Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Audrey Mckenzie 12/08/2015 John Alexander Sim Mckenzie 12/08/2015 David Stephen 11/07/2000 Fiona Thomson 17/07/2024 Gavin Thomson 01/03/2008 George Mitchell Thomson 11/07/2000 Kelly Marie Thomson 17/07/2024 29 November 2024 The principal activity of the Company during the financial year was marine production engineering and fabrication. SC208965 2024-09-30 SC208965 bus:Director1 2024-09-30 SC208965 bus:Director2 2024-09-30 SC208965 bus:Director3 2024-09-30 SC208965 bus:Director4 2024-09-30 SC208965 bus:Director5 2024-09-30 SC208965 bus:Director6 2024-09-30 SC208965 bus:Director7 2024-09-30 SC208965 2023-09-30 SC208965 core:CurrentFinancialInstruments 2024-09-30 SC208965 core:CurrentFinancialInstruments 2023-09-30 SC208965 core:Non-currentFinancialInstruments 2024-09-30 SC208965 core:Non-currentFinancialInstruments 2023-09-30 SC208965 core:ShareCapital 2024-09-30 SC208965 core:ShareCapital 2023-09-30 SC208965 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC208965 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC208965 core:LandBuildings 2023-09-30 SC208965 core:PlantMachinery 2023-09-30 SC208965 core:Vehicles 2023-09-30 SC208965 core:FurnitureFittings 2023-09-30 SC208965 core:LandBuildings 2024-09-30 SC208965 core:PlantMachinery 2024-09-30 SC208965 core:Vehicles 2024-09-30 SC208965 core:FurnitureFittings 2024-09-30 SC208965 2022-09-30 SC208965 bus:OrdinaryShareClass1 2024-09-30 SC208965 2023-10-01 2024-09-30 SC208965 bus:FilletedAccounts 2023-10-01 2024-09-30 SC208965 bus:SmallEntities 2023-10-01 2024-09-30 SC208965 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC208965 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC208965 bus:Director1 2023-10-01 2024-09-30 SC208965 bus:Director2 2023-10-01 2024-09-30 SC208965 bus:Director3 2023-10-01 2024-09-30 SC208965 bus:Director4 2023-10-01 2024-09-30 SC208965 bus:Director5 2023-10-01 2024-09-30 SC208965 bus:Director6 2023-10-01 2024-09-30 SC208965 bus:Director7 2023-10-01 2024-09-30 SC208965 core:LandBuildings core:BottomRangeValue 2023-10-01 2024-09-30 SC208965 core:LandBuildings core:TopRangeValue 2023-10-01 2024-09-30 SC208965 core:PlantMachinery 2023-10-01 2024-09-30 SC208965 core:Vehicles 2023-10-01 2024-09-30 SC208965 core:FurnitureFittings 2023-10-01 2024-09-30 SC208965 2022-10-01 2023-09-30 SC208965 core:LandBuildings 2023-10-01 2024-09-30 SC208965 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 SC208965 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 SC208965 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC208965 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC208965 (Scotland)

FRASERBURGH ENGINEERING CO. LTD

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

FRASERBURGH ENGINEERING CO. LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

FRASERBURGH ENGINEERING CO. LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
FRASERBURGH ENGINEERING CO. LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 491,579 495,313
491,579 495,313
Current assets
Stocks 4 174,926 176,750
Debtors 5 325,290 412,176
Cash at bank and in hand 297,573 275,396
797,789 864,322
Creditors: amounts falling due within one year 6 ( 409,219) ( 580,247)
Net current assets 388,570 284,075
Total assets less current liabilities 880,149 779,388
Creditors: amounts falling due after more than one year 7 ( 6,500) ( 88,262)
Provision for liabilities 8 ( 41,212) ( 51,799)
Net assets 832,437 639,327
Capital and reserves
Called-up share capital 9 50,000 50,000
Profit and loss account 782,437 589,327
Total shareholders' funds 832,437 639,327

For the financial year ending 30 September 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 Fraserburgh Engineering Co. Ltd (registered number: SC208965) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

George Mitchell Thomson
Director
FRASERBURGH ENGINEERING CO. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
FRASERBURGH ENGINEERING CO. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Fraserburgh Engineering Co. 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 19 Reclaimed Ground, Fraserburgh, AB43 9TD, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 represents amounts receivable for marine production engineering and fabrication services net of VAT and trade discounts. Turnover is recognised at the point of invoice.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are provided.

Defined contribution schemes
Payments to defined contribution schemes are charged as an expense as they fall due.

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 19 - 40 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
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.

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 Statement of Income and Retained Earnings 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). 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. 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, 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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 at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 36

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 October 2023 464,261 606,151 64,470 46,611 1,181,493
Additions 48,918 23,674 1,066 814 74,472
Disposals ( 12,000) ( 155,889) 0 ( 9,492) ( 177,381)
At 30 September 2024 501,179 473,936 65,536 37,933 1,078,584
Accumulated depreciation
At 01 October 2023 215,459 392,612 43,286 34,823 686,180
Charge for the financial year 20,671 34,312 5,363 1,840 62,186
Disposals ( 2,108) ( 149,999) 0 ( 9,254) ( 161,361)
At 30 September 2024 234,022 276,925 48,649 27,409 587,005
Net book value
At 30 September 2024 267,157 197,011 16,887 10,524 491,579
At 30 September 2023 248,802 213,539 21,184 11,788 495,313

4. Stocks

2024 2023
£ £
Stocks 153,176 155,000
Work in progress 21,750 21,750
174,926 176,750

5. Debtors

2024 2023
£ £
Trade debtors 300,658 384,925
Other debtors 24,632 27,251
325,290 412,176

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,000 51,451
Trade creditors 162,176 308,141
Taxation and social security 232,758 141,159
Other creditors 8,285 79,496
409,219 580,247

The bank loans and overdrafts are secured by a fixed and floating security.

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

2024 2023
£ £
Bank loans 0 75,762
Other creditors 6,500 12,500
6,500 88,262

The bank loan of £nil (2023: £75,762) is secured by a fixed and floating security.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 51,799) ( 35,732)
Credited/(charged) to the Statement of Income and Retained Earnings 10,587 ( 16,067)
At the end of financial year ( 41,212) ( 51,799)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 836,787 852,952

11. Related party transactions

Other related party transactions

2024 2023
£ £
Loan from Connected Person 0 (70,000)

This loan was fully repaid in the year.