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Company No: SC066189 (Scotland)

IAN FISKEN (FORFAR) LIMITED

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

IAN FISKEN (FORFAR) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

IAN FISKEN (FORFAR) LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
IAN FISKEN (FORFAR) LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,021,199 843,039
1,021,199 843,039
Current assets
Stocks 1,481,558 983,710
Debtors 5 255,624 188,984
Cash at bank and in hand 141 57,348
1,737,323 1,230,042
Creditors: amounts falling due within one year 6 ( 2,083,282) ( 1,154,474)
Net current (liabilities)/assets (345,959) 75,568
Total assets less current liabilities 675,240 918,607
Creditors: amounts falling due after more than one year 7 ( 163,631) ( 366,232)
Provision for liabilities 8, 9 ( 45,357) ( 27,670)
Net assets 466,252 524,705
Capital and reserves
Called-up share capital 10 40,000 40,000
Revaluation reserve 75,000 75,000
Profit and loss account 351,252 409,705
Total shareholders' funds 466,252 524,705

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:

The financial statements of Ian Fisken (Forfar) Limited (registered number: SC066189) were approved and authorised for issue by the Board of Directors on 30 April 2025. They were signed on its behalf by:

Dougal Ian Fisken
Director
IAN FISKEN (FORFAR) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
IAN FISKEN (FORFAR) 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

Ian Fisken (Forfar) 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 Queenswell Road, Forfar, DD8 3HZ, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £345,959. The directors consider it appropriate to prepare the accounts on a going concern basis. In coming to this conclusion they confirm that they 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 land and building costs from fixtures and fittings and removing the depreciation charged on this.

Turnover

Turnover represents amounts receivable for vehicle sales and repairs net of VAT and trade discounts.

Revenue from the sale of vehicles is recognised on delivery to customers such that risks and rewards of ownership have been transferred to them.

Revenue from repairs is recognised when the company has entitlement to the income in exchange for the provision of services

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 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.

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 not depreciated
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 3 - 10 years straight line
Computer equipment 3 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 Profit and Loss Account 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)

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.

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 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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

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 land and building costs from fixtures and fittings and removing the depreciation charged on this.

As previously reported Adjustment As restated
Year ended 31 October 2023 £ £ £
Land and Buildings 672,149 32,337 704,486
Fixtures and Fittings 29,548 (28,415) 1,133
Depreciation 31,928 (3,922) 28,006

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 33

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 November 2023 704,486 591,887 20,000 327,869 0 1,644,242
Additions 150,984 0 0 77,177 9,736 237,897
Disposals 0 ( 8,633) 0 0 0 ( 8,633)
At 31 October 2024 855,470 583,254 20,000 405,046 9,736 1,873,506
Accumulated depreciation
At 01 November 2023 0 458,467 16,000 326,736 0 801,203
Charge for the financial year 0 35,741 4,000 8,118 3,245 51,104
At 31 October 2024 0 494,208 20,000 334,854 3,245 852,307
Net book value
At 31 October 2024 855,470 89,046 0 70,192 6,491 1,021,199
At 31 October 2023 704,486 133,420 4,000 1,133 0 843,039

Revaluation of tangible assets

Freehold land and buildings were revalued to fair value of £672,149 at 31 October 2021, with any subsequent additions at cost.

2024 2023
£ £
Historical cost 597,149 597,149
Carrying value 597,149 597,149

5. Debtors

2024 2023
£ £
Trade debtors 171,173 110,678
Corporation tax 105 0
Other debtors 84,346 78,306
255,624 188,984

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 542,508 87,155
Trade creditors 1,130,889 633,128
Amounts owed to connected companies 240,000 0
Taxation and social security 155,272 182,092
Other creditors 14,613 252,099
2,083,282 1,154,474

The loans are secured by fixed charges over the land and buildings and a floating charge over all other assets of the company.

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

2024 2023
£ £
Bank loans 163,631 249,592
Other creditors 0 116,640
163,631 366,232

The long-term loans are secured by fixed charges over the land and buildings and a floating charge over all the other assets of the company.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 45,357 27,670

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 27,670) ( 27,409)
Charged to the Profit and Loss Account ( 17,687) ( 261)
At the end of financial year ( 45,357) ( 27,670)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30,000 A ordinary shares of £ 1.00 each 30,000 30,000
9,900 B ordinary shares of £ 1.00 each 9,900 9,900
100 C ordinary shares of £ 1.00 each 100 100
40,000 40,000

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due from director 71,424 645

There were advances of £70,781, repayments of £645 and interest charged of £643 during the year.