Silverfin false 31/03/2023 01/04/2022 31/03/2023 G T Wordie 26/03/2012 M H M Wordie 26/03/2012 16 October 2023 The principal activity of the Company continues to be that of a Corporate Partner in the firm of G T Wordie.

The company have also entered a windfarm option agreement and generates rental income.
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Company No: SC420388 (Scotland)

WORBRO LIMITED

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

WORBRO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

WORBRO LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
WORBRO LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 174,444 106,024
174,444 106,024
Current assets
Debtors 4 56,702 12,509
Cash at bank and in hand 142,060 68,878
198,762 81,387
Creditors: amounts falling due within one year 5 ( 76,030) ( 35,648)
Net current assets 122,732 45,739
Total assets less current liabilities 297,176 151,763
Net assets 297,176 151,763
Capital and reserves
Called-up share capital 6 5 5
Profit and loss account 297,171 151,758
Total shareholders' funds 297,176 151,763

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.

Directors' responsibilities:

The financial statements of Worbro Limited (registered number: SC420388) were approved and authorised for issue by the Director on 16 October 2023. They were signed on its behalf by:

G T Wordie
Director
WORBRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
WORBRO 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

Worbro 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 Commerce House, South Street, Elgin, IV30 1JE. The principal place of business is Cairnborrow Lodge, Glass, Huntly, Aberdeenshire, AB54 4XP.

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 £.

Turnover

Turnover consists of the company's share of profits or losses arising from the partnership of GT Wordie. The company also receives rental income, net of VAT.

Turnover is recognised on the accruals basis.

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.

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 Statement of Income and Retained Earnings as described below.

Fixed asset investments

The investments in the partnership is accounted for under the equity method of accounting at cost plus share of profit not drawn from the partnership.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets.

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 trade and other 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.

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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
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 April 2022 106,024 106,024
Additions 68,420 68,420
At 31 March 2023 174,444 174,444
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 174,444 174,444
Carrying value at 31 March 2022 106,024 106,024

Investments represents the company's share in the G T Wordie partnership.

4. Debtors

2023 2022
£ £
Trade debtors 56,702 12,509

5. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 39,973 14,131
Other taxation and social security 5,166 3,998
Other creditors 30,891 17,519
76,030 35,648

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 A Ordinary share of £ 1.00 1 1
1 B Ordinary share of £ 1.00 1 1
1 C Ordinary share of £ 1.00 1 1
1 D Ordinary share of £ 1.00 1 1
1 E Ordinary share of £ 1.00 1 1
5 5