Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Alan Gordon Dawson 19/01/2015 Sir Andrew William Graham Wylie 07/12/2000 20 September 2024 The principal activity of the Company during the year was the provision of finance. 04121219 2023-12-31 04121219 bus:Director1 2023-12-31 04121219 bus:Director2 2023-12-31 04121219 2022-12-31 04121219 core:CurrentFinancialInstruments 2023-12-31 04121219 core:CurrentFinancialInstruments 2022-12-31 04121219 core:Non-currentFinancialInstruments 2023-12-31 04121219 core:Non-currentFinancialInstruments 2022-12-31 04121219 core:ShareCapital 2023-12-31 04121219 core:ShareCapital 2022-12-31 04121219 core:RetainedEarningsAccumulatedLosses 2023-12-31 04121219 core:RetainedEarningsAccumulatedLosses 2022-12-31 04121219 core:FurnitureFittings 2022-12-31 04121219 core:FurnitureFittings 2023-12-31 04121219 core:WithinOneYear 2023-12-31 04121219 core:WithinOneYear 2022-12-31 04121219 core:BetweenOneFiveYears 2023-12-31 04121219 core:BetweenOneFiveYears 2022-12-31 04121219 2023-01-01 2023-12-31 04121219 bus:FilletedAccounts 2023-01-01 2023-12-31 04121219 bus:SmallEntities 2023-01-01 2023-12-31 04121219 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04121219 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04121219 bus:Director1 2023-01-01 2023-12-31 04121219 bus:Director2 2023-01-01 2023-12-31 04121219 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 04121219 2022-01-01 2022-12-31 04121219 core:FurnitureFittings 2023-01-01 2023-12-31 04121219 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 04121219 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 04121219 (England and Wales)

CARRAWAY FINANCE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CARRAWAY FINANCE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CARRAWAY FINANCE LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
CARRAWAY FINANCE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Alan Gordon Dawson
Sir Andrew William Graham Wylie
SECRETARY Kerry Louise McDonnell
REGISTERED OFFICE Nelson House The Fleming Business Centre
Burdon Terrace Jesmond
Newcastle Upon Tyne
NE2 3AE
United Kingdom
COMPANY NUMBER 04121219 (England and Wales)
CARRAWAY FINANCE LTD

BALANCE SHEET

As at 31 December 2023
CARRAWAY FINANCE LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 738
0 738
Current assets
Debtors 4 7,303,563 7,262,087
Cash at bank and in hand 672 1,807
7,304,235 7,263,894
Creditors: amounts falling due within one year 5 ( 5,225,121) ( 4,914,648)
Net current assets 2,079,114 2,349,246
Total assets less current liabilities 2,079,114 2,349,984
Creditors: amounts falling due after more than one year 6 ( 8,150,000) ( 8,150,000)
Net liabilities ( 6,070,886) ( 5,800,016)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 6,070,887 ) ( 5,800,017 )
Total shareholder's deficit ( 6,070,886) ( 5,800,016)

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 Carraway Finance Ltd (registered number: 04121219) were approved and authorised for issue by the Board of Directors on 20 September 2024. They were signed on its behalf by:

Alan Gordon Dawson
Director
CARRAWAY FINANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CARRAWAY 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

Carraway 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 England and Wales. The address of the Company's registered office is Nelson House The Fleming Business Centre, Burdon Terrace Jesmond, Newcastle Upon Tyne, NE2 3AE, 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 Company is supported through loans from the shareholders and directors. The directors have confirmed that these loans will not be recalled for at least 12 months from the date of signing these financial statements, unless the Company has the available funds to do so. Also, they have the financial resources available to provide additional support if needed, for at least 12 months from the date of signing these financial statements. No additional support has been required in 2023 up to the date of signing the financial statements. Based on this, the directors believe that any foreseeable debts can be met for at least 12 months from the signing of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents finance income on loans receivable and advances. Turnover is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Interest income

Other interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Fixtures and fittings 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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.

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.

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 directors 4 4

The number of directors in the Company throughout the year was 2 (2022: 2) and there was no remuneration paid to the directors during the year (2022: none).

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2023 3,157 3,157
At 31 December 2023 3,157 3,157
Accumulated depreciation
At 01 January 2023 2,419 2,419
Charge for the financial year 738 738
At 31 December 2023 3,157 3,157
Net book value
At 31 December 2023 0 0
At 31 December 2022 738 738

4. Debtors

2023 2022
£ £
Trade debtors 7,303,563 7,262,087

5. Creditors: amounts falling due within one year

2023 2022
£ £
Other taxation and social security 6,914 3,778
Other creditors 5,218,207 4,910,870
5,225,121 4,914,648

Other creditors include a director's loan account of £2,755,302 (2022: £2,776,815). This loan is unsecured, interest-free and repayable on demand.

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

2023 2022
£ £
Other creditors 8,150,000 8,150,000

Other creditors above relate to preference shares which attract 4% p.a dividends.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 17,200 17,200
between one and five years 0 47,300
17,200 64,500

8. Related party transactions

Included within debtors are loans of £5,218,290 (2022: £5,127,458) owed by Speedflex (UK & Ireland) Limited, a company under common control. The loans are unsecured, subject to interest rates between 0 - 4% and repayable on demand.

Included within debtors are loans of £1,852,357 (2022: £1,852,357) owed by Speedflex (Newcastle) Limited, a company under common control. The loans are unsecured, subject to interest rates between 0 - 6% and repayable on demand.

Included within debtors are loans of £232,916 (2022: £282,272) owed by Close House Golf Club Limited, a company under common control. One of the loans is unsecured, subject to variable interest rates and repayable on demand. All other loans are unsecured, subject to interest rates between 3 - 6% which are repayable in October 2025.

Included within creditors are dividends payable to the preference shareholders of £2,454,805 (2022: £2,128,805). The preference shares dividends are payable at 4% p.a and are repayable on demand.

Include within creditors is a director's loan of £2,755,302 (2022: £2,776,815). This loan is unsecured, interest-free and repayable on demand.

No remuneration was paid to the directors in the current or prior year.

9. Ultimate controlling party

Sir A W G Wylie, a director of the Company, and members of his close family control the Company as a result of controlling, directly or indirectly, 100% of the issued share capital of the Company.