements of George Innes Builders Ltd. (registered number: SC240065) were approved and authorised for issue by the Director on 11 September 2024. They were signed on its behalf by:

Alan Murray
Director
GEORGE INNES BUILDERS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
GEORGE INNES BUILDERS LTD.

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

George Innes Builders Ltd. (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 6 Diagonal Road, Pinefield Industrial Estate, Elgin, IV30 6AH, United Kingdom.

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

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the 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.

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:

Leasehold improvements 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 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 finance leases, hire purchase contracts and other similar arrangements, 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.

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.

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, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 the director 12 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 60,000 60,000
At 31 December 2023 60,000 60,000
Accumulated amortisation
At 01 January 2023 60,000 60,000
At 31 December 2023 60,000 60,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 16,973 37,089 161,274 6,130 8,349 229,815
Additions 0 4,128 0 697 609 5,434
Disposals 0 ( 3,144) 0 0 0 ( 3,144)
At 31 December 2023 16,973 38,073 161,274 6,827 8,958 232,105
Accumulated depreciation
At 01 January 2023 4,041 14,714 104,039 3,331 4,562 130,687
Charge for the financial year 1,697 3,757 14,309 420 1,042 21,225
Disposals 0 ( 1,223) 0 0 0 ( 1,223)
At 31 December 2023 5,738 17,248 118,348 3,751 5,604 150,689
Net book value
At 31 December 2023 11,235 20,825 42,926 3,076 3,354 81,416
At 31 December 2022 12,932 22,375 57,235 2,799 3,787 99,128

5. Debtors

2023 2022
£ £
Trade debtors 14,386 28,681
Amounts owed by Parent undertakings 17,162 94,043
Prepayments 14,493 10,330
Other debtors 0 15,000
46,041 148,054

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,035 9,788
Trade creditors 55,773 77,742
Accruals 7,235 5,946
Taxation and social security 63,153 64,176
Other creditors 1,139 1,262
137,335 158,914

Included within bank loans is the Coronavirus Bounce Back Loan of £10,035 (2022 - £9,788) which is guaranteed by the UK Government.

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

2023 2022
£ £
Bank loans 19,069 29,114

Included within bank loans is the Coronavirus Bounce Back Loan of £19,069 (2022 - £29,114) which is guaranteed by the UK Government.

8. Called-up share capital

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

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
George Innes Builders (Elgin) Ltd 17,162 94,043

The above loan is unsecured, interest free and has no fixed terms of repayment.