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Company No: 08917295 (England and Wales)

S C FORECOURTS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

S C FORECOURTS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

S C FORECOURTS LIMITED

BALANCE SHEET

As at 29 February 2024
S C FORECOURTS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 262,570 286,916
Investments 5 1 1
262,571 286,917
Current assets
Stocks 6 21,472 31,472
Debtors 7 1,660,071 930,977
Cash at bank and in hand 1,030,705 96,849
2,712,248 1,059,298
Creditors: amounts falling due within one year 8 ( 2,174,495) ( 711,729)
Net current assets 537,753 347,569
Total assets less current liabilities 800,324 634,486
Creditors: amounts falling due after more than one year 9 ( 129,451) ( 180,257)
Provision for liabilities ( 18,610) ( 23,821)
Net assets 652,263 430,408
Capital and reserves
Called-up share capital 1 1
Profit and loss account 652,262 430,407
Total shareholder's funds 652,263 430,408

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.

Directors' responsibilities:

The financial statements of S C Forecourts Limited (registered number: 08917295) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

S V Stacey
Director
S C FORECOURTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
S C FORECOURTS 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

S C Forecourts Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Railway Station Station Road, Wiveliscombe, Taunton, TA4 2LX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Employee benefits

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 50 years straight line
Plant and machinery 4 years straight line
Vehicles 4 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.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Contract revenue recognition

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. Revenue not billed to clients is included in debtors as Amounts recoverable on contracts.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 21

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 40,000 40,000
At 29 February 2024 40,000 40,000
Accumulated amortisation
At 01 March 2023 40,000 40,000
At 29 February 2024 40,000 40,000
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 March 2023 165,000 78,109 282,658 525,767
Additions 0 1,993 21,146 23,139
Disposals 0 ( 29,338) ( 5,850) ( 35,188)
At 29 February 2024 165,000 50,764 297,954 513,718
Accumulated depreciation
At 01 March 2023 3,400 67,938 167,513 238,851
Charge for the financial year 1,700 6,865 38,920 47,485
Disposals 0 ( 29,338) ( 5,850) ( 35,188)
At 29 February 2024 5,100 45,465 200,583 251,148
Net book value
At 29 February 2024 159,900 5,299 97,371 262,570
At 28 February 2023 161,600 10,171 115,145 286,916

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 1
At 29 February 2024 1
Carrying value at 29 February 2024 1
Carrying value at 28 February 2023 1

6. Stocks

2024 2023
£ £
Raw materials 21,472 31,472

7. Debtors

2024 2023
£ £
Trade debtors 867,139 152,465
Other debtors 792,932 778,512
1,660,071 930,977

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 45,083 33,000
Trade creditors 1,163,617 436,749
Taxation and social security 253,143 124,413
Obligations under finance leases and hire purchase contracts 31,306 28,889
Other creditors 681,346 88,678
2,174,495 711,729

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

2024 2023
£ £
Bank loans 68,750 101,750
Obligations under finance leases and hire purchase contracts (secured) 60,701 78,507
129,451 180,257

Hire purchase contracts are secured against assets to which they relate.

10. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 March 2023, the balance owed by the director was £nil. During the year, £85,836 was advanced to the director, and £85,836 was repaid by the director. At 29 February 2024, the balance owed by the director was £nil.

At 1 March 2022, the balance owed by the director was £nil. During the year, £80,920 was advanced to the director, and £80,920 was repaid by the director. At 28 February 2023, the balance owed by the director was £nil.