Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Caroline Haxton 06/01/2015 Craig Haxton 06/01/2015 26 September 2024 The principal activity of the Company during the financial year continued to be that of the sale of barbecue cabins. SC494456 2023-12-31 SC494456 bus:Director1 2023-12-31 SC494456 bus:Director2 2023-12-31 SC494456 2022-12-31 SC494456 core:CurrentFinancialInstruments 2023-12-31 SC494456 core:CurrentFinancialInstruments 2022-12-31 SC494456 core:Non-currentFinancialInstruments 2023-12-31 SC494456 core:Non-currentFinancialInstruments 2022-12-31 SC494456 core:ShareCapital 2023-12-31 SC494456 core:ShareCapital 2022-12-31 SC494456 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC494456 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC494456 core:OtherPropertyPlantEquipment 2022-12-31 SC494456 core:OtherPropertyPlantEquipment 2023-12-31 SC494456 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC494456 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC494456 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC494456 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC494456 core:MoreThanFiveYears 2023-12-31 SC494456 core:MoreThanFiveYears 2022-12-31 SC494456 2021-12-31 SC494456 bus:OrdinaryShareClass1 2023-12-31 SC494456 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-12-31 SC494456 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2022-12-31 SC494456 core:OtherRelatedParties 2023-12-31 SC494456 core:OtherRelatedParties 2022-12-31 SC494456 core:KeyManagementPersonnel 2023-12-31 SC494456 core:KeyManagementPersonnel 2022-12-31 SC494456 2023-01-01 2023-12-31 SC494456 bus:FilletedAccounts 2023-01-01 2023-12-31 SC494456 bus:SmallEntities 2023-01-01 2023-12-31 SC494456 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC494456 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC494456 bus:Director1 2023-01-01 2023-12-31 SC494456 bus:Director2 2023-01-01 2023-12-31 SC494456 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC494456 2022-01-01 2022-12-31 SC494456 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC494456 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC494456 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC494456 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC494456 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-01-01 2023-12-31 SC494456 core:KeyManagementPersonnel 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC494456 (Scotland)

SCOTIA CABINS LIMITED

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

SCOTIA CABINS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

SCOTIA CABINS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
SCOTIA CABINS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 36,566 45,708
36,566 45,708
Current assets
Stocks 4 44,863 46,663
Debtors 5 25,767 28,520
Cash at bank and in hand 6 15,524 51,492
86,154 126,675
Creditors: amounts falling due within one year 7 ( 49,967) ( 69,215)
Net current assets 36,187 57,460
Total assets less current liabilities 72,753 103,168
Creditors: amounts falling due after more than one year 8 ( 41,949) ( 53,275)
Provision for liabilities 9, 10 ( 9,142) ( 11,427)
Net assets 21,662 38,466
Capital and reserves
Called-up share capital 11 2 2
Profit and loss account 21,660 38,464
Total shareholders' funds 21,662 38,466

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.

Directors' responsibilities:

The financial statements of Scotia Cabins Limited (registered number: SC494456) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

Caroline Haxton
Director
SCOTIA CABINS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SCOTIA CABINS LIMITED

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

Scotia Cabins 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 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 represents amounts receivable for the supply and installation of barbecue cabins net of VAT.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of goods and 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.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % 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 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).

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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 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 costs.

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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 77,651 77,651
At 31 December 2023 77,651 77,651
Accumulated depreciation
At 01 January 2023 31,943 31,943
Charge for the financial year 9,142 9,142
At 31 December 2023 41,085 41,085
Net book value
At 31 December 2023 36,566 36,566
At 31 December 2022 45,708 45,708

4. Stocks

2023 2022
£ £
Stocks 44,863 46,663

5. Debtors

2023 2022
£ £
Trade debtors 2,663 24,488
Amounts owed by connected companies (note 12) 2,352 0
Other debtors 20,752 4,032
25,767 28,520

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 15,524 51,492

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,618 5,629
Trade creditors 271 6,092
Amounts owed to related parties (note 12) 0 200
Corporation tax 7,308 3,658
Other taxation and social security 11,894 21,380
Obligations under finance leases and hire purchase contracts (secured) 5,055 4,753
Other creditors 19,821 27,503
49,967 69,215

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

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

2023 2022
£ £
Bank loans 31,418 36,962
Obligations under finance leases and hire purchase contracts (secured) 10,531 15,586
Other creditors 0 727
41,949 53,275

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

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

2023 2022
£ £
Bank loans (repayable by instalments) 7,487 12,989

9. Provision for liabilities

2023 2022
£ £
Deferred tax 9,142 11,427

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 11,427) ( 14,155)
Credited to the Statement of Income and Retained Earnings 2,285 2,728
At the end of financial year ( 9,142) ( 11,427)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

12. Related party transactions

Transactions with related parties or connected persons

Amounts owed to connected companies

2023 2022
£ £
Amounts Owed by Connected Companies 2,352 0

Amounts owed to related parties

2023 2022
£ £
Amounts owed to Related Parties 0 200

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

Amounts owed by directors

2023 2022
£ £
Directors Loan 14,643 0

Amounts owed to directors

2023 2022
£ £
Directors Loan 0 487

Amounts advanced to the directors in the year totals £79,288 with interest of £220 charged at 2.25%. Amounts repaid by the directors in the year totals £64,378. The loans are unsecured and have been repaid within 9 months of the balance sheet date.