Silverfin false false 30/11/2024 01/12/2023 30/11/2024 Peter Grigor 07/10/2016 11 May 2025 The principal activity of the Company during the financial year was the provision of inspection services to the oil industry. SC547152 2024-11-30 SC547152 bus:Director1 2024-11-30 SC547152 2023-11-30 SC547152 core:CurrentFinancialInstruments 2024-11-30 SC547152 core:CurrentFinancialInstruments 2023-11-30 SC547152 core:ShareCapital 2024-11-30 SC547152 core:ShareCapital 2023-11-30 SC547152 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC547152 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC547152 core:Vehicles 2023-11-30 SC547152 core:OfficeEquipment 2023-11-30 SC547152 core:Vehicles 2024-11-30 SC547152 core:OfficeEquipment 2024-11-30 SC547152 bus:OrdinaryShareClass1 2024-11-30 SC547152 2023-12-01 2024-11-30 SC547152 bus:FilletedAccounts 2023-12-01 2024-11-30 SC547152 bus:SmallEntities 2023-12-01 2024-11-30 SC547152 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 SC547152 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC547152 bus:Director1 2023-12-01 2024-11-30 SC547152 core:Vehicles 2023-12-01 2024-11-30 SC547152 core:OfficeEquipment 2023-12-01 2024-11-30 SC547152 2022-12-01 2023-11-30 SC547152 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 SC547152 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC547152 (Scotland)

P G QUALITY ASSURANCE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

P G QUALITY ASSURANCE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

P G QUALITY ASSURANCE LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2024
P G QUALITY ASSURANCE LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 28,942 6,864
28,942 6,864
Current assets
Debtors 4 364,738 274,742
Cash at bank and in hand 2,586 13,625
367,324 288,367
Creditors: amounts falling due within one year 5 ( 127,620) ( 86,237)
Net current assets 239,704 202,130
Total assets less current liabilities 268,646 208,994
Provision for liabilities 6 ( 7,011) ( 1,491)
Net assets 261,635 207,503
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 261,535 207,403
Total shareholder's funds 261,635 207,503

For the financial year ending 30 November 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 P G Quality Assurance Ltd (registered number: SC547152) were approved and authorised for issue by the Director on 11 May 2025. They were signed on its behalf by:

Peter Grigor
Director
P G QUALITY ASSURANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
P G QUALITY ASSURANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 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

P G Quality Assurance Ltd (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 Kingsford Lodge, Daviot, Inverurie, AB51 0JH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 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, 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:

Vehicles 20 % reducing balance
Office equipment 20 % 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 Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 December 2023 14,500 6,594 21,094
Additions 31,018 1,220 32,238
Disposals ( 7,500) ( 3,524) ( 11,024)
At 30 November 2024 38,018 4,290 42,308
Accumulated depreciation
At 01 December 2023 11,459 2,771 14,230
Charge for the financial year 6,033 926 6,959
Disposals ( 5,980) ( 1,843) ( 7,823)
At 30 November 2024 11,512 1,854 13,366
Net book value
At 30 November 2024 26,506 2,436 28,942
At 30 November 2023 3,041 3,823 6,864

4. Debtors

2024 2023
£ £
Trade debtors 102,872 28,933
Corporation tax 58,274 55,404
Other debtors 203,592 190,405
364,738 274,742

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 64,857 9,127
Corporation tax 46,021 59,114
Other taxation and social security 7,232 9,144
Other creditors 9,510 8,852
127,620 86,237

6. Provision for liabilities

2024 2023
£ £
Deferred tax 7,011 1,491

7. Called-up share capital

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

8. Related party transactions

Transactions with the entity's director

Advances

At the beginning of the year, the company was due £165,221 by the director. Advances were made in the year totalling £105,017, Interest of £4,892 (2.25% interest rate) has been charged on the advances. Repayments for the year totalled £101,406, therefore, at the year end the balance due from the director to the company is £173,724. There are no fixed terms of repayment on this balance.