Silverfin false 31/12/2022 01/01/2022 31/12/2022 Russell John Ritchie 20/03/2019 Peter Christopher Young 20/03/2019 16 November 2023 The principal activity of the Company during the financial year was that of a holding company. SC624990 2022-12-31 SC624990 bus:Director1 2022-12-31 SC624990 bus:Director2 2022-12-31 SC624990 2021-12-31 SC624990 core:CurrentFinancialInstruments 2022-12-31 SC624990 core:CurrentFinancialInstruments 2021-12-31 SC624990 core:ShareCapital 2022-12-31 SC624990 core:ShareCapital 2021-12-31 SC624990 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC624990 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC624990 core:CostValuation 2021-12-31 SC624990 core:CostValuation 2022-12-31 SC624990 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC624990 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-12-31 SC624990 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 SC624990 core:ImmediateParent core:CurrentFinancialInstruments 2021-12-31 SC624990 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-12-31 SC624990 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2021-12-31 SC624990 bus:OrdinaryShareClass1 2022-12-31 SC624990 2022-01-01 2022-12-31 SC624990 bus:FullAccounts 2022-01-01 2022-12-31 SC624990 bus:SmallEntities 2022-01-01 2022-12-31 SC624990 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC624990 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC624990 bus:Director1 2022-01-01 2022-12-31 SC624990 bus:Director2 2022-01-01 2022-12-31 SC624990 2021-01-01 2021-12-31 SC624990 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC624990 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC624990 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC624990 (Scotland)

3RD MOMENTUM LIMITED

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

3RD MOMENTUM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

3RD MOMENTUM LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
3RD MOMENTUM LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 2022 2021
£ £
Fixed assets
Investments 3 83,729 83,729
83,729 83,729
Current assets
Debtors 4 791 3,638
Cash at bank and in hand 686 890
1,477 4,528
Creditors: amounts falling due within one year 5 ( 88,044) ( 88,220)
Net current liabilities (86,567) (83,692)
Total assets less current liabilities (2,838) 37
Net (liabilities)/assets ( 2,838) 37
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 2,839 ) 36
Total shareholder's (deficit)/funds ( 2,838) 37

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 3rd Momentum Limited (registered number: SC624990) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

Russell John Ritchie
Director
3RD MOMENTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
3RD MOMENTUM 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

3rd Momentum 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 Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, 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

At the balance sheet date, the company had net current liabilities £86,567 (2021 - £83,692) and net liabilities of £2,838 (2021 - net assets £37). This included amounts owed to its parent company, which will not be repaid to the detriment of external creditors. At the time of approving the financial statements, the directors are satisfied the support would be in place from the parent company, which would allow liabilities to be met as they fall due. On this basis, a going concern basis is appropriate for these financial statements.

Turnover

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

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.

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
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.

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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from it's activities.

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 initially measured at transaction price including transaction costs.

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 and loans from fellow group companies that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

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

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

3. Fixed asset investments

Investments in subsidiaries

2022
£
Cost
At 01 January 2022 83,729
At 31 December 2022 83,729
Carrying value at 31 December 2022 83,729
Carrying value at 31 December 2021 83,729

4. Debtors

2022 2021
£ £
Amounts owed by related parties 0 3,000
Other debtors 791 638
791 3,638

5. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 0 2,022
Amounts owed to Parent undertakings 85,400 83,900
Amounts owed to own subsidiaries 499 499
Other creditors 2,145 1,799
88,044 88,220

6. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

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

2022 2021
£ £
Amounts owed by related parties 0 3,000

Amounts owed by related parties include balances owed by a company which is under the control of one of the directors. No interest is charged and there are no fixed terms of repayment.

The company has taken advantage of FRS 102 Section 33 (Related party disclosures) which allows exemption from disclosure of related party transactions with other group companies.

8. Events after the Balance Sheet date

After the balance sheet date, the company acquired the total shareholding in Rig Surveys Group Limited. This does not impact any of the financial items or other disclosures in these financial statements.

9. Ultimate controlling party

Parent Company:

Challenger Energy Limited
Evolution View
Wellheads Crescent
Wellheads Industrial Estate
Dyce
Aberdeen
AB21 7GA