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Company No: SC231012 (Scotland)

RESTORATION & RENOVATION (SCOTLAND) LTD.

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

RESTORATION & RENOVATION (SCOTLAND) LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

RESTORATION & RENOVATION (SCOTLAND) LTD.

BALANCE SHEET

AS AT 31 MARCH 2024
RESTORATION & RENOVATION (SCOTLAND) LTD.

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,213 2,950
Investment property 4 490,000 490,000
492,213 492,950
Current assets
Stocks 5 35,378 31,837
Debtors 6 14,265 5,456
49,643 37,293
Creditors: amounts falling due within one year 7 ( 149,304) ( 151,824)
Net current liabilities (99,661) (114,531)
Total assets less current liabilities 392,552 378,419
Creditors: amounts falling due after more than one year 8 ( 64,872) ( 84,951)
Provision for liabilities 9, 10 ( 37,644) ( 36,486)
Net assets 290,036 256,982
Capital and reserves
Called-up share capital 11 100 100
Revaluation reserve 187,773 187,773
Profit and loss account 102,163 69,109
Total shareholders' funds 290,036 256,982

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.

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 Restoration & Renovation (Scotland) Ltd. (registered number: SC231012) were approved and authorised for issue by the Director on 18 March 2025. They were signed on its behalf by:

Stephen Clark
Director
RESTORATION & RENOVATION (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
RESTORATION & RENOVATION (SCOTLAND) 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

Restoration & Renovation (Scotland) 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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and 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 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 building contracting services net of VAT and trade discounts.

Revenue is recognised based on the stage of completion.

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.

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.

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, 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. 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 lessor
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

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 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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 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.

Basic financial assets
Basic financial assets, which include debtors are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 91,002 91,002
At 31 March 2024 91,002 91,002
Accumulated depreciation
At 01 April 2023 88,052 88,052
Charge for the financial year 737 737
At 31 March 2024 88,789 88,789
Net book value
At 31 March 2024 2,213 2,213
At 31 March 2023 2,950 2,950

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 490,000
As at 31 March 2024 490,000

Valuation

Investment property comprises of four residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Stocks

2024 2023
£ £
Stocks 16,781 18,645
Work in progress 18,597 13,192
35,378 31,837

6. Debtors

2024 2023
£ £
Trade debtors 6,923 1,203
Other debtors 7,342 4,253
14,265 5,456

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 46,517 68,697
Trade creditors 35,882 29,410
Taxation and social security 46,790 28,897
Other creditors 20,115 24,820
149,304 151,824

Bank loans and overdrafts totalling £41,207 (2023 - £63,518) are secured by a legal charge over the property and a floating charge over the assets of the company.

Also included in Bank loans and overdrafts is a bounce back loan totalling £5,310 (2023 - £5,179) which is covered by a government backed guarantee.

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

2024 2023
£ £
Bank loans 64,872 84,951

Included in Bank loans are loans which are secured by a legal charge over the property and a floating charge over the assets of the company totalling £35,318 (2023 - £50,085).

Also included in Bank loans is a bounce back loan totalling £29,554 (2023 - £34,866) which is covered by a government backed guarantee.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 6,937 12,808

Included in Bank loans is a bounce back loan totalling £6,937 (2023 - £12,808) which is covered by a government backed guarantee.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 37,644 36,486

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 36,486) ( 18,040)
Charged to the Profit and Loss Account ( 1,158) ( 18,446)
At the end of financial year ( 37,644) ( 36,486)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
75 A ordinary shares of £ 1.00 each 75 75
25 B ordinary shares of £ 1.00 each 25 25
100 100

12. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed to director

2024 2023
£ £
Directors Loan Account 2,664 9,714

The loan is unsecured, interest free and there are no fixed terms of repayment.