Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr R McCartney 31/01/2019 Mr A Noble 19/03/2024 31/01/2019 Mr G Young 17/06/2024 25/10/2018 09 April 2025 The principal activity of the Company during the financial year was the manufacturing of precision materials. SC611770 2024-03-31 SC611770 bus:Director1 2024-03-31 SC611770 bus:Director2 2024-03-31 SC611770 bus:Director3 2024-03-31 SC611770 2023-03-31 SC611770 core:CurrentFinancialInstruments 2024-03-31 SC611770 core:CurrentFinancialInstruments 2023-03-31 SC611770 core:Non-currentFinancialInstruments 2024-03-31 SC611770 core:Non-currentFinancialInstruments 2023-03-31 SC611770 core:ShareCapital 2024-03-31 SC611770 core:ShareCapital 2023-03-31 SC611770 core:CapitalRedemptionReserve 2024-03-31 SC611770 core:CapitalRedemptionReserve 2023-03-31 SC611770 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC611770 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC611770 core:Goodwill 2023-03-31 SC611770 core:OtherResidualIntangibleAssets 2023-03-31 SC611770 core:Goodwill 2024-03-31 SC611770 core:OtherResidualIntangibleAssets 2024-03-31 SC611770 core:OtherPropertyPlantEquipment 2023-03-31 SC611770 core:OtherPropertyPlantEquipment 2024-03-31 SC611770 bus:OrdinaryShareClass1 2024-03-31 SC611770 2023-04-01 2024-03-31 SC611770 bus:FilletedAccounts 2023-04-01 2024-03-31 SC611770 bus:SmallEntities 2023-04-01 2024-03-31 SC611770 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC611770 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC611770 bus:Director1 2023-04-01 2024-03-31 SC611770 bus:Director2 2023-04-01 2024-03-31 SC611770 bus:Director3 2023-04-01 2024-03-31 SC611770 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 SC611770 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 SC611770 core:Goodwill 2023-04-01 2024-03-31 SC611770 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC611770 2022-04-01 2023-03-31 SC611770 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC611770 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC611770 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC611770 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC611770 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC611770 (Scotland)

PENTLAND MATERIAL SUPPLY LIMITED

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

PENTLAND MATERIAL SUPPLY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

PENTLAND MATERIAL SUPPLY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
PENTLAND MATERIAL SUPPLY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 58,111 68,892
Tangible assets 4 452,631 546,894
510,742 615,786
Current assets
Stocks 177,000 160,000
Debtors 5 554,147 1,067,068
Cash at bank and in hand 41,999 238,353
773,146 1,465,421
Creditors: amounts falling due within one year 6 ( 1,823,068) ( 1,559,374)
Net current liabilities (1,049,922) (93,953)
Total assets less current liabilities (539,180) 521,833
Creditors: amounts falling due after more than one year 7 ( 341,491) ( 327,142)
Net (liabilities)/assets ( 880,671) 194,691
Capital and reserves
Called-up share capital 8 195 300
Capital redemption reserve ( 5,145 ) 0
Profit and loss account ( 875,721 ) 194,391
Total shareholders' (deficit)/funds ( 880,671) 194,691

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 Pentland Material Supply Limited (registered number: SC611770) were approved and authorised for issue by the Director on 09 April 2025. They were signed on its behalf by:

Mr R McCartney
Director
PENTLAND MATERIAL SUPPLY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PENTLAND MATERIAL SUPPLY LIMITED

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

Pentland Material Supply 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 Unit 1 Pentland Ind Est, Loanhead, Edinburgh, EH20 9QH, 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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. [Disclose uncertainties]

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 which has been generated from the manufacturing of precision materials, 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.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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 - 33 % 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.

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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 cash in hand and deposits held at call with banks.

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 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. 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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 35 50

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2023 89,134 18,680 107,814
At 31 March 2024 89,134 18,680 107,814
Accumulated amortisation
At 01 April 2023 35,653 3,269 38,922
Charge for the financial year 8,913 1,868 10,781
At 31 March 2024 44,566 5,137 49,703
Net book value
At 31 March 2024 44,568 13,543 58,111
At 31 March 2023 53,481 15,411 68,892

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 845,806 845,806
Additions 3,559 3,559
At 31 March 2024 849,365 849,365
Accumulated depreciation
At 01 April 2023 298,912 298,912
Charge for the financial year 97,822 97,822
At 31 March 2024 396,734 396,734
Net book value
At 31 March 2024 452,631 452,631
At 31 March 2023 546,894 546,894

5. Debtors

2024 2023
£ £
Trade debtors 489,562 977,278
Corporation tax 4,944 4,944
Other debtors 59,641 84,846
554,147 1,067,068

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 391,330 344,659
Taxation and social security 483,343 142,101
Obligations under finance leases and hire purchase contracts 135,201 129,062
Other creditors 813,194 943,552
1,823,068 1,559,374

£322,380 (2023: £740,379) of other creditors, being an invoice discounting facility, is secured by a floating charge over the assets of the company.
Obligations under finances leases and hire purchase contracts are secured against the assets to which they relate.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 258,158 297,579
Other creditors 83,333 29,563
341,491 327,142

Obligations under finances leases and hire purchase contracts are secured against the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
195 Ordinary shares of £ 1.00 each (2023: 300 shares of £ 1.00 each) 195 300

On 26 March 2024, 105 ordinary shares were repurchased by the company for a total consideration of £5,250.

9. Financial commitments

Commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £29,237 (2023 : £6,614).

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by directors 14,650 14,650
Amounts owed to directors 0 1,850

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