Silverfin false false 31/08/2024 01/09/2023 31/08/2024 A Malcolm 31/01/2001 D Malcolm 02/04/1997 14 May 2025 The principal activity of the Company during the financial year was that of distributors of window and door hardware. SC174003 2024-08-31 SC174003 bus:Director1 2024-08-31 SC174003 bus:Director2 2024-08-31 SC174003 2023-08-31 SC174003 core:CurrentFinancialInstruments 2024-08-31 SC174003 core:CurrentFinancialInstruments 2023-08-31 SC174003 core:Non-currentFinancialInstruments 2024-08-31 SC174003 core:Non-currentFinancialInstruments 2023-08-31 SC174003 core:ShareCapital 2024-08-31 SC174003 core:ShareCapital 2023-08-31 SC174003 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC174003 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC174003 core:LandBuildings 2023-08-31 SC174003 core:OtherPropertyPlantEquipment 2023-08-31 SC174003 core:LandBuildings 2024-08-31 SC174003 core:OtherPropertyPlantEquipment 2024-08-31 SC174003 core:ListedExchangeTraded core:WithinOneYear 2024-08-31 SC174003 core:ListedExchangeTraded core:WithinOneYear 2023-08-31 SC174003 bus:OrdinaryShareClass1 2024-08-31 SC174003 2023-09-01 2024-08-31 SC174003 bus:FilletedAccounts 2023-09-01 2024-08-31 SC174003 bus:SmallEntities 2023-09-01 2024-08-31 SC174003 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC174003 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC174003 bus:Director1 2023-09-01 2024-08-31 SC174003 bus:Director2 2023-09-01 2024-08-31 SC174003 core:LandBuildings core:TopRangeValue 2023-09-01 2024-08-31 SC174003 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-09-01 2024-08-31 SC174003 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-09-01 2024-08-31 SC174003 2022-09-01 2023-08-31 SC174003 core:LandBuildings 2023-09-01 2024-08-31 SC174003 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 SC174003 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 SC174003 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 SC174003 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC174003 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC174003 (Scotland)

SEALCO (SCOTLAND) LIMITED

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

SEALCO (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

SEALCO (SCOTLAND) LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2024
SEALCO (SCOTLAND) LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 125,319 122,562
125,319 122,562
Current assets
Stocks 2,034,093 1,930,694
Debtors 4 3,963,321 3,451,498
Investments 5 245,159 221,668
Cash at bank and in hand 2,847,580 2,556,806
9,090,153 8,160,666
Creditors: amounts falling due within one year 6 ( 2,281,946) ( 2,122,011)
Net current assets 6,808,207 6,038,655
Total assets less current liabilities 6,933,526 6,161,217
Creditors: amounts falling due after more than one year 7 ( 18,468) ( 18,468)
Provision for liabilities ( 25,227) ( 18,217)
Net assets 6,889,831 6,124,532
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 6,888,831 6,123,532
Total shareholders' funds 6,889,831 6,124,532

For the financial year ending 31 August 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 Sealco (Scotland) Limited (registered number: SC174003) were approved and authorised for issue by the Board of Directors on 14 May 2025. They were signed on its behalf by:

D Malcolm
Director
SEALCO (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
SEALCO (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

Sealco (Scotland) 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 2, St Johns Sawmills, Etna Road, Falkirk, FK2 9EG, 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

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

Hardware and windows revenue is recognised upon dispatch or delivery of goods to an agreed location depending on the terms agreed with 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.

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.

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 5 years straight line
Plant and machinery etc. 4 - 5 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). 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. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss or service potential.

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. 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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 directors 32 30

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2023 48,399 528,692 577,091
Additions 0 93,759 93,759
Disposals 0 ( 92,004) ( 92,004)
At 31 August 2024 48,399 530,447 578,846
Accumulated depreciation
At 01 September 2023 48,399 406,130 454,529
Charge for the financial year 0 91,002 91,002
Disposals 0 ( 92,004) ( 92,004)
At 31 August 2024 48,399 405,128 453,527
Net book value
At 31 August 2024 0 125,319 125,319
At 31 August 2023 0 122,562 122,562

4. Debtors

2024 2023
£ £
Trade debtors 2,191,005 1,919,750
Corporation tax 401,043 334,500
Other debtors 1,371,273 1,197,248
3,963,321 3,451,498

5. Current asset investments

2024 2023
£ £
Listed investments – at fair value 245,159 221,668

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £212,976. Other investments are held at cost less impairment because their fair value cannot be measured reliably.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,596,963 1,441,828
Corporation tax 387,914 408,509
Other taxation and social security 244,887 215,752
Other creditors 52,182 55,922
2,281,946 2,122,011

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

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

2024 2023
£ £
Other creditors 18,468 18,468

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 59,465 58,533
Other 4,141 4,141
63,606 62,674

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed from key management personnel 1,347,688 1,180,524

No interest was charged on the director's loans.