Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Ms C H Heggie 26/10/2010 Mr D T Mountford 26/10/2010 Mr J E Mountford Dr S M Mountford 07 November 2024 The principal activity of the company during the financial year was that of an investment company, including properties and investments. SC102381 2024-04-30 SC102381 bus:Director1 2024-04-30 SC102381 bus:Director2 2024-04-30 SC102381 2023-04-30 SC102381 core:CurrentFinancialInstruments 2024-04-30 SC102381 core:CurrentFinancialInstruments 2023-04-30 SC102381 core:Non-currentFinancialInstruments 2024-04-30 SC102381 core:Non-currentFinancialInstruments 2023-04-30 SC102381 core:ShareCapital 2024-04-30 SC102381 core:ShareCapital 2023-04-30 SC102381 core:RevaluationReserve 2024-04-30 SC102381 core:RevaluationReserve 2023-04-30 SC102381 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC102381 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC102381 core:PlantMachinery 2023-04-30 SC102381 core:FurnitureFittings 2023-04-30 SC102381 core:PlantMachinery 2024-04-30 SC102381 core:FurnitureFittings 2024-04-30 SC102381 core:CostValuation 2023-04-30 SC102381 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2024-04-30 SC102381 core:CostValuation 2024-04-30 SC102381 bus:OrdinaryShareClass1 2024-04-30 SC102381 2023-05-01 2024-04-30 SC102381 bus:FilletedAccounts 2023-05-01 2024-04-30 SC102381 bus:SmallEntities 2023-05-01 2024-04-30 SC102381 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC102381 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC102381 bus:Director1 2023-05-01 2024-04-30 SC102381 bus:Director2 2023-05-01 2024-04-30 SC102381 bus:Director3 2023-05-01 2024-04-30 SC102381 bus:Director4 2023-05-01 2024-04-30 SC102381 core:PlantMachinery core:TopRangeValue 2023-05-01 2024-04-30 SC102381 core:FurnitureFittings 2023-05-01 2024-04-30 SC102381 2022-05-01 2023-04-30 SC102381 core:PlantMachinery 2023-05-01 2024-04-30 SC102381 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 SC102381 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC102381 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC102381 (Scotland)

I.S.M. (DUNDEE) LIMITED

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

I.S.M. (DUNDEE) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

I.S.M. (DUNDEE) LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
I.S.M. (DUNDEE) LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 31,716 36,261
Investment property 4 1,885,180 1,885,180
Investments 5 673,378 666,598
2,590,274 2,588,039
Current assets
Debtors
- due within one year 6 94,710 43,342
- due after more than one year 6 725,000 766,055
Cash at bank and in hand 6,463 27,800
826,173 837,197
Creditors: amounts falling due within one year 7 ( 118,756) ( 126,270)
Net current assets 707,417 710,927
Total assets less current liabilities 3,297,691 3,298,966
Provision for liabilities ( 47,060) ( 48,446)
Net assets 3,250,631 3,250,520
Capital and reserves
Called-up share capital 8 146,091 146,091
Revaluation reserve 655,102 655,102
Profit and loss account 2,449,438 2,449,327
Total shareholders' funds 3,250,631 3,250,520

For the financial year ending 30 April 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 I.S.M. (Dundee) Limited (registered number: SC102381) were approved and authorised for issue by the Board of Directors on 07 November 2024. They were signed on its behalf by:

Ms C H Heggie
Director
I.S.M. (DUNDEE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
I.S.M. (DUNDEE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 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

I.S.M. (Dundee) 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 10 The Green, Pencaitland, Tranent, EH34 5HE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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 £.

Turnover

Turnover represents amounts receivable for property rental and recharges to tenants net of VAT and is recognised as the rental services are provided.

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 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.

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, 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 20 years straight line
Fixtures and fittings 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial decisions of the associate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

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 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 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.

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 4 4

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 50,403 41,575 91,978
Disposals 0 ( 1,099) ( 1,099)
At 30 April 2024 50,403 40,476 90,879
Accumulated depreciation
At 01 May 2023 26,648 29,069 55,717
Charge for the financial year 2,520 1,876 4,396
Disposals 0 ( 950) ( 950)
At 30 April 2024 29,168 29,995 59,163
Net book value
At 30 April 2024 21,235 10,481 31,716
At 30 April 2023 23,755 12,506 36,261

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,885,180
As at 30 April 2024 1,885,180

The investment properties are included in the financial statements at the open market value at the balance sheet date, as per the valuation assessment by the directors. The cost price of properties is £1,230,078 (2023 - £1,230,078).

5. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 May 2023 666,598 666,598
Movement in this period 6,780 6,780
At 30 April 2024 673,378 673,378
Carrying value at 30 April 2024 673,378 673,378
Carrying value at 30 April 2023 666,598 666,598

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 23,465 27,061
Other debtors 71,245 16,281
94,710 43,342
Debtors: amounts falling due after more than one year
Other debtors 725,000 766,055

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 23,465 66,546
Trade creditors 0 2,204
Taxation and social security 29,665 17,769
Other creditors 65,626 39,751
118,756 126,270

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
146,091 Ordinary shares of £ 1.00 each 146,091 146,091

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amount owed from other related parties 41,055 41,055

The loan is unsecured, interest free and has no fixed terms of repayment.