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Company No: 02830103 (England and Wales)

J.A. EWING & CO. (LONDON) LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

J.A. EWING & CO. (LONDON) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

J.A. EWING & CO. (LONDON) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
J.A. EWING & CO. (LONDON) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investments 4 3,034,828 1,459,934
3,034,828 1,459,934
Current assets
Debtors 5 999,273 2,211,500
Cash at bank and in hand 290,207 121,230
1,289,480 2,332,730
Creditors: amounts falling due within one year 6 ( 512,035) ( 176,775)
Net current assets 777,445 2,155,955
Total assets less current liabilities 3,812,273 3,615,889
Provision for liabilities 0 10,506
Net assets 3,812,273 3,626,395
Capital and reserves
Called-up share capital 100 100
Revaluation reserve ( 49,087 ) ( 137,030 )
Profit and loss account 3,861,260 3,763,325
Total shareholder's funds 3,812,273 3,626,395

For the financial year ending 30 November 2023 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 J.A. Ewing & Co. (London) Limited (registered number: 02830103) were approved and authorised for issue by the Director. They were signed on its behalf by:

R. A. Ettlinger
Director

19 August 2024

J.A. EWING & CO. (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
J.A. EWING & CO. (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

J.A. Ewing & Co. (London) 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 100 Marylebone Road 100 Marylebone Road, London, NW1 5DX, 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 £.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings 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

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

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 Statement of Financial Position 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 Statement of Financial Position 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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 22,836 22,836
Disposals ( 22,836) ( 22,836)
At 30 November 2023 0 0
Accumulated depreciation
At 01 December 2022 22,836 22,836
Disposals ( 22,836) ( 22,836)
At 30 November 2023 0 0
Net book value
At 30 November 2023 0 0
At 30 November 2022 0 0

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 100
At 30 November 2023 100
Carrying value at 30 November 2023 100
Carrying value at 30 November 2022 100

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 December 2022 1,207,674 252,160 1,459,834
Additions 102,010 1,867,377 1,969,387
Disposals ( 482,428) 0 ( 482,428)
Movement in fair value 87,935 0 87,935
At 30 November 2023 915,191 2,119,537 3,034,728
Carrying value at 30 November 2023 915,191 2,119,537 3,034,728
Carrying value at 30 November 2022 1,207,674 252,160 1,459,834

5. Debtors

2023 2022
£ £
Trade debtors 844,125 1,500,531
Other debtors 155,148 710,969
999,273 2,211,500

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,060 0
Amounts owed to fellow subsidiaries 2,509 2,509
Taxation and social security 11,510 148,236
Other creditors 491,956 26,030
512,035 176,775

7. Related party transactions

Other related party transactions

2023 2022
£ £
Brentano Suite Elstree Limited 135,000 225,000
Argo Finance Limited 105,625 105,625

The company has made advances to the above companies in which Mr R A Ettlinger has an interest. Where possible, the company has taken advantage of the exemption conferred by FRS 102 section
33.1A from the requirement to disclose transactions with other wholly-owned group undertakings.