Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Barrie Gammack 01/03/2019 Gavin McCombie 01/11/2018 Trevor Mutch 03/11/2011 25 October 2024 The principal activity of the company continued to be that of painting and decorating services. SC410595 2024-04-30 SC410595 bus:Director1 2024-04-30 SC410595 bus:Director2 2024-04-30 SC410595 bus:Director3 2024-04-30 SC410595 2023-04-30 SC410595 core:CurrentFinancialInstruments 2024-04-30 SC410595 core:CurrentFinancialInstruments 2023-04-30 SC410595 core:Non-currentFinancialInstruments 2024-04-30 SC410595 core:Non-currentFinancialInstruments 2023-04-30 SC410595 core:ShareCapital 2024-04-30 SC410595 core:ShareCapital 2023-04-30 SC410595 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC410595 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC410595 core:Goodwill 2023-04-30 SC410595 core:OtherResidualIntangibleAssets 2023-04-30 SC410595 core:Goodwill 2024-04-30 SC410595 core:OtherResidualIntangibleAssets 2024-04-30 SC410595 core:LandBuildings 2023-04-30 SC410595 core:OtherPropertyPlantEquipment 2023-04-30 SC410595 core:LandBuildings 2024-04-30 SC410595 core:OtherPropertyPlantEquipment 2024-04-30 SC410595 core:CurrentFinancialInstruments core:Secured 2024-04-30 SC410595 bus:OrdinaryShareClass1 2024-04-30 SC410595 bus:OrdinaryShareClass2 2024-04-30 SC410595 2023-05-01 2024-04-30 SC410595 bus:FilletedAccounts 2023-05-01 2024-04-30 SC410595 bus:SmallEntities 2023-05-01 2024-04-30 SC410595 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC410595 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC410595 bus:Director1 2023-05-01 2024-04-30 SC410595 bus:Director2 2023-05-01 2024-04-30 SC410595 bus:Director3 2023-05-01 2024-04-30 SC410595 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 SC410595 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-05-01 2024-04-30 SC410595 core:Goodwill 2023-05-01 2024-04-30 SC410595 core:OtherResidualIntangibleAssets 2023-05-01 2024-04-30 SC410595 core:LandBuildings core:TopRangeValue 2023-05-01 2024-04-30 SC410595 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC410595 2022-05-01 2023-04-30 SC410595 core:LandBuildings 2023-05-01 2024-04-30 SC410595 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 SC410595 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 SC410595 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC410595 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 SC410595 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 SC410595 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 SC410595 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 SC410595 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC410595 (Scotland)

R DAVIDSON (BANCHORY) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

R DAVIDSON (BANCHORY) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

R DAVIDSON (BANCHORY) LIMITED

BALANCE SHEET

As at 30 April 2024
R DAVIDSON (BANCHORY) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 394,759 321,884
394,759 321,884
Current assets
Stocks 183,258 490,353
Debtors 5 320,693 305,977
Cash at bank and in hand 1,006,850 519,826
1,510,801 1,316,156
Creditors: amounts falling due within one year 6 ( 832,984) ( 680,406)
Net current assets 677,817 635,750
Total assets less current liabilities 1,072,576 957,634
Creditors: amounts falling due after more than one year 7 ( 189,548) ( 187,662)
Provision for liabilities ( 93,344) ( 76,917)
Net assets 789,684 693,055
Capital and reserves
Called-up share capital 8 4 4
Profit and loss account 789,680 693,051
Total shareholders' funds 789,684 693,055

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 R Davidson (Banchory) Limited (registered number: SC410595) were approved and authorised for issue by the Board of Directors on 25 October 2024. They were signed on its behalf by:

Trevor Mutch
Director
R DAVIDSON (BANCHORY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
R DAVIDSON (BANCHORY) 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

R Davidson (Banchory) 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 Building 2 Banchory Business Centre, Burn O'Bennie Road, Banchory, AB31 5ZU, 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.

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.

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 for the provision of services is recognised by reference to the date on which services were rendered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

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
Other intangible assets 5 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.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Other intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Land and buildings 10 years straight line
Plant and machinery etc. 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.

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.

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. 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.

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

Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

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.

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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 82 82

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 May 2023 307,000 1,500 308,500
At 30 April 2024 307,000 1,500 308,500
Accumulated amortisation
At 01 May 2023 307,000 1,500 308,500
At 30 April 2024 307,000 1,500 308,500
Net book value
At 30 April 2024 0 0 0
At 30 April 2023 0 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2023 27,361 551,131 578,492
Additions 0 178,586 178,586
Disposals 0 ( 32,052) ( 32,052)
At 30 April 2024 27,361 697,665 725,026
Accumulated depreciation
At 01 May 2023 22,772 233,836 256,608
Charge for the financial year 2,753 83,795 86,548
Disposals 0 ( 12,889) ( 12,889)
At 30 April 2024 25,525 304,742 330,267
Net book value
At 30 April 2024 1,836 392,923 394,759
At 30 April 2023 4,589 317,295 321,884

5. Debtors

2024 2023
£ £
Trade debtors 118,836 166,527
Other debtors 201,857 139,450
320,693 305,977

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 36,364 36,363
Trade creditors 317,971 258,363
Corporation tax 141,119 80,966
Other taxation and social security 52,683 65,984
Obligations under finance leases and hire purchase contracts (secured) 86,796 65,130
Other creditors 198,051 173,600
832,984 680,406

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

Net obligations under hire purchase contracts are secured over the assets acquired.

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

2024 2023
£ £
Bank loans (secured) 39,394 75,758
Obligations under finance leases and hire purchase contracts (secured) 150,154 111,904
189,548 187,662

The bank loan is repayable in monthly instalments ending in May 2026 with interest being charged at a rate of 5.4%.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
28 Ordinary A shares of £ 0.10 each (2023: 32 shares of £ 0.10 each) 2.80 3.20
12 Ordinary B shares of £ 0.10 each (2023: 4 shares of £ 0.10 each) 1.20 0.40
Nil Ordinary C shares (2023: 4 shares of £ 0.10 each) 0 0.40
4.00 4.00

On 24 August 2023, the company reclassified 4 Ordinary A shares of £0.10 each into 4 B Ordinary shares of £0.10 each and 4 C Ordinary shares of £0.10 each into 4 B Ordinary shares of £0.10 each.

All shares rank pari passu.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 61,281 134,793

10. Related party transactions

Transactions with the entity's directors

At the balance sheet date, the company was due one of the directors £nil (2023: £21,691). The loan has no set repayment terms.

Interest on the loan amounted to £nil (2023: £2,194) and is charged at a rate of 6% per annum.

Other related party transactions

At the balance sheet date, the company was due one of the shareholders £8,352 (2023: £nil). The loan has no set repayment terms.

Interest on the loan amounted to £893 (2023: £nil) and is charged at a rate of 6% per annum.