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Company No: SC539698 (Scotland)

LAMINAR ENGINEERING LTD

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

LAMINAR ENGINEERING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

LAMINAR ENGINEERING LTD

BALANCE SHEET

AS AT 31 MARCH 2024
LAMINAR ENGINEERING LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 40,186 45,474
40,186 45,474
Current assets
Debtors 4 4,620 23,173
Cash at bank and in hand 5 1,963 14,708
6,583 37,881
Creditors: amounts falling due within one year 6 ( 11,133) ( 13,481)
Net current (liabilities)/assets (4,550) 24,400
Total assets less current liabilities 35,636 69,874
Provision for liabilities 7, 8 ( 9,839) ( 10,420)
Net assets 25,797 59,454
Capital and reserves
Called-up share capital 9 110 110
Profit and loss account 25,687 59,344
Total shareholders' funds 25,797 59,454

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.

Director's responsibilities:

The financial statements of Laminar Engineering Ltd (registered number: SC539698) were approved and authorised for issue by the Director on 12 September 2024. They were signed on its behalf by:

Paul William Frederick Knowles
Director
LAMINAR ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
LAMINAR ENGINEERING LTD

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

Laminar Engineering 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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, 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 for services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised on the accrual basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognizes in the period in which the employee’s services are received.

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:

Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line
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.

Leases

The Company as lessee
Assets held under hire purchase 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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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 and bank balances, are measured at transaction price including transaction cost.

Basic financial liabilities
Basic financial liabilities, including creditors 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 1 1

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 18,018 41,974 5,050 9,706 74,748
Additions 3,650 0 463 1,863 5,976
At 31 March 2024 21,668 41,974 5,513 11,569 80,724
Accumulated depreciation
At 01 April 2023 7,630 10,336 3,233 8,075 29,274
Charge for the financial year 1,338 7,909 1,035 982 11,264
At 31 March 2024 8,968 18,245 4,268 9,057 40,538
Net book value
At 31 March 2024 12,700 23,729 1,245 2,512 40,186
At 31 March 2023 10,388 31,638 1,817 1,631 45,474

4. Debtors

2024 2023
£ £
Trade debtors 2,968 0
Other debtors 1,652 23,173
4,620 23,173

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,963 14,708

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 6,981 8,385
Other creditors 4,152 5,096
11,133 13,481

7. Provision for liabilities

2024 2023
£ £
Deferred tax 9,839 10,420

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 10,420) ( 5,288)
Credited/(charged) to the Statement of Income and Retained Earnings 581 ( 5,132)
At the end of financial year ( 9,839) ( 10,420)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
80 A Ordinary shares of £ 1.00 each 80 80
10 B Ordinary shares of £ 1.00 each 10 10
10 C Ordinary shares of £ 1.00 each 10 10
10 D Ordinary shares of £ 1.00 each 10 10
110 110

10. Related party transactions

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

Amounts owed by director

2024 2023
£ £
Directors Loan Account 1,521 0

Amounts owed to director

2024 2023
£ £
Directors Loan Account 0 2,473

Advances

Advances have been made in the year to the director totalling £71,116 and £67,800 has been repaid. Interest of £678 was charged at a rate of 2.25%.

At 31 March 2024, the total amounts owed to the company by the director was £1,521.

The directors loan is unsecured and has been repaid within 9 months of the balance sheet date.