Silverfin false 31/01/2023 01/02/2022 31/01/2023 C Aitken 29/10/2015 R Aitken 06/09/2007 05 October 2023 The principal activity of the company during the financial year was the management and development of Port Edgar Marina. SC328060 2023-01-31 SC328060 bus:Director1 2023-01-31 SC328060 bus:Director2 2023-01-31 SC328060 2022-01-31 SC328060 core:CurrentFinancialInstruments 2023-01-31 SC328060 core:CurrentFinancialInstruments 2022-01-31 SC328060 core:Non-currentFinancialInstruments 2023-01-31 SC328060 core:Non-currentFinancialInstruments 2022-01-31 SC328060 core:ShareCapital 2023-01-31 SC328060 core:ShareCapital 2022-01-31 SC328060 core:RevaluationReserve 2023-01-31 SC328060 core:RevaluationReserve 2022-01-31 SC328060 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC328060 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC328060 core:LandBuildings 2022-01-31 SC328060 core:LandBuildings 2023-01-31 SC328060 core:CostValuation 2022-01-31 SC328060 core:CostValuation 2023-01-31 SC328060 core:CurrentFinancialInstruments 1 2023-01-31 SC328060 core:CurrentFinancialInstruments 1 2022-01-31 SC328060 bus:OrdinaryShareClass1 2023-01-31 SC328060 bus:OrdinaryShareClass2 2023-01-31 SC328060 core:WithinOneYear 2023-01-31 SC328060 core:WithinOneYear 2022-01-31 SC328060 core:BetweenOneFiveYears 2023-01-31 SC328060 core:BetweenOneFiveYears 2022-01-31 SC328060 core:MoreThanFiveYears 2023-01-31 SC328060 core:MoreThanFiveYears 2022-01-31 SC328060 2022-02-01 2023-01-31 SC328060 bus:FullAccounts 2022-02-01 2023-01-31 SC328060 bus:SmallEntities 2022-02-01 2023-01-31 SC328060 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC328060 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC328060 bus:Director1 2022-02-01 2023-01-31 SC328060 bus:Director2 2022-02-01 2023-01-31 SC328060 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 SC328060 2021-02-01 2022-01-31 SC328060 core:LandBuildings 2022-02-01 2023-01-31 SC328060 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 SC328060 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 SC328060 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC328060 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 SC328060 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 SC328060 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC328060 (Scotland)

PORT EDGAR HOLDINGS LIMITED

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

PORT EDGAR HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

PORT EDGAR HOLDINGS LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
PORT EDGAR HOLDINGS LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,011,371 3,092,552
Investments 4 375,001 375,001
3,386,372 3,467,553
Current assets
Debtors 5 6,499 7,833
Cash at bank and in hand 14,882 16,088
21,381 23,921
Creditors: amounts falling due within one year 6 ( 1,548,657) ( 1,555,115)
Net current liabilities (1,527,276) (1,531,194)
Total assets less current liabilities 1,859,096 1,936,359
Creditors: amounts falling due after more than one year 7 ( 489,616) ( 586,256)
Provision for liabilities ( 364,379) ( 383,808)
Net assets 1,005,101 966,295
Capital and reserves
Called-up share capital 8 3 3
Revaluation reserve 985,951 1,136,199
Profit and loss account 19,147 ( 169,907 )
Total shareholders' funds 1,005,101 966,295

For the financial year ending 31 January 2023 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 Port Edgar Holdings Limited (registered number: SC328060) were approved and authorised for issue by the Director on 05 October 2023. They were signed on its behalf by:

C Aitken
Director
PORT EDGAR HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PORT EDGAR HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 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

Port Edgar Holdings 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 Port Edgar Marina, Port Edgar, South Queensferry, EH30 9SQ, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 note that the business has net current liabilities of £1,544,594. The Company is supported through loans from the directors. The directors have 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 directors will continue to support the Company. Given the current position, the directors believe 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 rentals provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Taxation

Current tax
The tax expense represents the sum of the currently payable and deferred tax.

The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting period end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax nor the accounting profit.

The carrying amount of deferred tax assets are reviewed at each reporting date.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Long leasehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any accumulated depreciation and impairment losses. Depreciation is provided on all tangible fixed assets, other than long leasehold property, so as to write off the cost of valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 30.03 years straight line

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 lessee
Rentals payable under operating leases, including any lease, incentives received, are charged to the profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases are consumed.

The Company as lessor
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.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. At the end of each reporting period, investments are assessed for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the profit and loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and 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 measured at transaction price including transaction costs. 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, bank loans and loans from fellow group companies that are classified as debt, 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.

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

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including unpaid directors 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 February 2022 3,297,959 3,297,959
At 31 January 2023 3,297,959 3,297,959
Accumulated depreciation
At 01 February 2022 205,407 205,407
Charge for the financial year 81,181 81,181
At 31 January 2023 286,588 286,588
Net book value
At 31 January 2023 3,011,371 3,011,371
At 31 January 2022 3,092,552 3,092,552

Revaluation of tangible assets

The company's long leasehold interest in the property at Port Edgar Marina was valued by Christie & Co, a registered property valuer on 20th January 2017 on an existing use going concern basis.

2023 2022
£ £
Historical cost 1,990,118 1,990,118
Accumulated depreciation (286,588) (205,405)
Carrying value 1,703,530 1,784,713

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 February 2022 375,001
At 31 January 2023 375,001
Carrying value at 31 January 2023 375,001
Carrying value at 31 January 2022 375,001

The company's investments at the year end include a 100 % holding in Port Edgar Marina Limited and a 100% holding in Production Yachts (Port Edgar) Limited.

5. Debtors

2023 2022
£ £
Trade debtors 2,696 3,045
Other debtors 3,803 4,788
6,499 7,833

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 126,350 119,331
Trade creditors 37,425 47,487
Amounts owed to Group undertakings 185,940 402,388
Amounts owed to connected companies 370,258 0
Taxation and social security 11,614 63,745
Other creditors 817,070 922,164
1,548,657 1,555,115

The company's bankers hold a charge over the long leasehold interest in Port Edgar Marina and a floating charge over the assets of the company.

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

2023 2022
£ £
Bank loans 469,033 586,256
Amounts owed to Group undertakings 20,583 0
489,616 586,256

The company's bankers hold a charge over the long leasehold interest in Port Edgar Marina and a floating charge over the assets of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary A shares of £ 1.00 each 2 2
1 Ordinary B share of £ 1.00 1 1
3 3

9. Financial commitments

Commitments

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

2023 2022
£ £
within one year 65,250 65,250
between one and five years 376,000 376,000
after five years 880,917 946,167
1,322,167 1,387,417

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors and connected companies 1,119,891 884,183