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Company No: 10017487 (England and Wales)

MOOR HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

MOOR HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

MOOR HOLDINGS LIMITED

BALANCE SHEET

As at 30 April 2024
MOOR HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 548,907 25,000
Tangible assets 5 89,452 19,839
Investment property 6 130,000 94,443
Investments 7 104 104
768,463 139,386
Current assets
Debtors 8 21,082 1,092
Investments 9 264,000 232,232
Cash at bank and in hand 429,750 501,301
714,832 734,625
Creditors: amounts falling due within one year 10 ( 7,862) ( 72,814)
Net current assets 706,970 661,811
Total assets less current liabilities 1,475,433 801,197
Creditors: amounts falling due after more than one year 11 ( 61,353) ( 24,917)
Provision for liabilities ( 60,873) ( 2,589)
Net assets 1,353,207 773,691
Capital and reserves
Called-up share capital 12 102 102
Revaluation reserve 79,430 ( 398,000 )
Fair value reserve 51,839 0
Profit and loss account 1,221,836 1,171,589
Total shareholders' funds 1,353,207 773,691

For the financial year ending 30 April 2024 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 Moor Holdings Limited (registered number: 10017487) were approved and authorised for issue by the Director on 01 August 2024. They were signed on its behalf by:

Mr R C Short
Director
MOOR HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
MOOR HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
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

Moor Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Francis Clark LLP, Chartered Accountants, Melville Building East, Royal William Yard , Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Change in accounting policies

As described in the Intangible Assets policy, the accounting for cryptocurrency has changed this year to reflect the emerging consensus in accounting for these assets. As a result, the prior year comparatives have been restated. The impact of this has been to show unrealised gains on these assets in a Revaluation reserve, and to show movements in the assets in Other Comprehensive Income.

Prior year error

Adjustment for Revaluations on Cryptocurrencies held by the company.

Re-statement of Crypto currencies from investments to intangible assets and further adjustments for the revaluations through the retained earnings and revaluations reserves.

These are shown in note 2.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

The company holds bitcoin and ethereum cryptocurrency as a long-term investment. FRS 102 does not specify how this should be recognised, but over the last few years the emerging practice has been to recognise this either as inventory (if regularly traded) or intangibles (if held for the long-term). Accordingly it is recognised in these accounts as intangible assets.

The cryptocurrency is measured at a revalued amount, which in practice means it is measured at market value each year end. Changes in value are recognised in Other Comprehensive Income and accumulate in a Revaluation Reserve.

Changes in value will eventually be taxed if/when the cryptocurrency is sold, and therefore a deferred tax liability arises on them. Changes in this liability are also recognised in Other Comprehensive Income and also accumulate in the Revaluation Reserve.

This treatment is a change from previous years to reflect the emerging consensus in accounting, and as a result, the prior year comparatives have also been restated.

Other intangible assets not amortised
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 reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

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.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 April 2023 £ £ £
Investments 25,000 (25,000) 0
Intangible assets 0 25,000 25,000
Retained earnings (773,589) (398,000) (1,171,589)
Revaluation reserve 0 398,000 398,000

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 May 2023 25,000 25,000
Additions 20,000 20,000
Revaluation 503,907 503,907
At 30 April 2024 548,907 548,907
Accumulated amortisation
At 01 May 2023 0 0
At 30 April 2024 0 0
Net book value
At 30 April 2024 548,907 548,907
At 30 April 2023 25,000 25,000

5. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 5,471 0 19,415 5,560 30,446
Additions 0 80,449 1,382 1,015 82,846
At 30 April 2024 5,471 80,449 20,797 6,575 113,292
Accumulated depreciation
At 01 May 2023 570 0 9,458 579 10,607
Charge for the financial year 1,225 8,045 2,633 1,330 13,233
At 30 April 2024 1,795 8,045 12,091 1,909 23,840
Net book value
At 30 April 2024 3,676 72,404 8,706 4,666 89,452
At 30 April 2023 4,901 0 9,957 4,981 19,839

6. Investment property

Investment property
£
Valuation
As at 01 May 2023 94,443
Fair value movement 35,557
As at 30 April 2024 130,000

7. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 104
At 30 April 2024 104
Carrying value at 30 April 2024 104
Carrying value at 30 April 2023 104

8. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 18,511 0
Amounts owed by director 1,504 0
Prepayments 1,029 0
VAT recoverable 38 761
Other debtors 0 331
21,082 1,092

9. Current asset investments

2024 2023
£ £
Other investments – at cost less impairment 257,232 383,732
Fair value movement 535,675 ( 186,500)
Additions 20,000 60,000
812,907 257,232

The investments have not been valued by an independent party.

10. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 4,388
Trade creditors 0 241
Amounts owed to Group undertakings 0 61,489
Amounts owed to director 0 2,996
Accruals 1,590 1,450
Obligations under finance leases and hire purchase contracts 3,272 0
Other creditors 3,000 2,250
7,862 72,814

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

2024 2023
£ £
Bank loans 0 24,917
Obligations under finance leases and hire purchase contracts (secured) 61,353 0
61,353 24,917

The hire purchase loan is secured against the asset to which it relates.

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
102 102