Silverfin false false 30/03/2025 31/03/2024 30/03/2025 R A Faulkner 27/03/2013 K G Royan 01/05/2002 C S Scott 27/03/2013 G A Scott 10/03/1988 P D Scott 01/10/2009 S F Scott 10/03/1988 13 October 2025 The principal activity of the Company during the financial year continued to be that of the provision of garage services. SC109788 2025-03-30 SC109788 bus:Director1 2025-03-30 SC109788 bus:Director2 2025-03-30 SC109788 bus:Director3 2025-03-30 SC109788 bus:Director4 2025-03-30 SC109788 bus:Director5 2025-03-30 SC109788 bus:Director6 2025-03-30 SC109788 2024-03-30 SC109788 core:CurrentFinancialInstruments 2025-03-30 SC109788 core:CurrentFinancialInstruments 2024-03-30 SC109788 core:Non-currentFinancialInstruments 2025-03-30 SC109788 core:Non-currentFinancialInstruments 2024-03-30 SC109788 core:ShareCapital 2025-03-30 SC109788 core:ShareCapital 2024-03-30 SC109788 core:RetainedEarningsAccumulatedLosses 2025-03-30 SC109788 core:RetainedEarningsAccumulatedLosses 2024-03-30 SC109788 core:LandBuildings 2024-03-30 SC109788 core:OtherPropertyPlantEquipment 2024-03-30 SC109788 core:LandBuildings 2025-03-30 SC109788 core:OtherPropertyPlantEquipment 2025-03-30 SC109788 bus:OrdinaryShareClass1 2025-03-30 SC109788 core:WithinOneYear 2025-03-30 SC109788 core:WithinOneYear 2024-03-30 SC109788 core:BetweenOneFiveYears 2025-03-30 SC109788 core:BetweenOneFiveYears 2024-03-30 SC109788 core:MoreThanFiveYears 2025-03-30 SC109788 core:MoreThanFiveYears 2024-03-30 SC109788 2024-03-31 2025-03-30 SC109788 bus:FilletedAccounts 2024-03-31 2025-03-30 SC109788 bus:SmallEntities 2024-03-31 2025-03-30 SC109788 bus:AuditExemptWithAccountantsReport 2024-03-31 2025-03-30 SC109788 bus:PrivateLimitedCompanyLtd 2024-03-31 2025-03-30 SC109788 bus:Director1 2024-03-31 2025-03-30 SC109788 bus:Director2 2024-03-31 2025-03-30 SC109788 bus:Director3 2024-03-31 2025-03-30 SC109788 bus:Director4 2024-03-31 2025-03-30 SC109788 bus:Director5 2024-03-31 2025-03-30 SC109788 bus:Director6 2024-03-31 2025-03-30 SC109788 core:OtherPropertyPlantEquipment core:BottomRangeValue 2024-03-31 2025-03-30 SC109788 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-03-31 2025-03-30 SC109788 2023-03-31 2024-03-30 SC109788 core:LandBuildings 2024-03-31 2025-03-30 SC109788 core:OtherPropertyPlantEquipment 2024-03-31 2025-03-30 SC109788 core:CurrentFinancialInstruments 2024-03-31 2025-03-30 SC109788 core:Non-currentFinancialInstruments 2024-03-31 2025-03-30 SC109788 bus:OrdinaryShareClass1 2024-03-31 2025-03-30 SC109788 bus:OrdinaryShareClass1 2023-03-31 2024-03-30 SC109788 1 2024-03-31 2025-03-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC109788 (Scotland)

# SHERIFFMILL MOTOR COMPANY LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

SHERIFFMILL MOTOR COMPANY LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 MARCH 2025

Contents

SHERIFFMILL MOTOR COMPANY LIMITED

## BALANCE SHEET

AS AT 30 MARCH 2025
SHERIFFMILL MOTOR COMPANY LIMITED

## BALANCE SHEET (continued)

AS AT 30 MARCH 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 864,649 |  | 854,205
|  | 864,649 |  | 854,205
Current assets |  |  |  |
Stocks |  | 192,241 |  | 192,804
Debtors | 5 | 1,134,473 |  | 1,177,592
Cash at bank and in hand |  | 498,222 |  | 452,827
|  | 1,824,936 |  | 1,823,223
Creditors: amounts falling due within one year | 6 | ( 751,108) |  | ( 640,895)
Net current assets |  | 1,073,828 |  | 1,182,328
Total assets less current liabilities |  | 1,938,477 |  | 2,036,533
Creditors: amounts falling due after more than one year | 7 | ( 39,966) |  | ( 84,038)
Provision for liabilities |  | ( 171,738) |  | ( 192,868)
Net assets |  | 1,726,773 |  | 1,759,627
Capital and reserves |  |  |  |
Called-up share capital | 8 | 100,000 |  | 100,000
Profit and loss account |  | 1,626,773 |  | 1,659,627
Total shareholders' funds |  | 1,726,773 |  | 1,759,627

