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Company No: SC249612 (Scotland)

CAMPBELL & MCHARDY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

CAMPBELL & MCHARDY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

CAMPBELL & MCHARDY LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
CAMPBELL & MCHARDY LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 300,586 136,822
300,586 136,822
Current assets
Stocks 43,050 62,352
Debtors 5 92,343 68,205
Cash at bank and in hand 109,561 181,770
244,954 312,327
Creditors: amounts falling due within one year 6 ( 436,379) ( 268,653)
Net current (liabilities)/assets (191,425) 43,674
Total assets less current liabilities 109,161 180,496
Creditors: amounts falling due after more than one year 7 ( 15,645) ( 22,329)
Provision for liabilities ( 44,239) ( 34,055)
Net assets 49,277 124,112
Capital and reserves
Called-up share capital 8 140 140
Capital redemption reserve 1 1
Profit and loss account 49,136 123,971
Total shareholders' funds 49,277 124,112

For the financial year ending 30 June 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 Campbell & McHardy Limited (registered number: SC249612) were approved and authorised for issue by the Board of Directors on 02 November 2024. They were signed on its behalf by:

Mr I H Campbell
Director
Mr P McHardy
Director
CAMPBELL & MCHARDY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
CAMPBELL & MCHARDY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Campbell & McHardy 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 Unit 12, Linkwood Ind Est, Elgin, Moray, IV30 1XS, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £49,277. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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, 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, 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 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % 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.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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.

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, are 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.

2. Prior year adjustment

The prior year balance sheet has been restated to account for an additional dividend, not previously accounted for within the 2023 Accounts. The adjustment has only impacted the balance sheet numbers, with no impact on the Profit and Loss Account.

As previously reported Adjustment As restated
Year ended 30 June 2023 £ £ £
Other Creditors 162,791 20,000 182,791
Reserves 143,971 (20,000) 123,971

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 20

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 July 2023 0 6,303 258,079 13,135 277,517
Additions 123,094 0 89,611 872 213,577
Disposals 0 0 ( 12,250) 0 ( 12,250)
At 30 June 2024 123,094 6,303 335,440 14,007 478,844
Accumulated depreciation
At 01 July 2023 0 4,954 130,237 5,504 140,695
Charge for the financial year 632 202 46,698 1,232 48,764
Disposals 0 0 ( 11,201) 0 ( 11,201)
At 30 June 2024 632 5,156 165,734 6,736 178,258
Net book value
At 30 June 2024 122,462 1,147 169,706 7,271 300,586
At 30 June 2023 0 1,349 127,842 7,631 136,822

5. Debtors

2024 2023
£ £
Trade debtors 80,439 56,971
Other debtors 11,904 11,234
92,343 68,205

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 44,141 59,127
Taxation and social security 52,884 20,904
Obligations under finance leases and hire purchase contracts 6,684 5,831
Other creditors 332,670 182,791
436,379 268,653

Obligations under hire purchase agreements are secured by the asset to which the agreement(s) relate.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 15,645 22,329

Obligations under hire purchase agreements are secured by the asset to which the agreement(s) relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
40 'B' Ordinary shares of £ 1.00 each 40 40
140 140

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Key Management Personnel 118,933 112,933

This balance is unsecured, interest free and has no fixed terms of repayment.