Silverfin false 31/12/2022 01/01/2022 31/12/2022 George Robertson West 23/11/2005 Rosemary West 23/11/2005 10 October 2023 The principal activity of the Company during the financial year was the supply of labour to vessels in the fishing industry.

The company is a member of Castlehill LLP, a trading partnership that operates a fishing vessel. It receives a share of the profit which will vary from year to year.
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Company No: SC293551 (Scotland)

GULFRIDGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR

GULFRIDGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

GULFRIDGE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
GULFRIDGE LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 8,691 11,588
Investments 4 6,031,913 5,548,314
6,040,604 5,559,902
Current assets
Debtors 5 172,353 243,369
Cash at bank and in hand 2,718,041 2,447,878
2,890,394 2,691,247
Creditors: amounts falling due within one year 6 ( 137,722) ( 95,472)
Net current assets 2,752,672 2,595,775
Total assets less current liabilities 8,793,276 8,155,677
Provision for liabilities ( 2,173) ( 2,897)
Net assets 8,791,103 8,152,780
Capital and reserves
Called-up share capital 7 500 500
Profit and loss account 8,790,603 8,152,280
Total shareholders' funds 8,791,103 8,152,780

For the financial year ending 31 December 2022 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 Gulfridge Limited (registered number: SC293551) were approved and authorised for issue by the Director on 10 October 2023. They were signed on its behalf by:

George Robertson West
Director
GULFRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
GULFRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
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

Gulfridge 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 9 Castlehill Drive, Gardenstown, Banff, AB45 3YG, 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 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 amounts receivable for the provision of labour services and is recognised when the service is provided during the year.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed asset 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:

Plant and machinery etc. 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.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Financial 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.

Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

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


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 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

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2022 26,850 26,850
At 31 December 2022 26,850 26,850
Accumulated depreciation
At 01 January 2022 15,262 15,262
Charge for the financial year 2,897 2,897
At 31 December 2022 18,159 18,159
Net book value
At 31 December 2022 8,691 8,691
At 31 December 2021 11,588 11,588

4. Fixed asset investments

Investments in associates Other investments Total
£ £ £
Carrying value before impairment
At 01 January 2022 25 5,548,289 5,548,314
Additions 0 588,599 588,599
Drawings 0 ( 105,000) ( 105,000)
At 31 December 2022 25 6,031,888 6,031,913
Provisions for impairment
At 01 January 2022 0 0 0
At 31 December 2022 0 0 0
Carrying value at 31 December 2022 25 6,031,888 6,031,913
Carrying value at 31 December 2021 25 5,548,289 5,548,314

5. Debtors

2022 2021
£ £
Amounts owed by connected companies 148,965 198,965
Amounts owed by directors 2,260 24,126
VAT recoverable 1,378 760
Corporation tax 19,518 19,518
Other debtors 232 0
172,353 243,369

6. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 3,852 0
Taxation and social security 130,870 89,356
Other creditors 3,000 6,116
137,722 95,472

7. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
490 A ordinary shares of £ 1.00 each 490 490
10 B ordinary shares of £ 1.00 each 10 10
500 500

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2022 2021
£ £
Amounts owed by related party 148,965 198,965

There are no fixed terms of repayment and no interest is charged.

Transactions with the entity's directors

2022 2021
£ £
Directors' loan account 2,260 24,126

The above loan is interest free and has no set repayment terms.

Other related party transactions

During the year, services totalling £263,000 (2021 - £196,225) and profits of £588,599 (2021 £444,167) were provided to/received from a connected party.