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Company No: 07586746 (England and Wales)

ECRINS ASSET MANAGEMENT LIMITED

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

ECRINS ASSET MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

ECRINS ASSET MANAGEMENT LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
ECRINS ASSET MANAGEMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS R C B Lanyon
S Lanyon
SECRETARY E J Hooper
REGISTERED OFFICE Monkgarron West End
Ebbesbourne Wake
Salisbury
SP5 5JS
United Kingdom
COMPANY NUMBER 07586746 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
ECRINS ASSET MANAGEMENT LIMITED

BALANCE SHEET

As at 30 September 2023
ECRINS ASSET MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 30.09.2023 30.09.2022
£ £
Fixed assets
Tangible assets 4 155,877 8,373
155,877 8,373
Current assets
Debtors 5 443,107 823,939
443,107 823,939
Creditors: amounts falling due within one year 6 ( 332,547) ( 233,749)
Net current assets 110,560 590,190
Total assets less current liabilities 266,437 598,563
Creditors: amounts falling due after more than one year 7 ( 16,667) ( 26,667)
Provision for liabilities ( 1,709) ( 1,875)
Net assets 248,061 570,021
Capital and reserves
Called-up share capital 100 100
Profit and loss account 247,961 569,921
Total shareholders' funds 248,061 570,021

For the financial year ending 30 September 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 Ecrins Asset Management Limited (registered number: 07586746) were approved and authorised for issue by the Board of Directors on 16 August 2024. They were signed on its behalf by:

R C B Lanyon
Director
ECRINS ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
ECRINS ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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 period, unless otherwise stated.

General information and basis of accounting

Ecrins Asset Management 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 Monkgarron West End, Ebbesbourne Wake, Salisbury, SP5 5JS, 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 £.

Reporting period length

The accounts of last year are prepared for 18 months i.e. from 1 April 2021 to 30 September 2022. Hence the comparatives are not entirely comparable.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 - 10 years straight line
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, reducing balance] basis over its expected useful life, as follows:

Assets under construction not depreciated
Fixtures and fittings 15 % 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 Statement of Income and Retained Earnings as described below.

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.

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.

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. Employees

Year ended
30.09.2023
Period from
01.04.2021 to
30.09.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 299,389 299,389
At 30 September 2023 299,389 299,389
Accumulated amortisation
At 01 October 2022 299,389 299,389
At 30 September 2023 299,389 299,389
Net book value
At 30 September 2023 0 0
At 30 September 2022 0 0

4. Tangible assets

Assets under construc-
tion
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 October 2022 0 15,462 18,799 34,261
Additions 149,041 0 187 149,228
At 30 September 2023 149,041 15,462 18,986 183,489
Accumulated depreciation
At 01 October 2022 0 11,452 14,436 25,888
Charge for the financial year 0 601 1,123 1,724
At 30 September 2023 0 12,053 15,559 27,612
Net book value
At 30 September 2023 149,041 3,409 3,427 155,877
At 30 September 2022 0 4,010 4,363 8,373

5. Debtors

30.09.2023 30.09.2022
£ £
Trade debtors 154,000 154,000
Other debtors 289,107 669,939
443,107 823,939

6. Creditors: amounts falling due within one year

30.09.2023 30.09.2022
£ £
Bank loans and overdrafts 33,352 32,306
Trade creditors 78,131 49,769
Taxation and social security 194,446 132,750
Other creditors 26,618 18,924
332,547 233,749

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

30.09.2023 30.09.2022
£ £
Bank loans 16,667 26,667

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Loans to related parties

30.09.2023 30.09.2022
£ £
At start of period 591,572 31,456
Advanced 270,518 773,876
Repaid (652,850) (213,760)
209,240 591,572

Terms of loans to related parties

The loans above are subject to interest at official rate of interest and are repayable on demand.