Silverfin false false 29/02/2024 01/03/2023 29/02/2024 D P Connolly 02/11/2018 28 March 2025 The principal activity of the Company during the financial year was hairdressing. SC612530 2024-02-29 SC612530 bus:Director1 2024-02-29 SC612530 2023-02-28 SC612530 core:CurrentFinancialInstruments 2024-02-29 SC612530 core:CurrentFinancialInstruments 2023-02-28 SC612530 core:Non-currentFinancialInstruments 2024-02-29 SC612530 core:Non-currentFinancialInstruments 2023-02-28 SC612530 core:ShareCapital 2024-02-29 SC612530 core:ShareCapital 2023-02-28 SC612530 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC612530 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC612530 core:OtherPropertyPlantEquipment 2023-02-28 SC612530 core:OtherPropertyPlantEquipment 2024-02-29 SC612530 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-02-29 SC612530 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-02-28 SC612530 bus:OrdinaryShareClass1 2024-02-29 SC612530 2023-03-01 2024-02-29 SC612530 bus:FilletedAccounts 2023-03-01 2024-02-29 SC612530 bus:SmallEntities 2023-03-01 2024-02-29 SC612530 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC612530 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC612530 bus:Director1 2023-03-01 2024-02-29 SC612530 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC612530 2022-03-01 2023-02-28 SC612530 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC612530 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC612530 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC612530 (Scotland)

CHARLES ALEXANDER SALTCOATS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

CHARLES ALEXANDER SALTCOATS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

CHARLES ALEXANDER SALTCOATS LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
CHARLES ALEXANDER SALTCOATS LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,600 12,000
9,600 12,000
Current assets
Stocks 4,500 3,500
Debtors 4 100 100
Cash at bank and in hand 1,045 106
5,645 3,706
Creditors: amounts falling due within one year 5 ( 55,951) ( 37,797)
Net current liabilities (50,306) (34,091)
Total assets less current liabilities (40,706) (22,091)
Creditors: amounts falling due after more than one year 6 ( 28,725) ( 34,359)
Net liabilities ( 69,431) ( 56,450)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 69,531 ) ( 56,550 )
Total shareholder's deficit ( 69,431) ( 56,450)

For the financial year ending 29 February 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 Charles Alexander Saltcoats Limited (registered number: SC612530) were approved and authorised for issue by the Director on 28 March 2025. They were signed on its behalf by:

D P Connolly
Director
CHARLES ALEXANDER SALTCOATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
CHARLES ALEXANDER SALTCOATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 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

Charles Alexander Saltcoats 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 227 West George Street, Glasgow, G2 2ND, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £69,431. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met 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.

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. 20 % 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.

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.

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.

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 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. 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 the director 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 15,000 15,000
At 29 February 2024 15,000 15,000
Accumulated depreciation
At 01 March 2023 3,000 3,000
Charge for the financial year 2,400 2,400
At 29 February 2024 5,400 5,400
Net book value
At 29 February 2024 9,600 9,600
At 28 February 2023 12,000 12,000

4. Debtors

2024 2023
£ £
Other debtors 100 100

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 ( 2,088)
Amounts owed to related parties 34,172 31,753
Taxation and social security ( 1,630) 3,057
Other creditors 23,409 5,075
55,951 37,797

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

2024 2023
£ £
Other creditors 28,725 34,359

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

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

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to/(by) key management personnel 16,662 (2,088)

Other related party transactions

2024 2023
£ £
Amounts owed to related parties 34,172 31,753