Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Christina Binnie 10/04/2008 Finlay George Binnie 10/04/2008 21 October 2024 The principal activity of the Company during the financial year was that of an electrical contractor. SC341127 2024-01-31 SC341127 bus:Director1 2024-01-31 SC341127 bus:Director2 2024-01-31 SC341127 2023-01-31 SC341127 core:CurrentFinancialInstruments 2024-01-31 SC341127 core:CurrentFinancialInstruments 2023-01-31 SC341127 core:ShareCapital 2024-01-31 SC341127 core:ShareCapital 2023-01-31 SC341127 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC341127 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC341127 core:PlantMachinery 2023-01-31 SC341127 core:Vehicles 2023-01-31 SC341127 core:FurnitureFittings 2023-01-31 SC341127 core:PlantMachinery 2024-01-31 SC341127 core:Vehicles 2024-01-31 SC341127 core:FurnitureFittings 2024-01-31 SC341127 2022-01-31 SC341127 bus:OrdinaryShareClass1 2024-01-31 SC341127 2023-02-01 2024-01-31 SC341127 bus:FilletedAccounts 2023-02-01 2024-01-31 SC341127 bus:SmallEntities 2023-02-01 2024-01-31 SC341127 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC341127 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC341127 bus:Director1 2023-02-01 2024-01-31 SC341127 bus:Director2 2023-02-01 2024-01-31 SC341127 core:PlantMachinery 2023-02-01 2024-01-31 SC341127 core:Vehicles 2023-02-01 2024-01-31 SC341127 core:FurnitureFittings 2023-02-01 2024-01-31 SC341127 2022-02-01 2023-01-31 SC341127 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC341127 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC341127 (Scotland)

BINNIE ELECTRICAL LIMITED

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

BINNIE ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

BINNIE ELECTRICAL LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
BINNIE ELECTRICAL LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 94,472 65,627
94,472 65,627
Current assets
Stocks 15,050 14,854
Debtors 4 90,030 29,732
Cash at bank and in hand 191,880 221,778
296,960 266,364
Creditors: amounts falling due within one year 5 ( 55,568) ( 60,126)
Net current assets 241,392 206,238
Total assets less current liabilities 335,864 271,865
Provision for liabilities 6 ( 23,496) ( 12,352)
Net assets 312,368 259,513
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 312,366 259,511
Total shareholders' funds 312,368 259,513

For the financial year ending 31 January 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 Binnie Electrical Limited (registered number: SC341127) were approved and authorised for issue by the Board of Directors on 21 October 2024. They were signed on its behalf by:

Finlay George Binnie
Director
BINNIE ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
BINNIE ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 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

Binnie Electrical 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 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue is recognised to the extent that the company has obtained the right to consideration through its performance.

Employee benefits

Short term benefits
The costs of short term employee benefits are recognised as a liability and expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised 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 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 - 33.3 % 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
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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest 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.

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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Amounts Recoverable on Contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 February 2023 14,343 126,032 4,606 144,981
Additions 0 44,614 687 45,301
Disposals 0 0 ( 301) ( 301)
At 31 January 2024 14,343 170,646 4,992 189,981
Accumulated depreciation
At 01 February 2023 11,144 64,822 3,388 79,354
Charge for the financial year 640 15,303 502 16,445
Disposals 0 0 ( 290) ( 290)
At 31 January 2024 11,784 80,125 3,600 95,509
Net book value
At 31 January 2024 2,559 90,521 1,392 94,472
At 31 January 2023 3,199 61,210 1,218 65,627

4. Debtors

2024 2023
£ £
Trade debtors 50,511 11,606
Other debtors 39,519 18,126
90,030 29,732

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 6,099 13,916
Taxation and social security 31,649 26,832
Other creditors 17,820 19,378
55,568 60,126

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 12,352) ( 9,555)
Charged to the Statement of Income and Retained Earnings ( 11,144) ( 2,797)
At the end of financial year ( 23,496) ( 12,352)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 0 1,346
2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 6,958 0

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to the directors (14,521) (16,528)

The above amounts are unsecured and have no fixed terms of repayment.