Silverfin false 31/12/2022 01/01/2022 31/12/2022 David West 23/11/2005 Mary West 23/11/2005 Susan West 01/04/2014 24 October 2023 The principal activity of the company is 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. The company also has an investment in Birnie Gowkhill Energy Ltd, a wind turbine company. SC293542 2022-12-31 SC293542 bus:Director1 2022-12-31 SC293542 bus:Director2 2022-12-31 SC293542 bus:Director3 2022-12-31 SC293542 2021-12-31 SC293542 core:CurrentFinancialInstruments 2022-12-31 SC293542 core:CurrentFinancialInstruments 2021-12-31 SC293542 core:ShareCapital 2022-12-31 SC293542 core:ShareCapital 2021-12-31 SC293542 core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 SC293542 core:FurtherSpecificReserve1ComponentTotalEquity 2021-12-31 SC293542 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC293542 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC293542 core:OtherResidualIntangibleAssets 2021-12-31 SC293542 core:OtherResidualIntangibleAssets 2022-12-31 SC293542 core:PlantMachinery 2021-12-31 SC293542 core:OtherPropertyPlantEquipment 2021-12-31 SC293542 core:PlantMachinery 2022-12-31 SC293542 core:OtherPropertyPlantEquipment 2022-12-31 SC293542 core:CostValuation 2021-12-31 SC293542 core:AdditionsToInvestments 2022-12-31 SC293542 core:RevaluationsIncreaseDecreaseInInvestments 2022-12-31 SC293542 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2022-12-31 SC293542 core:CostValuation 2022-12-31 SC293542 core:ProvisionsForImpairmentInvestments 2021-12-31 SC293542 core:ProvisionsForImpairmentInvestments 2022-12-31 SC293542 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC293542 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-12-31 SC293542 bus:OrdinaryShareClass1 2022-12-31 SC293542 2022-01-01 2022-12-31 SC293542 bus:FullAccounts 2022-01-01 2022-12-31 SC293542 bus:SmallEntities 2022-01-01 2022-12-31 SC293542 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC293542 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC293542 bus:Director1 2022-01-01 2022-12-31 SC293542 bus:Director2 2022-01-01 2022-12-31 SC293542 bus:Director3 2022-01-01 2022-12-31 SC293542 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-01-01 2022-12-31 SC293542 core:PlantMachinery 2022-01-01 2022-12-31 SC293542 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-01-01 2022-12-31 SC293542 2021-01-01 2021-12-31 SC293542 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 SC293542 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC293542 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC293542 (Scotland)

MANORCOVE LIMITED

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

MANORCOVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

MANORCOVE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
MANORCOVE LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 334 529
Investments 5 8,119,749 7,277,033
8,120,083 7,277,562
Current assets
Debtors 6 261,571 581,023
Cash at bank and in hand 459,376 525,685
720,947 1,106,708
Creditors: amounts falling due within one year 7 ( 128,928) ( 180,267)
Net current assets 592,019 926,441
Total assets less current liabilities 8,712,102 8,204,003
Net assets 8,712,102 8,204,003
Capital and reserves
Called-up share capital 8 200 200
Fair value reserve 105,089 114,539
Profit and loss account 8,606,813 8,089,264
Total shareholders' funds 8,712,102 8,204,003

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 Manorcove Limited (registered number: SC293542) were approved and authorised for issue by the Director on 24 October 2023. They were signed on its behalf by:

David West
Director
MANORCOVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
MANORCOVE 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

Manorcove 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 Braemhor, Macduff Road, Gardenstown, AB45 3YJ, 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 £.

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.

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:

Other intangible assets 10 years straight line
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:

Plant and machinery 25 % reducing balance
Other property, plant and equipment 10 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.

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 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

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially 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. 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.

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 3 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2022 18,000 18,000
At 31 December 2022 18,000 18,000
Accumulated amortisation
At 01 January 2022 18,000 18,000
At 31 December 2022 18,000 18,000
Net book value
At 31 December 2022 0 0
At 31 December 2021 0 0

4. Tangible assets

Plant and machinery Other property, plant
and equipment
Total
£ £ £
Cost
At 01 January 2022 395 24,239 24,634
At 31 December 2022 395 24,239 24,634
Accumulated depreciation
At 01 January 2022 366 23,739 24,105
Charge for the financial year 29 166 195
At 31 December 2022 395 23,905 24,300
Net book value
At 31 December 2022 0 334 334
At 31 December 2021 29 500 529

5. Fixed asset investments

Investments in associates Other investments Total
£ £ £
Carrying value before impairment
At 01 January 2022 25 7,277,008 7,277,033
Additions 0 967,166 967,166
Movement in fair value 0 ( 9,450) ( 9,450)
Drawings 0 ( 115,000) ( 115,000)
At 31 December 2022 25 8,119,724 8,119,749
Provisions for impairment
At 01 January 2022 0 0 0
At 31 December 2022 0 0 0
Carrying value at 31 December 2022 25 8,119,724 8,119,749
Carrying value at 31 December 2021 25 7,277,008 7,277,033

6. Debtors

2022 2021
£ £
Amounts owed by associates 148,965 198,965
Amounts owed by related parties 1,560 1,560
Other debtors 111,046 380,498
261,571 581,023

7. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 5,910 0
Taxation and social security 119,168 173,719
Other creditors 3,850 6,548
128,928 180,267

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

9. Related party transactions

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

2022 2021
£ £
Amounts owed to company 148,965 198,965

The amount noted above is interest free and there are no fixed terms of repayment.

Transactions with the entity's directors

2022 2021
£ £
Directors' loan account - amounts owed to company 18,727 289,031

The amount above is interest free and there are no fixed terms of repayment.

Other related party transactions

During the year, services totalling £106,500 (2021 £94,255) and profits of £617,166 (2021 £458,675) were provided to/received from a connected party.