Silverfin false false 31/03/2024 01/04/2023 31/03/2024 David Fraser Sidey Jnr 01/11/1997 Lindsey Sidey 19/03/2024 03 October 2024 The principal activity of the company is that of property rental, the rental of taxi plates and the rental of a laundrette. SC116923 2024-03-31 SC116923 bus:Director1 2024-03-31 SC116923 bus:Director2 2024-03-31 SC116923 2023-03-31 SC116923 core:CurrentFinancialInstruments 2024-03-31 SC116923 core:CurrentFinancialInstruments 2023-03-31 SC116923 core:Non-currentFinancialInstruments 2024-03-31 SC116923 core:Non-currentFinancialInstruments 2023-03-31 SC116923 core:ShareCapital 2024-03-31 SC116923 core:ShareCapital 2023-03-31 SC116923 core:RevaluationReserve 2024-03-31 SC116923 core:RevaluationReserve 2023-03-31 SC116923 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC116923 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC116923 core:OtherPropertyPlantEquipment 2023-03-31 SC116923 core:OtherPropertyPlantEquipment 2024-03-31 SC116923 core:CostValuation 2023-03-31 SC116923 core:DisposalsRepaymentsInvestments 2024-03-31 SC116923 core:CostValuation 2024-03-31 SC116923 2022-03-31 SC116923 bus:OrdinaryShareClass1 2024-03-31 SC116923 bus:OrdinaryShareClass2 2024-03-31 SC116923 bus:OrdinaryShareClass3 2024-03-31 SC116923 2023-04-01 2024-03-31 SC116923 bus:FilletedAccounts 2023-04-01 2024-03-31 SC116923 bus:SmallEntities 2023-04-01 2024-03-31 SC116923 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC116923 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC116923 bus:Director1 2023-04-01 2024-03-31 SC116923 bus:Director2 2023-04-01 2024-03-31 SC116923 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC116923 2022-04-01 2023-03-31 SC116923 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC116923 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC116923 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC116923 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC116923 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC116923 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC116923 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC116923 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC116923 (Scotland)

BRISIDE LIMITED

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

BRISIDE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

BRISIDE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
BRISIDE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,060 3,131
Investment property 4 860,834 860,834
Investments 5 73,000 175,270
936,894 1,039,235
Current assets
Debtors 6 44,035 0
Cash at bank and in hand 7 15,212 21,468
59,247 21,468
Creditors: amounts falling due within one year 8 ( 43,281) ( 44,345)
Net current assets/(liabilities) 15,966 (22,877)
Total assets less current liabilities 952,860 1,016,358
Creditors: amounts falling due after more than one year 9 ( 17,439) ( 27,186)
Provision for liabilities 10, 11 ( 3,008) ( 3,975)
Net assets 932,413 985,197
Capital and reserves
Called-up share capital 12 260 260
Revaluation reserve 105,714 105,714
Profit and loss account 826,439 879,223
Total shareholders' funds 932,413 985,197

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 Briside Limited (registered number: SC116923) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

David Fraser Sidey Jnr
Director
BRISIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
BRISIDE 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

Briside 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, modified 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 property rentals, taxi plate rentals and income from a laundrette. Rental income is recognised on a straight line basis over the terms of the lease.

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 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.

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, 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 etc. 20 - 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.

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.

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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value determined annually by the directors on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 initially 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.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 22,636 22,636
Additions 1,393 1,393
Disposals ( 1,278) ( 1,278)
At 31 March 2024 22,751 22,751
Accumulated depreciation
At 01 April 2023 19,505 19,505
Charge for the financial year 885 885
Disposals ( 699) ( 699)
At 31 March 2024 19,691 19,691
Net book value
At 31 March 2024 3,060 3,060
At 31 March 2023 3,131 3,131

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 860,834
As at 31 March 2024 860,834

Valuation

The fair value of the investment property is on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market basis.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 175,270 175,270
Disposals ( 102,270) ( 102,270)
At 31 March 2024 73,000 73,000
Carrying value at 31 March 2024 73,000 73,000
Carrying value at 31 March 2023 175,270 175,270

6. Debtors

2024 2023
£ £
Trade debtors 42,275 0
Other debtors 1,760 0
44,035 0

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 15,212 21,468

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,103 10,279
Taxation and social security 8,583 11,024
Other creditors 24,595 23,042
43,281 44,345

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is covered by a government backed guarantee.

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

2024 2023
£ £
Bank loans 17,439 27,186

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is covered by a government backed guarantee.

10. Provision for liabilities

2024 2023
£ £
Deferred tax 3,008 3,975

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 3,975) ( 3,870)
Credited/(charged) to the Profit and Loss Account 967 ( 105)
At the end of financial year ( 3,008) ( 3,975)

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200
50 A ordinary shares of £ 1.00 each 50 50
10 B ordinary shares of £ 1.00 each 10 10
260 260

13. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed to directors 19,041 18,179

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