Silverfin false 31/12/2022 01/01/2022 31/12/2022 R J Ritchie 18/05/2010 16 November 2023 The principal activity of the Company to be that of a holding company and vehicle refurbishment. SC378755 2022-12-31 SC378755 bus:Director1 2022-12-31 SC378755 2021-12-31 SC378755 core:CurrentFinancialInstruments 2022-12-31 SC378755 core:CurrentFinancialInstruments 2021-12-31 SC378755 core:Non-currentFinancialInstruments 2022-12-31 SC378755 core:Non-currentFinancialInstruments 2021-12-31 SC378755 core:ShareCapital 2022-12-31 SC378755 core:ShareCapital 2021-12-31 SC378755 core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 SC378755 core:FurtherSpecificReserve1ComponentTotalEquity 2021-12-31 SC378755 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC378755 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC378755 core:PlantMachinery 2021-12-31 SC378755 core:Vehicles 2021-12-31 SC378755 core:FurnitureFittings 2021-12-31 SC378755 core:ComputerEquipment 2021-12-31 SC378755 core:PlantMachinery 2022-12-31 SC378755 core:Vehicles 2022-12-31 SC378755 core:FurnitureFittings 2022-12-31 SC378755 core:ComputerEquipment 2022-12-31 SC378755 core:CostValuation 2021-12-31 SC378755 core:CostValuation 2022-12-31 SC378755 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC378755 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-12-31 SC378755 bus:OrdinaryShareClass1 2022-12-31 SC378755 2022-01-01 2022-12-31 SC378755 bus:FullAccounts 2022-01-01 2022-12-31 SC378755 bus:SmallEntities 2022-01-01 2022-12-31 SC378755 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC378755 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC378755 bus:Director1 2022-01-01 2022-12-31 SC378755 core:PlantMachinery core:TopRangeValue 2022-01-01 2022-12-31 SC378755 core:Vehicles core:TopRangeValue 2022-01-01 2022-12-31 SC378755 core:FurnitureFittings core:TopRangeValue 2022-01-01 2022-12-31 SC378755 core:ComputerEquipment core:TopRangeValue 2022-01-01 2022-12-31 SC378755 2021-01-01 2021-12-31 SC378755 core:PlantMachinery 2022-01-01 2022-12-31 SC378755 core:Vehicles 2022-01-01 2022-12-31 SC378755 core:FurnitureFittings 2022-01-01 2022-12-31 SC378755 core:ComputerEquipment 2022-01-01 2022-12-31 SC378755 core:PlantMachinery 1 2022-01-01 2022-12-31 SC378755 core:Vehicles 1 2022-01-01 2022-12-31 SC378755 core:FurnitureFittings 1 2022-01-01 2022-12-31 SC378755 core:ComputerEquipment 1 2022-01-01 2022-12-31 SC378755 1 2022-01-01 2022-12-31 SC378755 core:CurrentFinancialInstruments 2022-01-01 2022-12-31 SC378755 core:Non-currentFinancialInstruments 2022-01-01 2022-12-31 SC378755 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC378755 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC378755 (Scotland)

CHALLENGER ENERGY LIMITED

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

CHALLENGER ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

CHALLENGER ENERGY LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
CHALLENGER ENERGY LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 171,842 192,774
Investment property 4 1,163,626 375,000
Investments 5 1 1
1,335,469 567,775
Current assets
Debtors 6 591,940 1,005,668
Cash at bank and in hand 0 6,844
591,940 1,012,512
Creditors: amounts falling due within one year 7 ( 908,943) ( 335,005)
Net current (liabilities)/assets (317,003) 677,507
Total assets less current liabilities 1,018,466 1,245,282
Creditors: amounts falling due after more than one year 8 ( 32,378) ( 42,892)
Net assets 986,088 1,202,390
Capital and reserves
Called-up share capital 9 1,000 1,000
Fair value reserve 53,591 53,591
Profit and loss account 931,497 1,147,799
Total shareholders' funds 986,088 1,202,390

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.

