Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Scott Younger 01/01/2023 17 April 2025 The principal activity of the company continued to be that of the design and assembly of subsea electronic products, procurement and supply of commercial diving equipment and design and manufacture of diver harnesses. SC303904 2024-12-31 SC303904 bus:Director1 2024-12-31 SC303904 2023-12-31 SC303904 core:CurrentFinancialInstruments 2024-12-31 SC303904 core:CurrentFinancialInstruments 2023-12-31 SC303904 core:Non-currentFinancialInstruments 2024-12-31 SC303904 core:Non-currentFinancialInstruments 2023-12-31 SC303904 core:ShareCapital 2024-12-31 SC303904 core:ShareCapital 2023-12-31 SC303904 core:SharePremium 2024-12-31 SC303904 core:SharePremium 2023-12-31 SC303904 core:CapitalRedemptionReserve 2024-12-31 SC303904 core:CapitalRedemptionReserve 2023-12-31 SC303904 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC303904 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC303904 core:Goodwill 2023-12-31 SC303904 core:OtherResidualIntangibleAssets 2023-12-31 SC303904 core:Goodwill 2024-12-31 SC303904 core:OtherResidualIntangibleAssets 2024-12-31 SC303904 core:LandBuildings 2023-12-31 SC303904 core:OtherPropertyPlantEquipment 2023-12-31 SC303904 core:LandBuildings 2024-12-31 SC303904 core:OtherPropertyPlantEquipment 2024-12-31 SC303904 core:CurrentFinancialInstruments core:Secured 2024-12-31 SC303904 bus:OrdinaryShareClass1 2024-12-31 SC303904 bus:OrdinaryShareClass2 2024-12-31 SC303904 bus:OrdinaryShareClass3 2024-12-31 SC303904 2024-01-01 2024-12-31 SC303904 bus:FilletedAccounts 2024-01-01 2024-12-31 SC303904 bus:SmallEntities 2024-01-01 2024-12-31 SC303904 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC303904 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC303904 bus:Director1 2024-01-01 2024-12-31 SC303904 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 SC303904 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-01-01 2024-12-31 SC303904 core:Goodwill 2024-01-01 2024-12-31 SC303904 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 SC303904 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC303904 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-01-01 2024-12-31 SC303904 2023-01-01 2023-12-31 SC303904 core:LandBuildings 2024-01-01 2024-12-31 SC303904 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 SC303904 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 SC303904 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC303904 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC303904 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 SC303904 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC303904 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 SC303904 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC303904 (Scotland)

C TECNICS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

C TECNICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

C TECNICS LIMITED

BALANCE SHEET

As at 31 December 2024
C TECNICS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 14,495 0
Tangible assets 4 19,535 17,715
34,030 17,715
Current assets
Stocks 461,196 383,771
Debtors 5 244,097 212,828
Cash at bank and in hand 320 4,228
705,613 600,827
Creditors: amounts falling due within one year 6 ( 501,899) ( 228,883)
Net current assets 203,714 371,944
Total assets less current liabilities 237,744 389,659
Creditors: amounts falling due after more than one year 7 ( 4,384) ( 14,768)
Net assets 233,360 374,891
Capital and reserves
Called-up share capital 8 120 120
Share premium account 39,960 39,960
Capital redemption reserve 10 10
Profit and loss account 193,270 334,801
Total shareholders' funds 233,360 374,891

For the financial year ending 31 December 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 C Tecnics Limited (registered number: SC303904) were approved and authorised for issue by the Director on 17 April 2025. They were signed on its behalf by:

Scott Younger
Director
C TECNICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
C TECNICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

C Tecnics 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 HALL MORRICE, 7 Queens Terrace, Aberdeen, AB10 1XL, 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

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue for the provision of services is recognised by reference to the date on which services were rendered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately 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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Research and development expenditure

Development expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated and is released to the profit and loss account over 7 years.

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 5 years straight line
Other intangible assets 5 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 5 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten 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:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 15 % reducing balance
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.

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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. 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 10 9

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2024 90,000 0 90,000
Additions 0 15,530 15,530
At 31 December 2024 90,000 15,530 105,530
Accumulated amortisation
At 01 January 2024 90,000 0 90,000
Charge for the financial year 0 1,035 1,035
At 31 December 2024 90,000 1,035 91,035
Net book value
At 31 December 2024 0 14,495 14,495
At 31 December 2023 0 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 3,007 77,921 80,928
Additions 968 5,314 6,282
Disposals 0 ( 431) ( 431)
At 31 December 2024 3,975 82,804 86,779
Accumulated depreciation
At 01 January 2024 1,102 62,111 63,213
Charge for the financial year 389 3,941 4,330
Disposals 0 ( 299) ( 299)
At 31 December 2024 1,491 65,753 67,244
Net book value
At 31 December 2024 2,484 17,051 19,535
At 31 December 2023 1,905 15,810 17,715

5. Debtors

2024 2023
£ £
Trade debtors 193,921 117,671
Other debtors 50,176 95,157
244,097 212,828

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 23,278 10,141
Trade creditors 277,489 124,252
Corporation tax 5,869 439
Other taxation and social security 9,412 37,910
Other creditors 185,851 56,141
501,899 228,883

The bank holds a fixed and floating charge over the assets of the company.

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

2024 2023
£ £
Bank loans (secured) 4,384 14,768

The bank loan is repayable in monthly instalments ending in April 2026 with interest being charged at a fixed rate of 2.5%.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
312 Class A ordinary shares of £ 0.10 each 31 31
300 Class B ordinary shares of £ 0.10 each 30 30
588 Class C ordinary shares of £ 0.10 each 59 59
120 120

On 1 January 2023 80 Class A ordinary shares of £1 each were re-designated as 800 Class A ordinary shares of £0.01 each and 10 Class B Ordinary shares of £1 each were re-designated as 100 Class B ordinary shares of £0.01 each. Also on 1 January 2023 488 Class A ordinary shares and 100 Class B ordinary shares were re-designated as 588 Class C ordinary shares of £0.01 each.

Furthermore, on 1 January 2023 the company issued 300 Class B ordinary shares of £0.01 each for a consideration of £30,000 resulting in a share premium of £29,970.

All shares rank pari passu.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 17,329 51,734

10. Related party transactions

Transactions with the entity's director

As at 31 December 2024 the company was due the director £166,000 (2023 - the company was due the former director £32,885). The loan was interest free with no set repayment terms.