Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Isabella Gore 16/12/2022 Juan Pablo Gore 09/12/2022 Nathan Peter Robert Gore 04/08/2017 Luisa Muguetty Rodriguez Vega 04/08/2017 25 September 2024 The principal activity of the Company during the financial year was that of an investment company. SC572919 2023-12-31 SC572919 bus:Director1 2023-12-31 SC572919 bus:Director2 2023-12-31 SC572919 bus:Director3 2023-12-31 SC572919 bus:Director4 2023-12-31 SC572919 2022-12-31 SC572919 core:CurrentFinancialInstruments 2023-12-31 SC572919 core:CurrentFinancialInstruments 2022-12-31 SC572919 core:ShareCapital 2023-12-31 SC572919 core:ShareCapital 2022-12-31 SC572919 core:OtherCapitalReserve 2023-12-31 SC572919 core:OtherCapitalReserve 2022-12-31 SC572919 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC572919 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC572919 core:Vehicles 2022-12-31 SC572919 core:OfficeEquipment 2022-12-31 SC572919 core:Vehicles 2023-12-31 SC572919 core:OfficeEquipment 2023-12-31 SC572919 core:CostValuation 2022-12-31 SC572919 core:CostValuation 2023-12-31 SC572919 core:ProvisionsForImpairmentInvestments 2022-12-31 SC572919 core:ProvisionsForImpairmentInvestments 2023-12-31 SC572919 core:AdditionsToInvestments 2023-12-31 SC572919 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2023-12-31 SC572919 bus:OrdinaryShareClass1 2023-12-31 SC572919 bus:OrdinaryShareClass2 2023-12-31 SC572919 2023-01-01 2023-12-31 SC572919 bus:FilletedAccounts 2023-01-01 2023-12-31 SC572919 bus:SmallEntities 2023-01-01 2023-12-31 SC572919 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC572919 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC572919 bus:Director1 2023-01-01 2023-12-31 SC572919 bus:Director2 2023-01-01 2023-12-31 SC572919 bus:Director3 2023-01-01 2023-12-31 SC572919 bus:Director4 2023-01-01 2023-12-31 SC572919 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 SC572919 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC572919 2022-01-01 2022-12-31 SC572919 core:Vehicles 2023-01-01 2023-12-31 SC572919 core:OfficeEquipment 2023-01-01 2023-12-31 SC572919 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC572919 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC572919 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC572919 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC572919 (Scotland)

BRITCOL LIMITED

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

BRITCOL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

BRITCOL LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
BRITCOL LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 12,178 19,969
Investments 4 8,007,867 7,643,186
8,020,045 7,663,155
Current assets
Debtors 5 659,332 1,283,808
Cash at bank and in hand 632,500 120,893
1,291,832 1,404,701
Creditors: amounts falling due within one year 6 ( 60,058) ( 107,377)
Net current assets 1,231,774 1,297,324
Total assets less current liabilities 9,251,819 8,960,479
Provision for liabilities 7 ( 56,398) ( 4,992)
Net assets 9,195,421 8,955,487
Capital and reserves
Called-up share capital 8 900 900
Other reserves 6,499,100 6,499,100
Profit and loss account 2,695,421 2,455,487
Total shareholders' funds 9,195,421 8,955,487

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 Britcol Limited (registered number: SC572919) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Nathan Peter Robert Gore
Director
Luisa Muguetty Rodriguez Vega
Director
BRITCOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BRITCOL 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

Britcol 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 Johnstone House, 52 - 54 Rose Street, Aberdeen, AB10 1HA, 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 4 years straight line
Office equipment 3 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
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.

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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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.

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.

Key Judgements

Carrying value of fixed asset investments: The Directors regularly assess the carrying value of fixed asset investments and recognise an impairment charge in the profit and loss account where an impairment is identified.

Recoverability of amounts due from group undertakings: (£655,332): The recoverability of amounts due from group undertakings is a judgement exercised by management, with reference to the trading and net asset position of the underlying entities.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2023 36,865 0 36,865
Additions 0 1,466 1,466
At 31 December 2023 36,865 1,466 38,331
Accumulated depreciation
At 01 January 2023 16,896 0 16,896
Charge for the financial year 9,216 41 9,257
At 31 December 2023 26,112 41 26,153
Net book value
At 31 December 2023 10,753 1,425 12,178
At 31 December 2022 19,969 0 19,969

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 6,500,000
At 31 December 2023 6,500,000
Provisions for impairment
At 01 January 2023 2,500,000
At 31 December 2023 2,500,000
Carrying value at 31 December 2023 4,000,000
Carrying value at 31 December 2022 4,000,000

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 3,643,186 3,643,186
Additions 351,517 351,517
Unrealised gains on investments 416,616 416,616
Unrealised losses on investments (251,571) (251,571)
Management fees (38,666) (38,666)
Dividends received 57,139 57,139
NRA Tax withheld (12,270) (12,270)
Revaluation (158,084) (158,084)
At 31 December 2023 4,007,867 4,007,867
Carrying value at 31 December 2023 4,007,867 4,007,867
Carrying value at 31 December 2022 3,643,186 3,643,186

5. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 655,332 1,051,570
Other debtors 4,000 232,238
659,332 1,283,808

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 4,346
Trade creditors 0 4,611
Taxation and social security 0 81,196
Other creditors 60,058 17,224
60,058 107,377

7. Provision for liabilities

2023 2022
£ £
Deferred tax 56,398 4,992

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
451 Ordinary A shares of £ 1.00 each 451 451
449 Ordinary B shares of £ 1.00 each 449 449
900 900

Each share has full rights in the company with respect to voting, dividends and distributions.

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors Loan Account - (Creditor) / Debtor (25,449) 232,238

There are no set repayment terms and no interest is charged on the above loan accounts.