Silverfin false 31/12/2021 31/12/2021 01/01/2021 Gavin Bruce Chalmers 26/01/2005 John Norman Macleod 06/07/2006 01 September 2022 The principal activity of the Company continued to be that of a management company. SC278916 2021-12-31 SC278916 bus:Director1 2021-12-31 SC278916 bus:Director2 2021-12-31 SC278916 2020-12-31 SC278916 core:CurrentFinancialInstruments 2021-12-31 SC278916 core:CurrentFinancialInstruments 2020-12-31 SC278916 core:ShareCapital 2021-12-31 SC278916 core:ShareCapital 2020-12-31 SC278916 core:RevaluationReserve 2021-12-31 SC278916 core:RevaluationReserve 2020-12-31 SC278916 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC278916 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC278916 core:CostValuation 2020-12-31 SC278916 core:RevaluationsIncreaseDecreaseInInvestments 2021-12-31 SC278916 core:CostValuation 2021-12-31 SC278916 core:ProvisionsForImpairmentInvestments 2020-12-31 SC278916 core:ProvisionsForImpairmentInvestments 2021-12-31 SC278916 bus:OrdinaryShareClass1 2021-12-31 SC278916 bus:OrdinaryShareClass2 2021-12-31 SC278916 bus:OrdinaryShareClass3 2021-12-31 SC278916 bus:OrdinaryShareClass4 2021-12-31 SC278916 2021-01-01 2021-12-31 SC278916 bus:FullAccounts 2021-01-01 2021-12-31 SC278916 bus:SmallEntities 2021-01-01 2021-12-31 SC278916 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 SC278916 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC278916 bus:Director1 2021-01-01 2021-12-31 SC278916 bus:Director2 2021-01-01 2021-12-31 SC278916 2020-01-01 2020-12-31 SC278916 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC278916 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 SC278916 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 SC278916 bus:OrdinaryShareClass2 2020-01-01 2020-12-31 SC278916 bus:OrdinaryShareClass3 2021-01-01 2021-12-31 SC278916 bus:OrdinaryShareClass3 2020-01-01 2020-12-31 SC278916 bus:OrdinaryShareClass4 2021-01-01 2021-12-31 SC278916 bus:OrdinaryShareClass4 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC278916 (Scotland)

GCJ LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH THE REGISTRAR

GCJ LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

Contents

GCJ LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2021
GCJ LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2021
Note 2021 2020
£ £
Fixed assets
Investments 3 500,000 600,000
500,000 600,000
Current assets
Debtors 4 7,362 71,203
Cash at bank and in hand 232 232
7,594 71,435
Creditors
Amounts falling due within one year 5 ( 29,713) ( 121,607)
Net current liabilities (22,119) (50,172)
Total assets less current liabilities 477,881 549,828
Net assets 477,881 549,828
Capital and reserves
Called-up share capital 6 108 108
Revaluation reserve 449,720 549,720
Profit and loss account 28,053 0
Total shareholders' funds 477,881 549,828

For the financial year ending 31 December 2021 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 GCJ Limited (registered number: SC278916) were approved and authorised for issue by the Director on 01 September 2022. They were signed on its behalf by:

Gavin Bruce Chalmers
Director
John Norman Macleod
Director
GCJ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
GCJ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
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

GCJ 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 Brodies House, 31 - 33 Union Grove, Aberdeen, AB10 6SD, 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 £.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The Financial Statements present information about the company as an individual entity and not about its group.

Going concern

The balance sheet shows net current liabilities of £22,119 (2020 - £50,172). The company operates a directors loan account with directors and included within current liabilities is an amount due to them. The directors shall not seek repayment of their loans until all due debts have been paid.

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 management fees charged in the normal course of business, and is shown net of VAT.

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.

Fixed asset investments

Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

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 proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 January 2021 600,000 600,000
Movement in fair value ( 100,000) ( 100,000)
At 31 December 2021 500,000 500,000
Provisions for impairment
At 01 January 2021 0 0
At 31 December 2021 0 0
Carrying value at 31 December 2021 500,000 500,000
Carrying value at 31 December 2020 600,000 600,000

The investment was revalued on 31st December 2021

4. Debtors

2021 2020
£ £
Amounts owed by own subsidiaries 7,362 71,203

5. Creditors: amounts falling due within one year

2021 2020
£ £
Other creditors 14,940 69,650
Corporation tax 14,773 51,957
29,713 121,607

6. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
1 A Non-Voting ordinary share of £ 1.00 1 1
1 B Non-Voting ordinary share of £ 1.00 1 1
53 A ordinary shares of £ 1.00 each 53 53
53 B ordinary shares of £ 1.00 each 53 53
108 108

7. Financial commitments

The company has a group guarantee with Lawrence of Kemnay Limited with regards to bank financing in the subsidiary company. This guarantee is secured by a bond and floating charge over the assets to which they relate.

8. Related party transactions

Transactions with the entity's directors

2021 2020
£ £
Owed to the directors by the company 13,052 68,000

The amount is interest free and there is no set repayment date.

The company has taken advantage of the exemption contained in FRS 102 Section 33 (Related party disclosures), not to disclose transactions or balances with wholly owned group companies.