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Company No: SC349155 (Scotland)

BE CAPITAL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

BE CAPITAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

BE CAPITAL LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
BE CAPITAL LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,020 796
Investments 4 4,801 4,801
7,821 5,597
Current assets
Debtors
- due within one year 5 348,101 188,339
- due after more than one year 5 4,031,875 4,668,375
Cash at bank and in hand 123,738 96,759
4,503,714 4,953,473
Creditors: amounts falling due within one year 6 ( 1,399,820) ( 973,579)
Net current assets 3,103,894 3,979,894
Total assets less current liabilities 3,111,715 3,985,491
Creditors: amounts falling due after more than one year 7 ( 2,994,297) ( 3,960,778)
Provision for liabilities 8 ( 633) 0
Net assets 116,785 24,713
Capital and reserves
Called-up share capital 9 1,003 1,003
Profit and loss account 115,782 23,710
Total shareholders' funds 116,785 24,713

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 Be Capital Limited (registered number: SC349155) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

Mr C Traynor
Director
BE CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
BE CAPITAL 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

Be Capital 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 69 St Vincent Street, St. Vincent Street, Glasgow, G2 5TF, Scotland, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

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 etc. 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.

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.

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). 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 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 deposits held at call with banks.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 7

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 7,732 7,732
Additions 2,637 2,637
At 30 November 2023 10,369 10,369
Accumulated depreciation
At 01 December 2022 6,936 6,936
Charge for the financial year 413 413
At 30 November 2023 7,349 7,349
Net book value
At 30 November 2023 3,020 3,020
At 30 November 2022 796 796

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 4,801
At 30 November 2023 4,801
Carrying value at 30 November 2023 4,801
Carrying value at 30 November 2022 4,801

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.11.2023
Ownership
30.11.2022
Trymbank Developments Ltd 218 St Vincent Street, Glasgow, G2 5SG Buying and selling of own real estate Ordinary 53.62% 53.62%
Scope Real Estate Ltd 218 St Vincent Street, Glasgow, G2 5SG Management of real estate Ordinary 100.00% 100.00%
Be Commercial Ltd 218 St Vincent Street, Glasgow, G2 5SG Buying and selling of own real estate Ordinary 100.00% 100.00%

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Amounts owed by Group undertakings 11,090 214
Amounts owed by related parties 200 0
Other debtors 336,811 188,125
348,101 188,339
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 3,980,222 4,617,345
Amounts owed by related parties 11,712 11,089
Other debtors 39,941 39,941
4,031,875 4,668,375

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,999 7,000
Trade creditors 321 3,629
Amounts owed to related parties 0 178,892
Other taxation and social security 44,918 43,639
Other creditors 1,347,582 740,419
1,399,820 973,579

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

2023 2022
£ £
Bank loans 12,834 19,833
Amounts owed to Group undertakings 2,981,460 3,535,427
Amounts owed to related parties 0 405,515
Other creditors 3 3
2,994,297 3,960,778

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

8. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 633) 0
At the end of financial year ( 633) 0

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000
1 A ordinary share of £ 1.00 1 1
1 B ordinary share of £ 1.00 1 1
1 C ordinary share of £ 1.00 1 1
1,003 1,003
3 Redeemable Preference shares of £ 1.00 each 3 3
1,006 1,006

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed to key management personnel 1,245,297 719,252

Other related party transactions

2023 2022
£ £
Amounts due from other related parties 4,003,224 4,628,647
Amounts due to other related parties 2,981,460 4,119,834

These loans are unsecured, interest has been charged at 2.5% and have no fixed terms of repayment.