Silverfin false false 29/04/2024 30/04/2023 29/04/2024 Scott Telford 02/04/2002 02 October 2024 The principal activity of the company continued to be that of provision of contracting services to the agricultural and construction industries. SC229837 2024-04-29 SC229837 bus:Director1 2024-04-29 SC229837 2023-04-29 SC229837 core:CurrentFinancialInstruments 2024-04-29 SC229837 core:CurrentFinancialInstruments 2023-04-29 SC229837 core:Non-currentFinancialInstruments 2024-04-29 SC229837 core:Non-currentFinancialInstruments 2023-04-29 SC229837 core:ShareCapital 2024-04-29 SC229837 core:ShareCapital 2023-04-29 SC229837 core:RetainedEarningsAccumulatedLosses 2024-04-29 SC229837 core:RetainedEarningsAccumulatedLosses 2023-04-29 SC229837 core:OtherPropertyPlantEquipment 2023-04-29 SC229837 core:OtherPropertyPlantEquipment 2024-04-29 SC229837 core:CurrentFinancialInstruments core:Secured 2024-04-29 SC229837 bus:OrdinaryShareClass1 2024-04-29 SC229837 2023-04-30 2024-04-29 SC229837 bus:FilletedAccounts 2023-04-30 2024-04-29 SC229837 bus:SmallEntities 2023-04-30 2024-04-29 SC229837 bus:AuditExemptWithAccountantsReport 2023-04-30 2024-04-29 SC229837 bus:PrivateLimitedCompanyLtd 2023-04-30 2024-04-29 SC229837 bus:Director1 2023-04-30 2024-04-29 SC229837 core:OtherPropertyPlantEquipment 2023-04-30 2024-04-29 SC229837 2022-04-30 2023-04-29 SC229837 core:CurrentFinancialInstruments 2023-04-30 2024-04-29 SC229837 bus:OrdinaryShareClass1 2023-04-30 2024-04-29 SC229837 bus:OrdinaryShareClass1 2022-04-30 2023-04-29 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC229837 (Scotland)

SCOTT TELFORD CONTRACTING LIMITED

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

SCOTT TELFORD CONTRACTING LIMITED

Unaudited Financial Statements

For the financial year ended 29 April 2024

Contents

SCOTT TELFORD CONTRACTING LIMITED

BALANCE SHEET

As at 29 April 2024
SCOTT TELFORD CONTRACTING LIMITED

BALANCE SHEET (continued)

As at 29 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 772,603 767,236
772,603 767,236
Current assets
Stocks 77,800 74,605
Debtors 4 174,773 205,795
Cash at bank and in hand 8,560 10,147
261,133 290,547
Creditors: amounts falling due within one year 5 ( 475,366) ( 488,668)
Net current liabilities (214,233) (198,121)
Total assets less current liabilities 558,370 569,115
Creditors: amounts falling due after more than one year 6 ( 194,805) ( 192,665)
Provision for liabilities ( 127,253) ( 117,655)
Net assets 236,312 258,795
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 236,310 258,793
Total shareholder's funds 236,312 258,795

For the financial year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Scott Telford Contracting Limited (registered number: SC229837) were approved and authorised for issue by the Director on 02 October 2024. They were signed on its behalf by:

Scott Telford
Director
SCOTT TELFORD CONTRACTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 April 2024
SCOTT TELFORD CONTRACTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 April 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

Scott Telford Contracting 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 Floors Farm, Muchalls, Stonehaven, AB39 3PL, 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

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination 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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 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.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, 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 Profit and Loss Account 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, except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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 Profit and Loss Account 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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 #tErm5 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, 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.

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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 3 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 30 April 2023 1,854,488 1,854,488
Additions 192,095 192,095
Disposals ( 97,268) ( 97,268)
At 29 April 2024 1,949,315 1,949,315
Accumulated depreciation
At 30 April 2023 1,087,252 1,087,252
Charge for the financial year 159,148 159,148
Disposals ( 69,688) ( 69,688)
At 29 April 2024 1,176,712 1,176,712
Net book value
At 29 April 2024 772,603 772,603
At 29 April 2023 767,236 767,236

4. Debtors

2024 2023
£ £
Trade debtors 154,939 199,257
Corporation tax 737 737
Other debtors 19,097 5,801
174,773 205,795

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 16,288 47,812
Trade creditors 236,572 158,899
Corporation tax 0 737
Other taxation and social security 87,738 154,277
Obligations under finance leases and hire purchase contracts (secured) 97,812 104,283
Other creditors 36,956 22,660
475,366 488,668

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

The bank borrowings are secured by a floating charge over all assets of the company.

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

2024 2023
£ £
Bank loans (secured) 0 16,288
Obligations under finance leases and hire purchase contracts (secured) 194,805 176,377
194,805 192,665

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

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 55,923 91,335

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by the director 10,344 2,184

There are no fixed repayment terms or interest applied to balances owed to or from the director.