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Company No: SC485757 (Scotland)

C S MACHINERY SALES LTD

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

C S MACHINERY SALES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

C S MACHINERY SALES LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
C S MACHINERY SALES LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 107,152 107,644
107,152 107,644
Current assets
Stocks 174,480 231,673
Debtors 4 267,916 252,066
Cash at bank and in hand 694,005 572,177
1,136,401 1,055,916
Creditors: amounts falling due within one year 5 ( 776,989) ( 642,945)
Net current assets 359,412 412,971
Total assets less current liabilities 466,564 520,615
Creditors: amounts falling due after more than one year 6 ( 36,285) ( 30,629)
Provision for liabilities 7 ( 24,457) ( 24,457)
Net assets 405,822 465,529
Capital and reserves
Called-up share capital 8 86 86
Share premium account 49,989 49,989
Capital redemption reserve 25 25
Profit and loss account 355,722 415,429
Total shareholders' funds 405,822 465,529

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of C S Machinery Sales Ltd (registered number: SC485757) were approved and authorised for issue by the Board of Directors on 05 February 2025. They were signed on its behalf by:

Alan Campbell
Director
C S MACHINERY SALES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
C S MACHINERY SALES 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

C S Machinery Sales 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 17b Henderson Drive, Inverness, IV1 1TR, 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

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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is a subsidiary qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents the total amounts receivable from the sale of plant and machinery, net of depreciation and any impairment losses.
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.

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.

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:

Plant and machinery etc. 3 - 10 years straight line

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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 6

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 190,605 190,605
Additions 61,148 61,148
Disposals ( 6,500) ( 6,500)
At 30 September 2024 245,253 245,253
Accumulated depreciation
At 01 October 2023 82,961 82,961
Charge for the financial year 57,411 57,411
Disposals ( 2,271) ( 2,271)
At 30 September 2024 138,101 138,101
Net book value
At 30 September 2024 107,152 107,152
At 30 September 2023 107,644 107,644

4. Debtors

2024 2023
£ £
Trade debtors 258,437 232,322
Corporation tax 7,206 9,532
Other debtors 2,273 10,212
267,916 252,066

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 501,073 505,271
Amounts owed to Parent undertakings 36,425 36,425
Taxation and social security 40,521 46,786
Obligations under finance leases and hire purchase contracts 17,746 6,382
Other creditors 181,224 48,081
776,989 642,945

The hire purchase liability is secured over the asset to which the agreement relates.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 36,285 30,629

The hire purchase liability is secured over the asset to which the agreement relates.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 24,457 24,457

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
75 Ordinary shares of £ 1.00 each 75 75
11 A Ordinary shares of £ 1.00 each 11 11
86 86

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 72,000 72,000
between one and five years 138,000 210,000
210,000 282,000

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts due to related parties 36,425 36,425

Transactions with the entity's directors

2024 2023
£ £
Amounts due from key management personnel 323 10,212

The amounts noted above have no fixed repayment terms and advances to key management personnel have interest charged at 2.25%.

11. Ultimate controlling party

Parent Company:

Mhor Properties Limited
17b Henderson Drive, Inverness, IV1 1TR