Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Fiona Garland Ross 22/12/2004 Ian Buchan Ross 17/01/2003 13 September 2024 The principal activity of the company during the financial year is share fishing. SC242540 2023-12-31 SC242540 bus:Director1 2023-12-31 SC242540 bus:Director2 2023-12-31 SC242540 2022-12-31 SC242540 core:CurrentFinancialInstruments 2023-12-31 SC242540 core:CurrentFinancialInstruments 2022-12-31 SC242540 core:ShareCapital 2023-12-31 SC242540 core:ShareCapital 2022-12-31 SC242540 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC242540 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC242540 core:PlantMachinery 2022-12-31 SC242540 core:Vehicles 2022-12-31 SC242540 core:ComputerEquipment 2022-12-31 SC242540 core:PlantMachinery 2023-12-31 SC242540 core:Vehicles 2023-12-31 SC242540 core:ComputerEquipment 2023-12-31 SC242540 bus:OrdinaryShareClass1 2023-12-31 SC242540 bus:OrdinaryShareClass2 2023-12-31 SC242540 2023-01-01 2023-12-31 SC242540 bus:FilletedAccounts 2023-01-01 2023-12-31 SC242540 bus:SmallEntities 2023-01-01 2023-12-31 SC242540 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC242540 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC242540 bus:Director1 2023-01-01 2023-12-31 SC242540 bus:Director2 2023-01-01 2023-12-31 SC242540 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC242540 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 SC242540 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC242540 2022-01-01 2022-12-31 SC242540 core:PlantMachinery 2023-01-01 2023-12-31 SC242540 core:Vehicles 2023-01-01 2023-12-31 SC242540 core:ComputerEquipment 2023-01-01 2023-12-31 SC242540 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC242540 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC242540 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC242540 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC242540 (Scotland)

I. R. LIMITED

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

I. R. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

I. R. LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
I. R. LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 687 980
687 980
Current assets
Debtors 4 9,280 1,075
Cash at bank and in hand 1,008,817 934,845
1,018,097 935,920
Creditors: amounts falling due within one year 5 ( 45,033) ( 28,277)
Net current assets 973,064 907,643
Total assets less current liabilities 973,751 908,623
Net assets 973,751 908,623
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 973,749 908,621
Total shareholders' funds 973,751 908,623

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 I. R. Limited (registered number: SC242540) were approved and authorised for issue by the Board of Directors on 13 September 2024. They were signed on its behalf by:

Ian Buchan Ross
Director
I. R. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
I. R. LIMITED

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

I. R. 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 5 5 Albyn Terrace, Aberdeen, AB10 1YP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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.

Turnover

Turnover represents amounts receivable for the provision of labour services net of VAT and trade discounts.

Turnover is recognised when the service is provided during the year.

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.

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.

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 4 years straight line
Vehicles 4 years straight line
Computer equipment 4 years straight line

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 Statement of Income and Retained Earnings 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).

Financial 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.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

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.

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 2 2

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 2,500 43,245 8,516 54,261
Additions 232 0 0 232
At 31 December 2023 2,732 43,245 8,516 54,493
Accumulated depreciation
At 01 January 2023 2,418 43,245 7,618 53,281
Charge for the financial year 62 0 463 525
At 31 December 2023 2,480 43,245 8,081 53,806
Net book value
At 31 December 2023 252 0 435 687
At 31 December 2022 82 0 898 980

4. Debtors

2023 2022
£ £
Other debtors 9,280 1,075

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 42,722 26,367
Other creditors 2,311 1,910
45,033 28,277

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
2 2