Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr Sean Donnelly 10/06/2021 19 February 2025 The principal activity of the Company during the financial year continued to be that of asbestos removal services and hazard surveys. SC293882 2024-05-31 SC293882 bus:Director1 2024-05-31 SC293882 2023-05-31 SC293882 core:CurrentFinancialInstruments 2024-05-31 SC293882 core:CurrentFinancialInstruments 2023-05-31 SC293882 core:Non-currentFinancialInstruments 2024-05-31 SC293882 core:Non-currentFinancialInstruments 2023-05-31 SC293882 core:ShareCapital 2024-05-31 SC293882 core:ShareCapital 2023-05-31 SC293882 core:SharePremium 2024-05-31 SC293882 core:SharePremium 2023-05-31 SC293882 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC293882 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC293882 core:OtherPropertyPlantEquipment 2023-05-31 SC293882 core:OtherPropertyPlantEquipment 2024-05-31 SC293882 bus:OrdinaryShareClass1 2024-05-31 SC293882 core:WithinOneYear 2024-05-31 SC293882 core:WithinOneYear 2023-05-31 SC293882 core:BetweenOneFiveYears 2024-05-31 SC293882 core:BetweenOneFiveYears 2023-05-31 SC293882 2023-06-01 2024-05-31 SC293882 bus:FilletedAccounts 2023-06-01 2024-05-31 SC293882 bus:SmallEntities 2023-06-01 2024-05-31 SC293882 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC293882 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC293882 bus:Director1 2023-06-01 2024-05-31 SC293882 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC293882 2022-06-01 2023-05-31 SC293882 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC293882 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 SC293882 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC293882 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC293882 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC293882 (Scotland)

NORTHERN ASBESTOS SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

NORTHERN ASBESTOS SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

NORTHERN ASBESTOS SERVICES LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
NORTHERN ASBESTOS SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 29,296 19,585
29,296 19,585
Current assets
Stocks 439,200 468,467
Debtors 4 234,849 362,625
Cash at bank and in hand 7,579 50,306
681,628 881,398
Creditors: amounts falling due within one year 5 ( 427,009) ( 627,019)
Net current assets 254,619 254,379
Total assets less current liabilities 283,915 273,964
Creditors: amounts falling due after more than one year 6 ( 64,484) ( 93,103)
Provision for liabilities 7 ( 5,087) 0
Net assets 214,344 180,861
Capital and reserves
Called-up share capital 8 1,180 1,180
Share premium account 21,085 21,085
Profit and loss account 192,079 158,596
Total shareholders' funds 214,344 180,861

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Northern Asbestos Services Limited (registered number: SC293882) were approved and authorised for issue by the Director on 19 February 2025. They were signed on its behalf by:

Mr Sean Donnelly
Director
NORTHERN ASBESTOS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
NORTHERN ASBESTOS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Northern Asbestos Services 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 8 Coxton Park, Elgin, IV30 8AZ, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 asbestos removal services and hazard surveys net of VAT and trade discounts.

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 Statement of Income and Retained Earnings 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 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. 4 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.

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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings 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.

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 bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 bank loans, are initially recognised at transaction price.

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.

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 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 the director 24 20

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 58,359 58,359
Additions 23,869 23,869
Disposals ( 23,330) ( 23,330)
At 31 May 2024 58,898 58,898
Accumulated depreciation
At 01 June 2023 38,774 38,774
Charge for the financial year 12,672 12,672
Disposals ( 21,844) ( 21,844)
At 31 May 2024 29,602 29,602
Net book value
At 31 May 2024 29,296 29,296
At 31 May 2023 19,585 19,585

4. Debtors

2024 2023
£ £
Trade debtors 177,553 313,666
Corporation tax 524 0
Other debtors 56,772 48,959
234,849 362,625

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 45,714 9,840
Trade creditors 169,379 234,099
Taxation and social security 76,943 169,909
Other creditors 134,973 213,171
427,009 627,019

Bank loans and overdrafts are secured by a floating charge over all the company assets. Short term finance taken out during the financial year is covered via a director guarantor.

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

2024 2023
£ £
Bank loans (secured) 64,484 93,103

The bank loan is secured by the government under the coronavirus bounce back loan scheme.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 5,087 0

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,180 Ordinary shares of £ 1.00 each 1,180 1,180

9. Financial commitments

Commitments

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

2024 2023
£ £
within one year 0 53,438
between one and five years 0 129,194
0 182,632

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due from key management personnel 1,702 150

The above balances are interest free and have no fixed repayment terms.