For the financial year ending 30 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Sheriffmill Motor Company Limited (registered number: SC109788) were approved and authorised for issue by the Board of Directors on 13 October 2025. They were signed on its behalf by:

C S Scott Director |  | R A Faulkner Director

SHERIFFMILL MOTOR COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 MARCH 2025
SHERIFFMILL MOTOR COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 MARCH 2025

##### 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

Sheriffmill Motor Company 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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, 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.

##### Turnover

Turnover represents amount receivable for provision of garage services net of VAT and trade discounts.
Revenue from the provision of garage services is recognised at the points of completion of performance.

##### 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 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.

##### 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, 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 etc. | 4 - 6.67 years straight line

Included within plant and machinery, are motor vehicles are depreciated on the reducing balance basis between 10% and 20%.
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 assets, 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.

##### 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 include cash in hand and deposits held at call with banks.

##### 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 trade and other creditors, 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.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 27 |  | 24

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 31 March 2024 | 60,000 |  | 1,499,611 |  | 1,559,611
Additions | 0 |  | 150,937 |  | 150,937
Disposals | 0 |  | ( 96,228) |  | ( 96,228)
At 30 March 2025 | 60,000 |  | 1,554,320 |  | 1,614,320
Accumulated depreciation |  |  |  |  |
At 31 March 2024 | 0 |  | 705,406 |  | 705,406
Charge for the financial year | 0 |  | 104,509 |  | 104,509
Disposals | 0 |  | ( 60,244) |  | ( 60,244)
At 30 March 2025 | 0 |  | 749,671 |  | 749,671
Net book value |  |  |  |  |
At 30 March 2025 | 60,000 |  | 804,649 |  | 864,649
At 30 March 2024 | 60,000 |  | 794,205 |  | 854,205

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 348,934 |  | 401,319
Amounts owed by Group undertakings | 726,532 |  | 695,098
Other debtors | 59,007 |  | 81,175
| 1,134,473 |  | 1,177,592

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 4,752 |  | 4,752
Trade creditors | 321,587 |  | 371,894
Amounts owed to Group undertakings | 587 |  | 587
Taxation and social security | 228,670 |  | 175,600
Obligations under finance leases and hire purchase contracts | 97,123 |  | 83,422
Other creditors | 98,389 |  | 4,640
| 751,108 |  | 640,895

Net obligations under hire purchase contracts of are secured over the assets which the agreements relate to.
Bank loans are secured by a floating charge over the assets of the company.

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

| 2025 |  | 2024
| £ |  | £
Bank loans | 14,676 |  | 19,428
Obligations under finance leases and hire purchase contracts | 25,290 |  | 64,610
| 39,966 |  | 84,038

Net obligations under hire purchase contracts are secured over the assets which the agreements relate to.
Bank loans are secured by a floating charge over the assets of the company.

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100,000 Ordinary shares of £ 1.00 each | 100,000 |  | 100,000

#### 9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
within one year | 66,000 |  | 66,000
between one and five years | 264,000 |  | 264,000
after five years | 67,166 |  | 83,166
Total future minimum lease payments under non-cancellable operating leases | 397,166 |  | 413,166

Amounts included as repayable in greater than 5 years includes amounts due on a lease due to expire in 2031.

Other financial commitments

The company has provided the group's bankers with cross guarantees over the borrowings of other group companies. At the year end this amounted to £166,033 (2024 - £254,326). The bank holds two floating charges over the assets and undertakings of the company.

#### 10. Related party transactions

Transactions with the entity's directors

Advances

During the year, a director had opening balance of £10,086, was advanced £86,809, of which £93,500 was repaid. As at 30 March 2025, the balance owed by the director was £3,395. The balance is unsecured and has non fixed terms of repayment.

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Rental expense - Other related parties | 66,000 |  | 66,000

The Company has taken advantage of the exemption with FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group to which it is party to the transactions.

#### 11. Ultimate controlling party

Parent Company:

Ryalsting Limited

Ryalsting Limited is majority controlled by the directors Mr G A Scott and Mrs S F Scott