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Company No: SC609365 (Scotland)

CARRON FISHINGS LIMITED

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

CARRON FISHINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

CARRON FISHINGS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
CARRON FISHINGS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 250
Tangible assets 4 2,559,384 2,525,237
2,559,384 2,525,487
Current assets
Debtors 5 135,370 119,630
Cash at bank and in hand 18,608 1,181
153,978 120,811
Creditors: amounts falling due within one year 6 ( 2,755,471) ( 2,714,393)
Net current liabilities (2,601,493) (2,593,582)
Total assets less current liabilities (42,109) (68,095)
Net liabilities ( 42,109) ( 68,095)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 42,209 ) ( 68,195 )
Total shareholder's deficit ( 42,109) ( 68,095)

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.

Director's responsibilities:

The financial statements of Carron Fishings Limited (registered number: SC609365) were approved and authorised for issue by the Director on 17 October 2024. They were signed on its behalf by:

N G Stolt-Nielsen
Director
CARRON FISHINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
CARRON FISHINGS 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

Carron Fishings 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 C/O Johnston Carmichael Commerce House, South Street, Elgin, IV30 1JE, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 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.

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.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, 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, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 5 years straight line
Vehicles 25 % 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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, 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 the director 2 2

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 1,000 1,000
At 31 December 2023 1,000 1,000
Accumulated amortisation
At 01 January 2023 750 750
Charge for the financial year 250 250
At 31 December 2023 1,000 1,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 250 250

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 2,520,870 2,329 10,000 2,533,199
Additions 2,957 804 34,794 38,555
Disposals 0 0 ( 10,000) ( 10,000)
At 31 December 2023 2,523,827 3,133 34,794 2,561,754
Accumulated depreciation
At 01 January 2023 0 1,126 6,836 7,962
Charge for the financial year 0 519 1,516 2,035
Disposals 0 0 ( 7,627) ( 7,627)
At 31 December 2023 0 1,645 725 2,370
Net book value
At 31 December 2023 2,523,827 1,488 34,069 2,559,384
At 31 December 2022 2,520,870 1,203 3,164 2,525,237

5. Debtors

2023 2022
£ £
Trade debtors 15,885 1,907
Amounts owed by fellow subsidiaries 103,940 102,725
Other debtors 15,545 14,998
135,370 119,630

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1 2,778
Amounts owed to Group undertakings 2,700,000 2,700,000
Other taxation and social security 261 1,994
Other creditors 55,209 9,621
2,755,471 2,714,393

7. Called-up share capital

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

8. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due from entities under common control 103,940 102,725
Amounts due to entities with control, joint control or significant influence over the company (2,700,000) (2,700,000)
Amounts due to key management personnel (25,600) 0

The above loans are unsecured, interest free and have no fixed repayment terms.

9. Ultimate controlling party

At 31 December 2023, the immediate parent company was Carron (Holdings) Limited, a company registered in Bermuda.

The ultimate parent company at 31 December 2023 was The Stonehedge Trust, a trust registered in Bermuda.