Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Alan Wood Davie 02/08/2000 Ian Davie 16/10/2015 Lena Elizabeth Davie 02/08/2000 07 November 2024 The principal activity of the Company during the financial year continued to be that of road haulage and contractors. SC209637 2024-03-31 SC209637 bus:Director1 2024-03-31 SC209637 bus:Director2 2024-03-31 SC209637 bus:Director3 2024-03-31 SC209637 2023-03-31 SC209637 core:CurrentFinancialInstruments 2024-03-31 SC209637 core:CurrentFinancialInstruments 2023-03-31 SC209637 core:Non-currentFinancialInstruments 2024-03-31 SC209637 core:Non-currentFinancialInstruments 2023-03-31 SC209637 core:ShareCapital 2024-03-31 SC209637 core:ShareCapital 2023-03-31 SC209637 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC209637 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC209637 core:Goodwill 2023-03-31 SC209637 core:Goodwill 2024-03-31 SC209637 core:LandBuildings 2023-03-31 SC209637 core:PlantMachinery 2023-03-31 SC209637 core:Vehicles 2023-03-31 SC209637 core:OfficeEquipment 2023-03-31 SC209637 core:OtherPropertyPlantEquipment 2023-03-31 SC209637 core:LandBuildings 2024-03-31 SC209637 core:PlantMachinery 2024-03-31 SC209637 core:Vehicles 2024-03-31 SC209637 core:OfficeEquipment 2024-03-31 SC209637 core:OtherPropertyPlantEquipment 2024-03-31 SC209637 2022-03-31 SC209637 bus:OrdinaryShareClass1 2024-03-31 SC209637 2023-04-01 2024-03-31 SC209637 bus:FilletedAccounts 2023-04-01 2024-03-31 SC209637 bus:SmallEntities 2023-04-01 2024-03-31 SC209637 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC209637 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC209637 bus:Director1 2023-04-01 2024-03-31 SC209637 bus:Director2 2023-04-01 2024-03-31 SC209637 bus:Director3 2023-04-01 2024-03-31 SC209637 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 SC209637 core:Goodwill 2023-04-01 2024-03-31 SC209637 core:LandBuildings 2023-04-01 2024-03-31 SC209637 core:PlantMachinery 2023-04-01 2024-03-31 SC209637 core:Vehicles 2023-04-01 2024-03-31 SC209637 core:OfficeEquipment 2023-04-01 2024-03-31 SC209637 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC209637 2022-04-01 2023-03-31 SC209637 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC209637 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC209637 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC209637 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC209637 (Scotland)

ALAN DAVIE LIMITED

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

ALAN DAVIE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

ALAN DAVIE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
ALAN DAVIE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 3,664,182 3,519,643
3,664,182 3,519,643
Current assets
Stocks 25,330 42,170
Debtors 5 1,862,737 1,495,775
Cash at bank and in hand 37,871 42,334
1,925,938 1,580,279
Creditors: amounts falling due within one year 6 ( 2,094,613) ( 2,128,708)
Net current liabilities (168,675) (548,429)
Total assets less current liabilities 3,495,507 2,971,214
Creditors: amounts falling due after more than one year 7 ( 1,189,329) ( 1,224,724)
Provision for liabilities 8, 9 ( 486,934) ( 333,192)
Net assets 1,819,244 1,413,298
Capital and reserves
Called-up share capital 10 2 2
Profit and loss account 1,819,242 1,413,296
Total shareholders' funds 1,819,244 1,413,298

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 Alan Davie Limited (registered number: SC209637) were approved and authorised for issue by the Board of Directors on 07 November 2024. They were signed on its behalf by:

Alan Wood Davie
Director
ALAN DAVIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
ALAN DAVIE LIMITED

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 year, unless otherwise stated.

General information and basis of accounting

Alan Davie 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 East Happas, Fothringham, Inverarity, Angus, DD8 2JW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 company has net current liabilities of £168,675. The directors consider it appropriate to prepare the accounts on a going concern basis. In coming to this conclusion they confirm that they will not seek repayment of their loan account and will support the company for at least twelve months from the approval of these financial statements.

Turnover

Turnover represents amounts receivable for road haulage and contracting net of VAT and trade discounts.

Revenue from road haulage services is recognised when the company has entitlement to the income in exchange for the provision of 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.

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.

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:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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:

Land and buildings 10 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance
Other property, plant and equipment 10 % 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 Statement of Income and Retained Earnings 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.

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.

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.

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.

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, deposits held at call with banks 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially 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. 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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 68 79

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 175,000 175,000
At 31 March 2024 175,000 175,000
Accumulated amortisation
At 01 April 2023 175,000 175,000
At 31 March 2024 175,000 175,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 April 2023 735,607 273,310 4,617,946 15,913 871,583 6,514,359
Additions 0 35,758 785,791 5,032 57,495 884,076
Disposals 0 0 ( 68,220) 0 0 ( 68,220)
At 31 March 2024 735,607 309,068 5,335,517 20,945 929,078 7,330,215
Accumulated depreciation
At 01 April 2023 257,375 110,783 2,285,683 2,927 337,948 2,994,716
Charge for the financial year 47,823 40,729 562,445 3,277 62,629 716,903
Disposals 0 0 ( 45,586) 0 0 ( 45,586)
At 31 March 2024 305,198 151,512 2,802,542 6,204 400,577 3,666,033
Net book value
At 31 March 2024 430,409 157,556 2,532,975 14,741 528,501 3,664,182
At 31 March 2023 478,232 162,527 2,332,263 12,986 533,635 3,519,643

5. Debtors

2024 2023
£ £
Trade debtors 1,770,964 1,257,542
Other debtors 91,773 238,233
1,862,737 1,495,775

Included in Trade debtors is £1,146,362 (2023 - £651,447) of which debt has been factored.

Included in Trade debtors is a bad debt provision of £90,000 (2023 - £90,000).

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 594,787 691,186
Trade creditors 377,608 299,040
Other taxation and social security 268,870 274,415
Obligations under finance leases and hire purchase contracts 717,736 756,667
Other creditors 135,612 107,400
2,094,613 2,128,708

Obligations under finance leases amounting to £717,736 (2023 - £756,667) are secured over the related assets.

Bank loans and overdrafts include £571,345 (2023 - £681,186) which relates to advances from factors.

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

2024 2023
£ £
Bank loans 186,558 200,000
Obligations under finance leases and hire purchase contracts 871,910 857,119
Other creditors 130,861 167,605
1,189,329 1,224,724

Obligations under finance leases amounting to £871,910 (2023 - £857,119) and secured over the related assets.

Bank borrowings are secured over Myreton Garage.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 486,934 333,192

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 333,192) ( 489,250)
(Charged)/credited to the Statement of Income and Retained Earnings ( 153,742) 156,058
At the end of financial year ( 486,934) ( 333,192)

10. Called-up share capital

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

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director's Loan Account 53,915 65,694

Advances of £34,000 were made to the directors during the year. Repayments of £45,778.45 were made by the directors.