Director's responsibilities:

The financial statements of Challenger Energy Limited (registered number: SC378755) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

R J Ritchie
Director
CHALLENGER ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
CHALLENGER ENERGY 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

Challenger Energy 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 Evolution View Wellheads Crescent, Wellheads Industrial Estate, Dyce, AB21 7GA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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.

In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from 1 January 2022 to 31 December 2022.

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 of £317,003 (2021 - £677,507 current assets). During the period, the company invested in a number of areas in order to manage and facilitate the current and future activity levels of the trading companies within the group that this company heads, this resulted in a loss for the period. The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements and it is anticipated that the relevant support will be provided by the group companies. As a result, the director has 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.

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 represents amounts receivable for provision of head office services and storage facilities net of VAT. Turnover is recognised on an accruals basis.

Turnover also recognised amounts receivable for provision of goods and services relating to the sale and restoration of vehicles. Turnover is recognised when the ownership of the goods have passed to the customer.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

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 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 2 years straight line
Vehicles 2 years straight line
Fixtures and fittings 2 years straight line
Computer equipment 2 years straight line

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 under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

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).

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Interests in subsidiaries 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.

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 its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 d 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, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2022 163,039 226,588 0 113,857 503,484
Additions 14,931 143,878 0 0 158,809
Disposals 0 ( 70,809) 0 0 ( 70,809)
Transfers ( 8,380) 0 8,380 0 0
At 31 December 2022 169,590 299,657 8,380 113,857 591,484
Accumulated depreciation
At 01 January 2022 153,887 42,966 0 113,857 310,710
Charge for the financial year 10,364 124,482 2,793 0 137,639
Disposals 0 ( 28,707) 0 0 ( 28,707)
Transfers ( 5,587) 0 5,587 0 0
At 31 December 2022 158,664 138,741 8,380 113,857 419,642
Net book value
At 31 December 2022 10,926 160,916 0 0 171,842
At 31 December 2021 9,152 183,622 0 0 192,774

4. Investment property

Investment property
£
Valuation
As at 01 January 2022 375,000
Additions 788,626
As at 31 December 2022 1,163,626

Valuation

The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the director and was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Fixed asset investments

Investments in subsidiaries

2022
£
Cost
At 01 January 2022 1
At 31 December 2022 1
Carrying value at 31 December 2022 1
Carrying value at 31 December 2021 1

6. Debtors

2022 2021
£ £
Trade debtors 49,543 0
Amounts owed by Group undertakings 320,399 388,899
Amounts owed by related parties 37,500 75,000
Corporation tax 130,474 130,474
Other debtors 54,024 411,295
591,940 1,005,668

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank overdrafts 161,209 0
Trade creditors 32,586 116,752
Amounts owed to related parties 370,000 0
Taxation and social security 166,959 142,928
Other creditors 178,189 75,325
908,943 335,005

The bank holds a floating charge over the assets of the business and standard security over commercial property owned by Challenger Energy Limited.

Within other creditors is a balance which is supported by a government guarantee.

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

2022 2021
£ £
Bank loans 32,378 42,892

Bank loans are supported by a government guarantee.

9. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Financial commitments

Commitments

The bank holds a floating charge over the assets of the business and standard security over commercial property owned by Challenger Energy Limited.

2022 2021
£ £
Total future minimum lease payments under non-cancellable operating lease 375,000 0

The above amount represents total rental payments due on a long term lease.

11. Related party transactions

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

2022 2021
£ £
Amounts owed by entities over which the entity has control or joint control 369,942 388,899

No interest was charged ad there are no fixed terms of repayment.

The company has taken advantage of the exemptions included in FRS 102 33. 1A not to disclose transactions with wholly owned group companies.

Transactions with the entity's director

2022 2021
£ £
Amounts owed (to) / from the director (48,142) 401,458

No interest was charged and there are no fixed terms of repayment.

Other related party transactions

2022 2021
£ £
Amounts owed by related parties 37,500 75,000

No interest was charged and there are no fixed terms of repayment.