Silverfin false false 05/04/2024 06/04/2023 05/04/2024 Trevor Mcdonald 04/05/2007 19 March 2025 The principal activity of the Company during the financial year was the provision of engineering services. SC322848 2024-04-05 SC322848 bus:Director1 2024-04-05 SC322848 2023-04-05 SC322848 core:CurrentFinancialInstruments 2024-04-05 SC322848 core:CurrentFinancialInstruments 2023-04-05 SC322848 core:ShareCapital 2024-04-05 SC322848 core:ShareCapital 2023-04-05 SC322848 core:RetainedEarningsAccumulatedLosses 2024-04-05 SC322848 core:RetainedEarningsAccumulatedLosses 2023-04-05 SC322848 core:LandBuildings 2023-04-05 SC322848 core:PlantMachinery 2023-04-05 SC322848 core:Vehicles 2023-04-05 SC322848 core:ComputerEquipment 2023-04-05 SC322848 core:LandBuildings 2024-04-05 SC322848 core:PlantMachinery 2024-04-05 SC322848 core:Vehicles 2024-04-05 SC322848 core:ComputerEquipment 2024-04-05 SC322848 bus:OrdinaryShareClass1 2024-04-05 SC322848 2023-04-06 2024-04-05 SC322848 bus:FilletedAccounts 2023-04-06 2024-04-05 SC322848 bus:SmallEntities 2023-04-06 2024-04-05 SC322848 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SC322848 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 SC322848 bus:Director1 2023-04-06 2024-04-05 SC322848 core:PlantMachinery 2023-04-06 2024-04-05 SC322848 core:Vehicles core:TopRangeValue 2023-04-06 2024-04-05 SC322848 core:ComputerEquipment core:TopRangeValue 2023-04-06 2024-04-05 SC322848 2022-04-06 2023-04-05 SC322848 core:LandBuildings 2023-04-06 2024-04-05 SC322848 core:Vehicles 2023-04-06 2024-04-05 SC322848 core:ComputerEquipment 2023-04-06 2024-04-05 SC322848 bus:OrdinaryShareClass1 2023-04-06 2024-04-05 SC322848 bus:OrdinaryShareClass1 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC322848 (Scotland)

TREVOR MCDONALD (MARINE ENGINE SERVICES) LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

TREVOR MCDONALD (MARINE ENGINE SERVICES) LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024

Contents

TREVOR MCDONALD (MARINE ENGINE SERVICES) LTD.

BALANCE SHEET

AS AT 05 APRIL 2024
TREVOR MCDONALD (MARINE ENGINE SERVICES) LTD.

BALANCE SHEET (continued)

AS AT 05 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 511,615 484,130
511,615 484,130
Current assets
Stocks 4 42,920 155,518
Debtors 5 852,498 1,323,545
Cash at bank and in hand 372,015 34,178
1,267,433 1,513,241
Creditors: amounts falling due within one year 6 ( 209,797) ( 433,710)
Net current assets 1,057,636 1,079,531
Total assets less current liabilities 1,569,251 1,563,661
Provision for liabilities ( 64,684) ( 74,999)
Net assets 1,504,567 1,488,662
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,504,467 1,488,562
Total shareholder's funds 1,504,567 1,488,662

For the financial year ending 05 April 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 Trevor McDonald (Marine Engine Services) Ltd. (registered number: SC322848) were approved and authorised for issue by the Director on 19 March 2025. They were signed on its behalf by:

Trevor Mcdonald
Director
TREVOR MCDONALD (MARINE ENGINE SERVICES) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
TREVOR MCDONALD (MARINE ENGINE SERVICES) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 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

Trevor McDonald (Marine Engine Services) 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 Hilton Balthangie, Cuminestown, Turriff, AB53 5YB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and 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 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.

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.

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, 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 not depreciated
Plant and machinery 25 % reducing balance
Vehicles 5 years straight line
Computer equipment 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.

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.

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).

Financial 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.

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.

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 bank balances, are measured at transaction price.

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, 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.

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. 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 the director 7 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 06 April 2023 112,120 409,720 304,905 12,017 838,762
Additions 0 66,829 90,799 3,000 160,628
Disposals 0 ( 3,405) ( 52,025) ( 1,083) ( 56,513)
At 05 April 2024 112,120 473,144 343,679 13,934 942,877
Accumulated depreciation
At 06 April 2023 0 216,299 132,663 5,670 354,632
Charge for the financial year 0 60,782 59,293 3,178 123,253
Disposals 0 ( 2,540) ( 43,158) ( 925) ( 46,623)
At 05 April 2024 0 274,541 148,798 7,923 431,262
Net book value
At 05 April 2024 112,120 198,603 194,881 6,011 511,615
At 05 April 2023 112,120 193,421 172,242 6,347 484,130

4. Stocks

2024 2023
£ £
Work in progress 28,920 138,518
Finished goods 14,000 17,000
42,920 155,518

5. Debtors

2024 2023
£ £
Trade debtors 317,114 1,157,254
Other debtors 535,384 166,291
852,498 1,323,545

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 155,202 364,274
Taxation and social security 48,796 63,372
Other creditors 5,799 6,064
209,797 433,710

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary Shares shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by director 2,061 1,141

The loan is interest free and repayable on demand.