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Company No: SC200525 (Scotland)

ASBESTOS SPECIALISTS (UK) LTD

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

ASBESTOS SPECIALISTS (UK) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

ASBESTOS SPECIALISTS (UK) LTD

BALANCE SHEET

AS AT 31 JANUARY 2024
ASBESTOS SPECIALISTS (UK) LTD

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 256,307 287,423
Investments 4 2 17,000
256,309 304,423
Current assets
Stocks 120,027 168,993
Debtors 5 940,179 876,189
Cash at bank and in hand 60,002 52,170
1,120,208 1,097,352
Creditors: amounts falling due within one year 6 ( 234,600) ( 254,117)
Net current assets 885,608 843,235
Total assets less current liabilities 1,141,917 1,147,658
Creditors: amounts falling due after more than one year 7 ( 15,049) ( 32,778)
Provision for liabilities 8 ( 23,949) ( 26,636)
Net assets 1,102,919 1,088,244
Capital and reserves
Called-up share capital 9 2,500 2,500
Capital redemption reserve 2,500 2,500
Profit and loss account 1,097,919 1,083,244
Total shareholders' funds 1,102,919 1,088,244

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.

Director's responsibilities:

The financial statements of Asbestos Specialists (UK) Ltd (registered number: SC200525) were approved and authorised for issue by the Director on 29 October 2024. They were signed on its behalf by:

Mr Barry Scott
Director
ASBESTOS SPECIALISTS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
ASBESTOS SPECIALISTS (UK) LTD

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

Asbestos Specialists (UK) 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 36 Moycroft Road, Moycroft Industrial Estate, Elgin, IV30 1XE, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received for asbestos and retail services provided in the normal course of business, and is shown net of VAT.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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.

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, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 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 Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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.

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.

Trade and other debtors

Trade and other debtors are recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies are recognised at transaction price.

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 accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 11

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2023 180,296 238,706 254,572 37,626 711,200
Additions 0 990 0 291 1,281
Disposals 0 0 ( 7,090) 0 ( 7,090)
At 31 January 2024 180,296 239,696 247,482 37,917 705,391
Accumulated depreciation
At 01 February 2023 33,519 171,113 189,099 30,046 423,777
Charge for the financial year 3,606 10,189 16,260 1,910 31,965
Disposals 0 0 ( 6,658) 0 ( 6,658)
At 31 January 2024 37,125 181,302 198,701 31,956 449,084
Net book value
At 31 January 2024 143,171 58,394 48,781 5,961 256,307
At 31 January 2023 146,777 67,593 65,473 7,580 287,423

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 February 2023 17,000
At 31 January 2024 17,000
Provisions for impairment
At 01 February 2023 0
Impairment 16,998
At 31 January 2024 16,998
Carrying value at 31 January 2024 2
Carrying value at 31 January 2023 17,000

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.01.2024
Ownership
31.01.2023
Held
GTC Chemical Services Limited 36 Moycroft Road, Moycroft Industrial Estate, Elgin, Scotland, IV30 1XE Dormant Ordinary 100.00% 100.00% Direct

5. Debtors

2024 2023
£ £
Trade debtors 48,700 55,120
Amounts owed by related parties 859,959 790,404
Other debtors 31,520 30,665
940,179 876,189

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,648 21,273
Trade creditors 50,790 59,150
Amounts owed to related parties 105,500 106,100
Taxation and social security 51,450 31,939
Obligations under finance leases and hire purchase contracts 7,884 10,036
Other creditors 8,328 25,619
234,600 254,117

Bank loans are secured over the company's assets by way of fixed and floating charges. Amounts in respect of finance lease are secured over the asset they relate to.

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

2024 2023
£ £
Bank loans 15,049 24,894
Obligations under finance leases and hire purchase contracts 0 7,884
15,049 32,778

Bank loans are secured over the company's assets by way of fixed and floating charges. Amounts in respect of finance lease are secured over the asset they relate to.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 23,949 26,636

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,500 Ordinary shares of £ 1.00 each 2,500 2,500

10. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts due to other related parties 105,500 106,100
Amounts due from other related parties 859,959 790,403
Amounts due to key management personnel 0 17,607

The balances are interest free and have no fixed terms of repayment.