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Company No: SC223267 (Scotland)

SHARECAT SOLUTIONS LIMITED

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

SHARECAT SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

SHARECAT SOLUTIONS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
SHARECAT SOLUTIONS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,016 3,172
Investments 4 1 1
3,017 3,173
Current assets
Debtors 5 512,339 485,718
Cash at bank and in hand 43,141 50,580
555,480 536,298
Creditors: amounts falling due within one year 6 ( 28,926) ( 20,393)
Net current assets 526,554 515,905
Total assets less current liabilities 529,571 519,078
Net assets 529,571 519,078
Capital and reserves
Called-up share capital 8 553,125 553,125
Share premium account 429,868 429,868
Profit and loss account ( 453,422 ) ( 463,915 )
Total shareholder's funds 529,571 519,078

For the financial year ending 31 December 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 Sharecat Solutions Limited (registered number: SC223267) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

Dag Pettersen
Director
SHARECAT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SHARECAT SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Sharecat Solutions 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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, 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.

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised when the Company fulfils its contractual obligations to customers by supplying services. When an invoice in the current period includes income relating to a future period that income is included in the current year as deferred income.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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:

Office equipment 5 - 6 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.

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.

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 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand with original maturities of three months or less.

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.

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 parent company 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. If not, they are presented as non-current liabilities.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 25,496 25,496
Additions 2,056 2,056
Disposals ( 498) ( 498)
At 31 December 2023 27,054 27,054
Accumulated depreciation
At 01 January 2023 22,324 22,324
Charge for the financial year 2,127 2,127
Disposals ( 413) ( 413)
At 31 December 2023 24,038 24,038
Net book value
At 31 December 2023 3,016 3,016
At 31 December 2022 3,172 3,172

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 1
At 31 December 2023 1
Carrying value at 31 December 2023 1
Carrying value at 31 December 2022 1

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
UK Hub Data Exchange Limited Scotland Digital Solutions Ordinary 100.00% 100.00%

Post year end on 23 January 2024, UK Hub Data Exchange Limited was dissolved.

5. Debtors

2023 2022
£ £
Amounts owed by Parent undertakings 497,545 479,404
Deferred tax asset 4,783 2,761
Other debtors 10,011 3,553
512,339 485,718

Sharecat Solutions Limited has an outstanding debtor balance of £497,545 (2022: £479,404) from Sharecat Solutions AS at the year end. Based on the long term plan for the group, the debt is considered recoverable.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,445 268
Amounts owed to own subsidiaries 1 1
Taxation and social security 14,119 11,744
Other creditors 13,361 8,380
28,926 20,393

Included within other creditors is unpaid pension contributions of £7,271 (2022 - £2,445).

7. Deferred tax

2023 2022
£ £
At the beginning of financial year 2,761 2,597
Credited to the Profit and Loss Account 2,022 164
At the end of financial year 4,783 2,761

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
330,000 A ordinary shares of £ 0.50 each 165,000.00 165,000.00
270,000 B ordinary shares of £ 0.50 each 135,000.00 135,000.00
168,750 C ordinary shares of £ 0.50 each 84,375.00 84,375.00
168,750 D ordinary shares of £ 0.50 each 84,375.00 84,375.00
28,125 E ordinary shares of £ 0.50 each 14,062.50 14,062.50
28,125 F ordinary shares of £ 0.50 each 14,062.50 14,062.50
56,250 G ordinary shares of £ 0.50 each 28,125.00 28,125.00
56,250 H ordinary shares of £ 0.50 each 28,125.00 28,125.00
553,125.00 553,125.00

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 15,000 0

10. Related party transactions

The company has taken advantage of the exemption available in Section 33 of FRS 102 Related Party Disclosures not to disclose transactions entered into between two or more members of a group where the subsidiary is wholly owned.

11. Ultimate controlling party

Parent Company:

The company's immediate holding company is Sharecat Solutions AS, which is registered in Norway.
The company's ultimate holding company and controlling party is SC Fund AS, which is registered in Norway.

Sharecat Holding AS is the smallest undertaking for which consolidated financial statements, which include the financial statements of Sharecat Solutions Limited, are prepared. The registered address of Sharecat Holding AS is Midtunhaugen 10, 5224 Nesttun, Bergen, Norway.