Silverfin false false 31/03/2024 01/04/2023 31/03/2024 I R Fletcher 28/01/2020 V E Fletcher 28/01/2020 23 October 2024 The principal activity of the Company during the financial year was of servicing of sewage plants. SC652880 2024-03-31 SC652880 bus:Director1 2024-03-31 SC652880 bus:Director2 2024-03-31 SC652880 2023-03-31 SC652880 core:CurrentFinancialInstruments 2024-03-31 SC652880 core:CurrentFinancialInstruments 2023-03-31 SC652880 core:Non-currentFinancialInstruments 2024-03-31 SC652880 core:Non-currentFinancialInstruments 2023-03-31 SC652880 core:ShareCapital 2024-03-31 SC652880 core:ShareCapital 2023-03-31 SC652880 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC652880 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC652880 core:OtherPropertyPlantEquipment 2023-03-31 SC652880 core:OtherPropertyPlantEquipment 2024-03-31 SC652880 bus:OrdinaryShareClass1 2024-03-31 SC652880 2023-04-01 2024-03-31 SC652880 bus:FilletedAccounts 2023-04-01 2024-03-31 SC652880 bus:SmallEntities 2023-04-01 2024-03-31 SC652880 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC652880 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC652880 bus:Director1 2023-04-01 2024-03-31 SC652880 bus:Director2 2023-04-01 2024-03-31 SC652880 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC652880 2022-02-01 2023-03-31 SC652880 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC652880 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC652880 bus:OrdinaryShareClass1 2022-02-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC652880 (Scotland)

IFFLUENT LTD

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

IFFLUENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

IFFLUENT LTD

BALANCE SHEET

AS AT 31 MARCH 2024
IFFLUENT LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 15,208 18,074
15,208 18,074
Current assets
Debtors 4 27,801 29,643
Cash at bank and in hand 56,037 52,103
83,838 81,746
Creditors: amounts falling due within one year 5 ( 64,780) ( 55,349)
Net current assets 19,058 26,397
Total assets less current liabilities 34,266 44,471
Creditors: amounts falling due after more than one year 6 ( 2,193) ( 7,909)
Provision for liabilities 7 ( 3,802) ( 4,519)
Net assets 28,271 32,043
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 28,171 31,943
Total shareholders' funds 28,271 32,043

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 Iffluent Ltd (registered number: SC652880) were approved and authorised for issue by the Board of Directors on 23 October 2024. They were signed on its behalf by:

I R Fletcher
Director
IFFLUENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
IFFLUENT LTD

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 period, unless otherwise stated.

General information and basis of accounting

Iffluent Ltd (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 21 East Abercromby Street, Helensburgh, G84 9HZ, 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.

Reporting period length

The current year reporting period covers a 12 month period to 31 March 2024 whereas the prior period period covers a 14 month period from 1st February 2022 - 31st March 2023, therefore the amounts are not directly comparable.

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.

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.

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 etc. 15 - 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.

Cash and cash equivalents

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

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.

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

Year ended
31.03.2024
Period from
01.02.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 32,622 32,622
Additions 1,674 1,674
At 31 March 2024 34,296 34,296
Accumulated depreciation
At 01 April 2023 14,548 14,548
Charge for the financial year 4,540 4,540
At 31 March 2024 19,088 19,088
Net book value
At 31 March 2024 15,208 15,208
At 31 March 2023 18,074 18,074

4. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 27,801 28,493
Other debtors 0 1,150
27,801 29,643

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 420 0
Taxation and social security 39,298 33,916
Other creditors 25,062 21,433
64,780 55,349

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

31.03.2024 31.03.2023
£ £
Other creditors 2,193 7,909

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

31.03.2024 31.03.2023
£ £
Deferred tax 3,802 4,519

8. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

31.03.2024 31.03.2023
£ £
Amounts owed to key management personnel 16,307 12,944