Silverfin false 31/03/2023 01/04/2022 31/03/2023 Robert Mcleod Gray 22/07/2015 01 September 2023 The principal activity of the Company during the financial year was rental of property. SC511273 2023-03-31 SC511273 bus:Director1 2023-03-31 SC511273 2022-03-31 SC511273 core:CurrentFinancialInstruments 2023-03-31 SC511273 core:CurrentFinancialInstruments 2022-03-31 SC511273 core:ShareCapital 2023-03-31 SC511273 core:ShareCapital 2022-03-31 SC511273 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC511273 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC511273 core:Goodwill 2022-03-31 SC511273 core:Goodwill 2023-03-31 SC511273 core:LandBuildings 2022-03-31 SC511273 core:PlantMachinery 2022-03-31 SC511273 core:FurnitureFittings 2022-03-31 SC511273 core:LandBuildings 2023-03-31 SC511273 core:PlantMachinery 2023-03-31 SC511273 core:FurnitureFittings 2023-03-31 SC511273 core:CostValuation 2022-03-31 SC511273 core:CostValuation 2023-03-31 SC511273 core:ProvisionsForImpairmentInvestments 2022-03-31 SC511273 core:ProvisionsForImpairmentInvestments 2023-03-31 SC511273 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC511273 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 SC511273 bus:OrdinaryShareClass1 2023-03-31 SC511273 2022-04-01 2023-03-31 SC511273 bus:FullAccounts 2022-04-01 2023-03-31 SC511273 bus:SmallEntities 2022-04-01 2023-03-31 SC511273 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC511273 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC511273 bus:Director1 2022-04-01 2023-03-31 SC511273 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 SC511273 core:Goodwill 2022-04-01 2023-03-31 SC511273 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC511273 core:PlantMachinery 2022-04-01 2023-03-31 SC511273 core:FurnitureFittings 2022-04-01 2023-03-31 SC511273 2021-04-01 2022-03-31 SC511273 core:LandBuildings 2022-04-01 2023-03-31 SC511273 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC511273 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC511273 (Scotland)

# CAIRNDON LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

CAIRNDON LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

CAIRNDON LIMITED

## BALANCE SHEET

AS AT 31 MARCH 2023
CAIRNDON LIMITED

## BALANCE SHEET (continued)

AS AT 31 MARCH 2023

| Note | 2023 |  | 2022
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 58,995 |  | 60,642
Investment property | 5 | 207,852 |  | 207,852
Investments | 6 | 25,020 |  | 25,020
|  | 291,867 |  | 293,514
Current assets |  |  |  |
Debtors | 7 | 1,170,959 |  | 1,029,527
Cash at bank and in hand |  | 156,344 |  | 15,451
|  | 1,327,303 |  | 1,044,978
Creditors: amounts falling due within one year | 8 | ( 1,647,751) |  | ( 1,365,528)
Net current liabilities |  | (320,448) |  | (320,550)
Total assets less current liabilities |  | (28,581) |  | (27,036)
Provision for liabilities |  | 37 |  | 37
Net liabilities |  | ( 28,544) |  | ( 26,999)
Capital and reserves |  |  |  |
Called-up share capital | 9 | 1 |  | 1
Profit and loss account |  | ( 28,545 ) |  | ( 27,000 )
Total shareholder's deficit |  | ( 28,544) |  | ( 26,999)

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges 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 Profit and Loss Account has not been delivered.

The financial statements of Cairndon Limited (registered number: SC511273) were approved and authorised for issue by the Director on 01 September 2023. They were signed on its behalf by:

Robert Mcleod Gray Director |

CAIRNDON LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
CAIRNDON LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

##### 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

Cairndon 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 Axis Business Centre, Thainstone Thainstone Business Centre, Thainstone, Inverurie, AB51 5TB, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £28,544. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met 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.

##### Group accounts exemption

Group accounts exemption s399
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.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

##### 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.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 5 years straight line

###### Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is five years.

##### 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 | 50 years straight line
Plant and machinery | 25 % reducing balance
Fixtures and fittings | 25 % 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.

##### Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

##### 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### Fixed asset investments

Investments have been recognised at cost, and include the transaction price and related transaction costs. Subsequently, they will be measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

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, 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.

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

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.

#### 2. Employees

| 2023 |  | 2022
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 1 |  | 1

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2022 | 42,520 |  | 42,520
At 31 March 2023 | 42,520 |  | 42,520
Accumulated amortisation |  |  |
At 01 April 2022 | 42,520 |  | 42,520
At 31 March 2023 | 42,520 |  | 42,520
Net book value |  |  |
At 31 March 2023 | 0 |  | 0
At 31 March 2022 | 0 |  | 0

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2022 | 67,353 |  | 2,091 |  | 3,274 |  | 72,718
At 31 March 2023 | 67,353 |  | 2,091 |  | 3,274 |  | 72,718
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2022 | 7,911 |  | 1,717 |  | 2,448 |  | 12,076
Charge for the financial year | 1,347 |  | 93 |  | 207 |  | 1,647
At 31 March 2023 | 9,258 |  | 1,810 |  | 2,655 |  | 13,723
Net book value |  |  |  |  |  |  |
At 31 March 2023 | 58,095 |  | 281 |  | 619 |  | 58,995
At 31 March 2022 | 59,442 |  | 374 |  | 826 |  | 60,642

#### 5. Investment property

| Investment property
| £
Valuation |
As at 01 April 2022 | 207,852
As at 31 March 2023 | 207,852

The fair value of investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

#### 6. Fixed asset investments

| Other investments |  | Total
| £ |  | £
Carrying value before impairment |  |  |
At 01 April 2022 | 25,020 |  | 25,020
At 31 March 2023 | 25,020 |  | 25,020
Provisions for impairment |  |  |
At 01 April 2022 | 0 |  | 0
At 31 March 2023 | 0 |  | 0
Carrying value at 31 March 2023 | 25,020 |  | 25,020
Carrying value at 31 March 2022 | 25,020 |  | 25,020

This investment represents 20% of an associated company, Enerion Ltd.

#### 7. Debtors

| 2023 |  | 2022
| £ |  | £
Trade debtors | 26,000 |  | 14,000
Amounts owed by related parties | 1,144,184 |  | 1,013,684
Corporation tax | 0 |  | 1,843
Other debtors | 775 |  | 0
| 1,170,959 |  | 1,029,527

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

| 2023 |  | 2022
| £ |  | £
Other creditors | 1,647,751 |  | 1,365,528

#### 9. Called-up share capital

| 2023 |  | 2022
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1 Ordinary share of £ 1.00 | 1 |  | 1

#### 10. Related party transactions

Transactions with the entity's director

| 2023 |  | 2022
| £ |  | £
Balance due to director | 1,643,880 |  | 1,363,175

This loan is interest free and has no fixed repayment terms.

Other related party transactions

| 2023 |  | 2022
| £ |  | £
Balances due from Fueltone Limited | 1,092,184 |  | 961,864
Balances due from Raptek Limited | 52,000 |  | 52,000

These loans are interest free and have no fixed repayment terms.
At the balance sheet date, and disclosed within note 7 to the accounts, is a trade debtor balance relating to Fueltone Limited of £26,000 (2022 - £14,000), which relates to rental recharges for use of the investment property held by Cairndon Limited.