Silverfin false false 31/10/2024 01/11/2023 31/10/2024 Alison Margaret Binnie 08/10/2014 Brian George Kinnear Binnie 31/10/2004 07 April 2025 The principal activity of the Company during the financial year continued to be that of quarrying and sale of stone. SC268906 2024-10-31 SC268906 bus:Director1 2024-10-31 SC268906 bus:Director2 2024-10-31 SC268906 2023-10-31 SC268906 core:CurrentFinancialInstruments 2024-10-31 SC268906 core:CurrentFinancialInstruments 2023-10-31 SC268906 core:Non-currentFinancialInstruments 2024-10-31 SC268906 core:Non-currentFinancialInstruments 2023-10-31 SC268906 core:ShareCapital 2024-10-31 SC268906 core:ShareCapital 2023-10-31 SC268906 core:RetainedEarningsAccumulatedLosses 2024-10-31 SC268906 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC268906 core:OtherResidualIntangibleAssets 2023-10-31 SC268906 core:OtherResidualIntangibleAssets 2024-10-31 SC268906 core:LandBuildings 2023-10-31 SC268906 core:PlantMachinery 2023-10-31 SC268906 core:Vehicles 2023-10-31 SC268906 core:FurnitureFittings 2023-10-31 SC268906 core:LandBuildings 2024-10-31 SC268906 core:PlantMachinery 2024-10-31 SC268906 core:Vehicles 2024-10-31 SC268906 core:FurnitureFittings 2024-10-31 SC268906 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-10-31 SC268906 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-10-31 SC268906 2022-10-31 SC268906 bus:OrdinaryShareClass1 2024-10-31 SC268906 bus:OrdinaryShareClass2 2024-10-31 SC268906 2023-11-01 2024-10-31 SC268906 bus:FilletedAccounts 2023-11-01 2024-10-31 SC268906 bus:SmallEntities 2023-11-01 2024-10-31 SC268906 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 SC268906 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC268906 bus:Director1 2023-11-01 2024-10-31 SC268906 bus:Director2 2023-11-01 2024-10-31 SC268906 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-11-01 2024-10-31 SC268906 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-01 2024-10-31 SC268906 core:LandBuildings core:TopRangeValue 2023-11-01 2024-10-31 SC268906 core:PlantMachinery core:BottomRangeValue 2023-11-01 2024-10-31 SC268906 core:PlantMachinery core:TopRangeValue 2023-11-01 2024-10-31 SC268906 core:Vehicles core:TopRangeValue 2023-11-01 2024-10-31 SC268906 core:FurnitureFittings 2023-11-01 2024-10-31 SC268906 2022-11-01 2023-10-31 SC268906 core:OtherResidualIntangibleAssets 2023-11-01 2024-10-31 SC268906 core:LandBuildings 2023-11-01 2024-10-31 SC268906 core:PlantMachinery 2023-11-01 2024-10-31 SC268906 core:Vehicles 2023-11-01 2024-10-31 SC268906 core:CurrentFinancialInstruments 2023-11-01 2024-10-31 SC268906 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 SC268906 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 SC268906 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC268906 bus:OrdinaryShareClass2 2023-11-01 2024-10-31 SC268906 bus:OrdinaryShareClass2 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC268906 (Scotland)

DENFIND STONE LIMITED

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

DENFIND STONE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

DENFIND STONE LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
DENFIND STONE LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 2,309 2,577
Tangible assets 5 1,803,229 1,934,344
1,805,538 1,936,921
Current assets
Stocks 5,544 8,876
Debtors 6 158,182 132,724
Cash at bank and in hand 101 1,019
163,827 142,619
Creditors: amounts falling due within one year 7 ( 809,657) ( 762,719)
Net current liabilities (645,830) (620,100)
Total assets less current liabilities 1,159,708 1,316,821
Creditors: amounts falling due after more than one year 8 ( 85,786) ( 165,002)
Provision for liabilities 9, 10 ( 176,879) ( 190,390)
Net assets 897,043 961,429
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account 896,943 961,329
Total shareholders' funds 897,043 961,429

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Denfind Stone Limited (registered number: SC268906) were approved and authorised for issue by the Board of Directors on 07 April 2025. They were signed on its behalf by:

Brian George Kinnear Binnie
Director
DENFIND STONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
DENFIND STONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Denfind Stone 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 15 Academy Street, Forfar, DD8 2HA, United Kingdom. The principal place of business is Denfind Farm, Monikie, By Dundee, DD5 3PZ.

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 company has net current liabilities of £645,830. The directors consider it appropriate to prepare the accounts on a going concern basis. In coming to this conclusion they confirm that they will not seek repayment of their loan account and will support the company for at least twelve months from the approval of these financial statements.

Prior year adjustment

The comparative results for the year ended 31 October 2023 have been restated to incorporate the impact of a misclassification of grants released from amortisation.

Turnover

Turnover represents sales of quarried stone and building goods and services, excluding value added tax.

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.

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:

Other intangible assets 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

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 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:

Land and buildings 50 years straight line
Plant and machinery 4 - 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 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 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.

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 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.

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 and 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 and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, hire purchase agreements and bank overdraft facilities, are 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.

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. Prior year adjustment

The comparative results for the year ended 31 October 2023 have been restated to incorporate the impact of a misclassification of grants released from amortisation.

As previously reported Adjustment As restated
Year ended 31 October 2023 £ £ £
Amortisation (15,536) 15,639 103
Government grants receivable (18,350) (15,639) (33,989)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 18

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2023 2,680 2,680
At 31 October 2024 2,680 2,680
Accumulated amortisation
At 01 November 2023 103 103
Charge for the financial year 268 268
At 31 October 2024 371 371
Net book value
At 31 October 2024 2,309 2,309
At 31 October 2023 2,577 2,577

5. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2023 1,098,402 1,716,272 114,139 29,434 2,958,247
Additions 49,425 53,650 100,085 1,188 204,348
Disposals 0 0 ( 60,144) 0 ( 60,144)
At 31 October 2024 1,147,827 1,769,922 154,080 30,622 3,102,451
Accumulated depreciation
At 01 November 2023 68,167 890,930 42,277 22,529 1,023,903
Charge for the financial year 19,419 259,887 27,994 1,850 309,150
Disposals 0 0 ( 33,831) 0 ( 33,831)
At 31 October 2024 87,586 1,150,817 36,440 24,379 1,299,222
Net book value
At 31 October 2024 1,060,241 619,105 117,640 6,243 1,803,229
At 31 October 2023 1,030,235 825,342 71,862 6,905 1,934,344

6. Debtors

2024 2023
£ £
Trade debtors 149,557 103,584
Other debtors 8,625 29,140
158,182 132,724

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 337,696 251,943
Trade creditors 90,685 145,235
Amounts owed to related parties 0 12,343
Other taxation and social security 49,691 10,883
Obligations under finance leases and hire purchase contracts 150,117 135,066
Other creditors 181,468 207,249
809,657 762,719

Bank loans and overdrafts are secured by a floating charge over the assets of the company.

Obligations under finance lease contracts are secured over the asset which the agreement relates.

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

2024 2023
£ £
Bank loans 14,167 24,167
Obligations under finance leases and hire purchase contracts 71,619 140,835
85,786 165,002

Bank loans are secured by a floating charge over the assets of the company.

Obligations under finance lease contracts are secured over the asset which the agreement relates.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 176,879 190,390

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 190,390) ( 166,516)
Credited/(charged) to the Statement of Income and Retained Earnings 13,511 ( 23,874)
At the end of financial year ( 176,879) ( 190,390)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
50 B ordinary shares of £ 1.00 each 50 50
100 100