Silverfin false false 31/12/2023 15/11/2022 31/12/2023 Malcolm Maclean Bowie 10/01/2023 Ian George Cobban 10/01/2023 Ian Donald 10/01/2023 Neil David Forbes 10/01/2023 15/11/2022 Ross Scott Gardner 10/01/2023 15/11/2022 Ewan Craig Neilson 10/01/2023 Raymond Patrick Semple 10/01/2023 04 September 2024 The principal activity of the company is that of engineering consultancy services. The company started trading on 20 June 2023. SC750434 2023-12-31 SC750434 bus:Director1 2023-12-31 SC750434 bus:Director2 2023-12-31 SC750434 bus:Director3 2023-12-31 SC750434 bus:Director4 2023-12-31 SC750434 bus:Director5 2023-12-31 SC750434 bus:Director6 2023-12-31 SC750434 bus:Director7 2023-12-31 SC750434 core:CurrentFinancialInstruments 2023-12-31 SC750434 core:ShareCapital 2023-12-31 SC750434 core:SharePremium 2023-12-31 SC750434 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC750434 core:OtherResidualIntangibleAssets 2022-11-14 SC750434 2022-11-14 SC750434 core:OtherResidualIntangibleAssets 2023-12-31 SC750434 core:OtherPropertyPlantEquipment 2022-11-14 SC750434 core:OtherPropertyPlantEquipment 2023-12-31 SC750434 bus:OrdinaryShareClass1 2023-12-31 SC750434 bus:OrdinaryShareClass2 2023-12-31 SC750434 bus:OrdinaryShareClass3 2023-12-31 SC750434 2022-11-15 2023-12-31 SC750434 bus:FilletedAccounts 2022-11-15 2023-12-31 SC750434 bus:SmallEntities 2022-11-15 2023-12-31 SC750434 bus:AuditExemptWithAccountantsReport 2022-11-15 2023-12-31 SC750434 bus:PrivateLimitedCompanyLtd 2022-11-15 2023-12-31 SC750434 bus:Director1 2022-11-15 2023-12-31 SC750434 bus:Director2 2022-11-15 2023-12-31 SC750434 bus:Director3 2022-11-15 2023-12-31 SC750434 bus:Director4 2022-11-15 2023-12-31 SC750434 bus:Director5 2022-11-15 2023-12-31 SC750434 bus:Director6 2022-11-15 2023-12-31 SC750434 bus:Director7 2022-11-15 2023-12-31 SC750434 1 2022-11-15 2023-12-31 SC750434 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-15 2023-12-31 SC750434 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-11-15 2023-12-31 SC750434 core:OtherResidualIntangibleAssets 2022-11-15 2023-12-31 SC750434 core:OtherPropertyPlantEquipment 2022-11-15 2023-12-31 SC750434 bus:OrdinaryShareClass1 2022-11-15 2023-12-31 SC750434 bus:OrdinaryShareClass2 2022-11-15 2023-12-31 SC750434 bus:OrdinaryShareClass3 2022-11-15 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC750434 (Scotland)

ENCOMARA LIMITED
(Formerly SLLP 380 Limited)

Unaudited Financial Statements
For the financial period from 15 November 2022 to 31 December 2023
Pages for filing with the registrar

ENCOMARA LIMITED

Unaudited Financial Statements

For the financial period from 15 November 2022 to 31 December 2023

Contents

ENCOMARA LIMITED

BALANCE SHEET

As at 31 December 2023
ENCOMARA LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023
£
Fixed assets
Intangible assets 3 5,457
Tangible assets 4 4,237
9,694
Current assets
Debtors 5 68,065
Cash at bank and in hand 84,511
152,576
Creditors: amounts falling due within one year 6 ( 56,460)
Net current assets 96,116
Total assets less current liabilities 105,810
Provision for liabilities ( 805)
Net assets 105,005
Capital and reserves
Called-up share capital 7 45,527
Share premium account 85,239
Profit and loss account ( 25,761 )
Total shareholders' funds 105,005

For the financial period 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 Encomara Limited (registered number: SC750434) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Ian Donald
Director
ENCOMARA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 15 November 2022 to 31 December 2023
ENCOMARA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 15 November 2022 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Encomara 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 28 Albyn Place, Aberdeen, AB10 1YL, 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

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue for the provision of services is recognised by reference to the date on which services were rendered.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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:

Other intangible assets not amortised
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of their estimated useful economic life. Currently no amortisation is being charged as he patents are not yet in use. A provision is made for impairment where required.

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. 3 years straight line
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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

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

Period from
15.11.2022 to
31.12.2023
Number
Monthly average number of persons employed by the company during the period, including directors 7

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 15 November 2022 0 0
Additions 5,457 5,457
At 31 December 2023 5,457 5,457
Accumulated amortisation
At 15 November 2022 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 5,457 5,457

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 15 November 2022 0 0
Additions 4,665 4,665
At 31 December 2023 4,665 4,665
Accumulated depreciation
At 15 November 2022 0 0
Charge for the financial period 428 428
At 31 December 2023 428 428
Net book value
At 31 December 2023 4,237 4,237

5. Debtors

31.12.2023
£
Trade debtors 26,400
Other debtors 41,665
68,065

6. Creditors: amounts falling due within one year

31.12.2023
£
Trade creditors 3,582
Other taxation and social security 5,664
Other creditors 47,214
56,460

7. Called-up share capital

31.12.2023
£
Allotted, called-up and fully-paid
298,790 Class A Ordinary Shares shares of £ 0.10 each 29,879
102,040 Class B Ordinary Shares shares of £ 0.10 each 10,204
54,439 Class C Ordinary Shares shares of £ 0.10 each 5,444
45,527

On 15 November 2022, 1 ordinary share of £1 was issued at par.

On 16 January 2023, ordinary share of £1 was subdivided into 10 ordinary shares of £0.10 each. Also on this date 10 ordinary shares of £0.10 were reclassified as A ordinary shares of £0.10 each. Also on this date, 260,780 A ordinary shares of £0.10 each were issued at £0.15 each for a consideration of £39,117, resulting in a share premium of £13,039. Additionally on this date, 102,040 B ordinary shares of £0.10 each were issued at par.

On 30 June 2023, 54,439 C ordinary shares of £0.10 each were issued at par. Also on this date, 38,000 A ordinary shares were issued at £2 each for a consideration of £76,000, resulting in a share premium of £72,200.

All Shares rank par passu.

8. Related party transactions

Transactions with the entity's directors

As at 31 December 2023 the company was due one of the directors amounts totalling £44,714. This loan is interest free with no set repayment terms.