Company No: SC062710 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	424,854		431,228
		424,854		431,228
Current assets
Stocks		37,200		37,200
Debtors	4	260,065		255,538
Cash at bank and in hand		202,618		150,189
		499,883		442,927
Creditors: amounts falling due within one year	5	( 485,106)		( 406,540)
Net current assets		14,777		36,387
Total assets less current liabilities		439,631		467,615
Creditors: amounts falling due after more than one year	6	( 77,368)		( 101,867)
Provision for liabilities	7	( 74,999)		( 76,592)
Net assets		287,264		289,156
Capital and reserves
Called-up share capital	8	1,000		1,000
Revaluation reserve		195,857		195,857
Profit and loss account		90,407		92,299
Total shareholders' funds		287,264		289,156

For the financial year ending 31 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 Elgin Refrigeration Services Limited (registered number: SC062710) were approved and authorised for issue by the Board of Directors on 16 December 2025. They were signed on its behalf by:

Gordon George Shanks Director

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

Elgin Refrigeration Services 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 1 Linkwood Way, Linkwood Industrial Estate, Elgin, IV30 1HY, 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 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 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	25 - 33 % reducing balance
Vehicles	25 % reducing balance

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.

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. 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.

Trade and other debtors

Trade and other debtors are recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 measured at transaction price including transaction costs.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	19		17

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 April 2024	270,000		53,331		417,110		740,441
Additions	0		3,948		47,493		51,441
Disposals	0		0		( 22,960)		( 22,960)
At 31 March 2025	270,000		57,279		441,643		768,922
Accumulated depreciation
At 01 April 2024	0		47,910		261,303		309,213
Charge for the financial year	0		1,716		41,749		43,465
Disposals	0		0		( 8,610)		( 8,610)
At 31 March 2025	0		49,626		294,442		344,068
Net book value
At 31 March 2025	270,000		7,653		147,201		424,854
At 31 March 2024	270,000		5,421		155,807		431,228

Land and buildings are stated at historical cost, and no external valuation of land and buildings has been undertaken as at 31 March 2025. The directors have assessed the carrying value and are satisfied it is accurate.

4. Debtors

	2025		2024
	£		£
Trade debtors	209,333		213,026
Other debtors	50,732		42,512
	260,065		255,538

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	4,698		4,456
Trade creditors	260,560		203,282
Taxation and social security	44,303		28,173
Obligations under finance leases and hire purchase contracts (secured)	32,972		36,062
Other creditors	142,573		134,567
	485,106		406,540

Obligations under hire purchase contracts are secured by a floating charge over the asset to which the agreement relates to.

Bank loans and overdrafts are secured by a floating charge over the assets of the Company.

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

	2025		2024
	£		£
Bank loans (secured)	31,709		36,406
Obligations under finance leases and hire purchase contracts (secured)	45,659		65,461
	77,368		101,867

Obligations under hire purchase contracts are secured by a floating charge over the asset to which the agreement relates to.

Bank loans and overdrafts are secured by a floating charge over the assets of the Company.

7. Provision for liabilities

	2025		2024
	£		£
Deferred tax	74,999		76,592

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

9. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts Due To Key Management Personnel	13,749		9,633

The above balance is unsecured, interest free, and has no fixed terms of repayment.

Advances

At 1 April 2024 £35,837 was due from Directors to the Company. During the year, advances of £55,509 were made with interest charged at a rate of 2.25%. Repayments for the year totalled £48,361 therefore, at 31 March 2025 the balance due from the directors to the company is £42,985. There are no fixed terms of repayment on this balance.