Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Graham Scott Ralston 07/02/2020 Robert Nicholas Ramsay 10/02/2000 James Alexander Wilson 10/02/2000 28 October 2024 The principal activity of the Company during the financial year continued to be that of equipment sales and repairs, soil sampling and testing. SC203822 2024-01-31 SC203822 bus:Director1 2024-01-31 SC203822 bus:Director2 2024-01-31 SC203822 bus:Director3 2024-01-31 SC203822 2023-01-31 SC203822 core:CurrentFinancialInstruments 2024-01-31 SC203822 core:CurrentFinancialInstruments 2023-01-31 SC203822 core:Non-currentFinancialInstruments 2024-01-31 SC203822 core:Non-currentFinancialInstruments 2023-01-31 SC203822 core:ShareCapital 2024-01-31 SC203822 core:ShareCapital 2023-01-31 SC203822 core:SharePremium 2024-01-31 SC203822 core:SharePremium 2023-01-31 SC203822 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC203822 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC203822 core:OtherResidualIntangibleAssets 2023-01-31 SC203822 core:OtherResidualIntangibleAssets 2024-01-31 SC203822 core:OtherPropertyPlantEquipment 2023-01-31 SC203822 core:OtherPropertyPlantEquipment 2024-01-31 SC203822 core:CostValuation 2023-01-31 SC203822 core:CostValuation 2024-01-31 SC203822 bus:OrdinaryShareClass1 2024-01-31 SC203822 2023-02-01 2024-01-31 SC203822 bus:FilletedAccounts 2023-02-01 2024-01-31 SC203822 bus:SmallEntities 2023-02-01 2024-01-31 SC203822 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC203822 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC203822 bus:Director1 2023-02-01 2024-01-31 SC203822 bus:Director2 2023-02-01 2024-01-31 SC203822 bus:Director3 2023-02-01 2024-01-31 SC203822 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-02-01 2024-01-31 SC203822 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 SC203822 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-02-01 2024-01-31 SC203822 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC203822 2022-02-01 2023-01-31 SC203822 core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 SC203822 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC203822 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC203822 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC203822 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC203822 (Scotland)

SOILESSENTIALS LIMITED

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

SOILESSENTIALS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

SOILESSENTIALS LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
SOILESSENTIALS LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 138,117 170,373
Tangible assets 4 32,726 25,233
Investments 5 51 51
170,894 195,657
Current assets
Stocks 159,722 161,778
Debtors
- due within one year 6 448,325 396,247
- due after more than one year 6 57,180 2,777
Cash at bank and in hand 502,204 340,121
1,167,431 900,923
Creditors: amounts falling due within one year 7 ( 443,264) ( 460,964)
Net current assets 724,167 439,959
Total assets less current liabilities 895,061 635,616
Creditors: amounts falling due after more than one year 8 0 ( 2,340)
Provision for liabilities ( 21,090) 0
Net assets 873,971 633,276
Capital and reserves
Called-up share capital 9 10,500 10,500
Share premium account 3,065 3,065
Profit and loss account 860,406 619,711
Total shareholders' funds 873,971 633,276

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 Soilessentials Limited (registered number: SC203822) were approved and authorised for issue by the Board of Directors on 28 October 2024. They were signed on its behalf by:

James Alexander Wilson
Director
SOILESSENTIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
SOILESSENTIALS 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

Soilessentials 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 Hilton Of Fern Farm, Fern, Brechin, DD9 6SB, 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 represents amounts receivable for equipment sales and repairs and soil sampling and testing net of VAT and trade discounts.

Turnover is recognised when the company has entitlement to the income in exchange for the provision of goods and 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.

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
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:

Other intangible assets 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

The company takes advantage of the incentives offered under the UK's Research and Development Expenditure Credit (RDEC) regime to claim a credit for the company's significant expenditure on qualifying research and development. As enacted in the Finance Act 2020, the credit due to the company is equal to 13% of the company's qualifying expenditure until 31 March 2023 and 20% thereafter following the enactment of Finance Act 2023. The company continues to utilise the additional benefits from the scheme in light of the company's commitment to its innovative research and development.

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. 3 - 5 years straight line

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 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).

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. 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.

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 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.

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 directors 27 26

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 February 2023 444,662 444,662
Additions 26,350 26,350
At 31 January 2024 471,012 471,012
Accumulated amortisation
At 01 February 2023 274,289 274,289
Charge for the financial year 58,606 58,606
At 31 January 2024 332,895 332,895
Net book value
At 31 January 2024 138,117 138,117
At 31 January 2023 170,373 170,373

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 526,388 526,388
Additions 26,862 26,862
Disposals ( 4,095) ( 4,095)
At 31 January 2024 549,155 549,155
Accumulated depreciation
At 01 February 2023 501,155 501,155
Charge for the financial year 18,550 18,550
Disposals ( 3,276) ( 3,276)
At 31 January 2024 516,429 516,429
Net book value
At 31 January 2024 32,726 32,726
At 31 January 2023 25,233 25,233

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 51 51
At 31 January 2024 51 51
Carrying value at 31 January 2024 51 51
Carrying value at 31 January 2023 51 51

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 389,973 370,373
Corporation tax 28,869 25,874
Other debtors 29,483 0
448,325 396,247
Debtors: amounts falling due after more than one year
Deferred tax asset 57,180 2,777

Included in Debtors: amounts falling due after more than one year is a deferred tax asset arising from an RDEC claim.

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 2,775
Trade creditors 119,250 199,337
Other taxation and social security 131,385 69,065
Other creditors 192,629 189,787
443,264 460,964

Bank borrowings are secured by floating charge over all property and assets belonging to the company.

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

2024 2023
£ £
Other creditors 0 2,340

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,500 Ordinary shares of £ 1.00 each 10,500 10,500

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 29,421 7,818