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Company No: SC282623 (Scotland)

AMCO ENGINEERING SERVICES LIMITED

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

AMCO ENGINEERING SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

AMCO ENGINEERING SERVICES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
AMCO ENGINEERING SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 75,348 42,131
75,348 42,131
Current assets
Debtors 5 184,066 298,803
Cash at bank and in hand 6 11,265 1,117
195,331 299,920
Creditors: amounts falling due within one year 7 ( 163,481) ( 200,413)
Net current assets 31,850 99,507
Total assets less current liabilities 107,198 141,638
Creditors: amounts falling due after more than one year 8 ( 30,000) ( 27,431)
Provision for liabilities 9, 10 ( 18,579) ( 10,257)
Net assets 58,619 103,950
Capital and reserves
Called-up share capital 11 20,000 20,000
Capital redemption reserve 10,000 10,000
Profit and loss account 28,619 73,950
Total shareholders' funds 58,619 103,950

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 Amco Engineering Services Limited (registered number: SC282623) were approved and authorised for issue by the Board of Directors on 13 October 2024. They were signed on its behalf by:

Mr G H Bruce
Director
AMCO ENGINEERING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
AMCO ENGINEERING SERVICES 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

Amco Engineering Services 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 Unit 26 Riverview Business Park, Friarton Road, Perth, PH2 8DF, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

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.

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

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 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line
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 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 and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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

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

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 95,000 95,000
At 31 March 2024 95,000 95,000
Accumulated amortisation
At 01 April 2023 95,000 95,000
At 31 March 2024 95,000 95,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 132,303 132,303
Additions 63,804 63,804
Disposals ( 25,756) ( 25,756)
At 31 March 2024 170,351 170,351
Accumulated depreciation
At 01 April 2023 90,172 90,172
Charge for the financial year 27,582 27,582
Disposals ( 22,751) ( 22,751)
At 31 March 2024 95,003 95,003
Net book value
At 31 March 2024 75,348 75,348
At 31 March 2023 42,131 42,131

5. Debtors

2024 2023
£ £
Trade debtors 181,370 281,516
Other debtors 2,696 17,287
184,066 298,803

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 11,265 1,117
Less: Bank overdrafts ( 3,107) ( 38,663)
8,158 (37,546)

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 13,185 48,492
Trade creditors 23,224 26,862
Corporation tax 50,950 66,636
Other taxation and social security 6,187 20,542
Obligations under finance leases and hire purchase contracts 5,404 1,600
Other creditors 64,531 36,281
163,481 200,413

Included within Bank loans and overdrafts are amounts advanced to the company under the Bounce Back Loan scheme of £10,078 (2023 - £9,829). This loan is covered by a government backed guarantee. Also included is a bank overdraft totalling £3,107 (2023 - £38,663), which is covered by a floating charge over all the property or undertaking of the company.

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

2024 2023
£ £
Bank loans 17,353 27,431
Obligations under finance leases and hire purchase contracts 12,647 0
30,000 27,431

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

9. Provision for liabilities

2024 2023
£ £
Deferred tax 18,579 10,257

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 10,257) ( 14,617)
(Charged)/credited to the Statement of Income and Retained Earnings ( 8,322) 4,360
At the end of financial year ( 18,579) ( 10,257)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each 20,000 20,000

12. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Tangible fixed assets 0 35,095

13. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors Loan Account 300 9,700

Advances

Advances have been made in the year to the Directors totalling £235,160 and £225,760 was repaid. The above balance is unsecured, interest free and repayable on demand.