Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Ann Fraser 02/05/2023 Graham Fraser 15/10/2020 Douglas Shand 15/10/2020 Sheila Shand 02/05/2023 14 August 2024 The principal activity of the Company during the financial period was the provision of financial brokering services. SC677643 2023-12-31 SC677643 bus:Director1 2023-12-31 SC677643 bus:Director2 2023-12-31 SC677643 bus:Director3 2023-12-31 SC677643 bus:Director4 2023-12-31 SC677643 2022-12-31 SC677643 core:CurrentFinancialInstruments 2023-12-31 SC677643 core:CurrentFinancialInstruments 2022-12-31 SC677643 core:Non-currentFinancialInstruments 2023-12-31 SC677643 core:Non-currentFinancialInstruments 2022-12-31 SC677643 core:ShareCapital 2023-12-31 SC677643 core:ShareCapital 2022-12-31 SC677643 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC677643 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC677643 core:Vehicles 2022-12-31 SC677643 core:OfficeEquipment 2022-12-31 SC677643 core:Vehicles 2023-12-31 SC677643 core:OfficeEquipment 2023-12-31 SC677643 core:CostValuation 2022-12-31 SC677643 core:CostValuation 2023-12-31 SC677643 bus:OrdinaryShareClass1 2023-12-31 SC677643 bus:OrdinaryShareClass2 2023-12-31 SC677643 2023-01-01 2023-12-31 SC677643 bus:FilletedAccounts 2023-01-01 2023-12-31 SC677643 bus:SmallEntities 2023-01-01 2023-12-31 SC677643 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC677643 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC677643 bus:Director1 2023-01-01 2023-12-31 SC677643 bus:Director2 2023-01-01 2023-12-31 SC677643 bus:Director3 2023-01-01 2023-12-31 SC677643 bus:Director4 2023-01-01 2023-12-31 SC677643 core:Vehicles 2023-01-01 2023-12-31 SC677643 core:OfficeEquipment 2023-01-01 2023-12-31 SC677643 2022-01-01 2022-12-31 SC677643 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC677643 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC677643 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC677643 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC677643 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC677643 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC677643 (Scotland)

CALEDONIA ASSET FINANCE LTD

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

CALEDONIA ASSET FINANCE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

CALEDONIA ASSET FINANCE LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
CALEDONIA ASSET FINANCE LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 102,634 5,590
Investments 4 50 50
102,684 5,640
Current assets
Debtors 5 88,861 47,689
Cash at bank and in hand 119,258 72,383
208,119 120,072
Creditors: amounts falling due within one year 6 ( 87,898) ( 79,018)
Net current assets 120,221 41,054
Total assets less current liabilities 222,905 46,694
Creditors: amounts falling due after more than one year 7 ( 58,548) 0
Provision for liabilities 8 ( 25,597) ( 1,398)
Net assets 138,760 45,296
Capital and reserves
Called-up share capital 9 200 200
Profit and loss account 138,560 45,096
Total shareholders' funds 138,760 45,296

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 Caledonia Asset Finance Ltd (registered number: SC677643) were approved and authorised for issue by the Board of Directors on 14 August 2024. They were signed on its behalf by:

Douglas Shand
Director
Graham Fraser
Director
CALEDONIA ASSET FINANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
CALEDONIA ASSET FINANCE LTD

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

Caledonia Asset Finance Ltd (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 Kynoch Lodge, ., Turriff, AB53 4HA, 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 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.

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 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

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.

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

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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:

Vehicles 20 % reducing balance
Office equipment 20 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

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, 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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 3

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2023 0 7,679 7,679
Additions 116,180 1,538 117,718
At 31 December 2023 116,180 9,217 125,397
Accumulated depreciation
At 01 January 2023 0 2,089 2,089
Charge for the financial year 19,363 1,311 20,674
At 31 December 2023 19,363 3,400 22,763
Net book value
At 31 December 2023 96,817 5,817 102,634
At 31 December 2022 0 5,590 5,590

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 50 50
At 31 December 2023 50 50
Carrying value at 31 December 2023 50 50
Carrying value at 31 December 2022 50 50

5. Debtors

2023 2022
£ £
Trade debtors 0 6,266
Other debtors 88,861 41,423
88,861 47,689

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 238 5,000
Taxation and social security 59,180 54,924
Obligations under finance leases and hire purchase contracts 18,193 0
Other creditors 10,287 19,094
87,898 79,018

Obligations under finance leases and hire purchase contracts are secured over the assets on which the agreement relates to.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 58,548 0

Obligations under finance leases and hire purchase contracts are secured over the assets on which the agreement relates to.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 25,597 1,398

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 B Ordinary shares of £ 1.00 each 100 100
200 200

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to key management personnel (5,800) (15,800)
Amounts due from related parties 48,500 0

These above balances are interest free and there are no fixed terms of repayment.