Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Stewart Findlay 20/03/2024 16/08/2018 Alan Glennie 01/11/2015 Nigel Jenkins 19/07/2022 Thomas Murdoch 16/08/2018 Kerr Watson 18/11/2024 29 November 2024 The principal activity of the company continued to be that of the design, manufacture, rental and repair of lifting, mechanical and hydraulic equipment. SC163126 2024-03-31 SC163126 bus:Director1 2024-03-31 SC163126 bus:Director2 2024-03-31 SC163126 bus:Director3 2024-03-31 SC163126 bus:Director4 2024-03-31 SC163126 bus:Director5 2024-03-31 SC163126 2023-03-31 SC163126 core:CurrentFinancialInstruments 2024-03-31 SC163126 core:CurrentFinancialInstruments 2023-03-31 SC163126 core:Non-currentFinancialInstruments 2024-03-31 SC163126 core:Non-currentFinancialInstruments 2023-03-31 SC163126 core:ShareCapital 2024-03-31 SC163126 core:ShareCapital 2023-03-31 SC163126 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC163126 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC163126 core:LeaseholdImprovements 2023-03-31 SC163126 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 SC163126 core:PlantMachinery 2023-03-31 SC163126 core:Vehicles 2023-03-31 SC163126 core:FurnitureFittings 2023-03-31 SC163126 core:LeaseholdImprovements 2024-03-31 SC163126 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 SC163126 core:PlantMachinery 2024-03-31 SC163126 core:Vehicles 2024-03-31 SC163126 core:FurnitureFittings 2024-03-31 SC163126 core:CurrentFinancialInstruments core:Secured 2024-03-31 SC163126 bus:OrdinaryShareClass1 2024-03-31 SC163126 2023-04-01 2024-03-31 SC163126 bus:FilletedAccounts 2023-04-01 2024-03-31 SC163126 bus:SmallEntities 2023-04-01 2024-03-31 SC163126 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC163126 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC163126 bus:Director1 2023-04-01 2024-03-31 SC163126 bus:Director2 2023-04-01 2024-03-31 SC163126 bus:Director3 2023-04-01 2024-03-31 SC163126 bus:Director4 2023-04-01 2024-03-31 SC163126 bus:Director5 2023-04-01 2024-03-31 SC163126 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 SC163126 core:PlantMachinery 2023-04-01 2024-03-31 SC163126 core:Vehicles 2023-04-01 2024-03-31 SC163126 core:FurnitureFittings 2023-04-01 2024-03-31 SC163126 2022-04-01 2023-03-31 SC163126 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC163126 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 SC163126 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC163126 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC163126 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC163126 (Scotland)

BRIMMOND LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BRIMMOND LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BRIMMOND LTD

BALANCE SHEET

As at 31 March 2024
BRIMMOND LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,917,410 2,888,780
3,917,410 2,888,780
Current assets
Stocks 1,073,069 718,757
Debtors 4 3,983,018 2,845,247
Cash at bank and in hand 559,567 991,611
5,615,654 4,555,615
Creditors: amounts falling due within one year 5 ( 2,967,009) ( 2,151,587)
Net current assets 2,648,645 2,404,028
Total assets less current liabilities 6,566,055 5,292,808
Creditors: amounts falling due after more than one year 6 ( 406,429) ( 354,256)
Provision for liabilities ( 762,944) ( 498,612)
Net assets 5,396,682 4,439,940
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 5,396,680 4,439,938
Total shareholder's funds 5,396,682 4,439,940

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 Brimmond Ltd (registered number: SC163126) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Thomas Murdoch
Director
BRIMMOND LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BRIMMOND LTD

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

Brimmond 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 M2 Tofthills Avenue, Midmill Business Park, Kintore, Inverurie, AB51 0QP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

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 except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 and freehold land, 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:

Leasehold improvements 10 years straight line
Assets under construction not depreciated
Plant and machinery 10 - 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % 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.

Assets in the course of construction are not depreciated.

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 Profit and Loss Account 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 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). 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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, other short-term liquid investments with original maturities of three months or less, 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.

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 cash 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 44 27

3. Tangible assets

Leasehold improve-
ments
Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 April 2023 11,150 402,474 3,418,614 109,779 141,690 4,083,707
Additions 258,470 986,349 68,026 26,810 63,981 1,403,636
Disposals 0 0 ( 9,618) 0 0 ( 9,618)
Transfers 0 ( 1,021,926) 1,021,926 0 0 0
At 31 March 2024 269,620 366,897 4,498,948 136,589 205,671 5,477,725
Accumulated depreciation
At 01 April 2023 558 0 1,118,604 39,310 36,455 1,194,927
Charge for the financial year 1,927 0 310,209 22,086 33,325 367,547
Disposals 0 0 ( 2,159) 0 0 ( 2,159)
At 31 March 2024 2,485 0 1,426,654 61,396 69,780 1,560,315
Net book value
At 31 March 2024 267,135 366,897 3,072,294 75,193 135,891 3,917,410
At 31 March 2023 10,592 402,474 2,300,010 70,469 105,235 2,888,780

4. Debtors

2024 2023
£ £
Trade debtors 2,215,118 1,690,885
Amounts owed by group undertakings 1,055,413 914,394
Other debtors 712,487 239,968
3,983,018 2,845,247

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 112,245 112,245
Trade creditors 1,235,841 796,101
Corporation tax 157,657 0
Other taxation and social security 80,006 111,963
Obligations under finance leases and hire purchase contracts (secured) 9,547 8,648
Other creditors 1,371,713 1,122,630
2,967,009 2,151,587

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

2024 2023
£ £
Bank loans (secured) 204,082 326,531
Obligations under finance leases and hire purchase contracts (secured) 18,178 27,725
Other creditors 184,169 0
406,429 354,256

The bank holds a bond and floating charge over the assets of the company.

Hire purchase obligations are secured over the assets to which they relate.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 0.001 each 2 2

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 79,666 31,170

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directiors 20,000 0

10. Ultimate controlling party

Parent Company:

Brimmond Group Holdings Limited, a company incorporated in Scotland.
M2 Tofthills Avenue, Midmill Business Park, Kintore, Inverurie, Scotland, AB51 0QP.