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Company No: SC237835 (Scotland)

NEWMORE INVESTMENTS LIMITED

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

NEWMORE INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

NEWMORE INVESTMENTS LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
NEWMORE INVESTMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Current assets
Investments 4 2,208 11,969
Cash at bank and in hand 5 ( 653) 967
1,555 12,936
Creditors: amounts falling due within one year 6 ( 2,641) ( 2,400)
Net current (liabilities)/assets (1,086) 10,536
Total assets less current liabilities (1,086) 10,536
Creditors: amounts falling due after more than one year 7 ( 415,703) ( 408,243)
Net liabilities ( 416,789) ( 397,707)
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account ( 417,789 ) ( 398,707 )
Total shareholder's deficit ( 416,789) ( 397,707)

For the financial year ending 31 October 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 Newmore Investments Limited (registered number: SC237835) were approved and authorised for issue by the Director on 28 October 2024. They were signed on its behalf by:

David Fraser Ross
Director
NEWMORE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
NEWMORE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Newmore Investments 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 North Cadboll House, North Cadboll, Fearn, Tain, IV20 1TN, 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 company has made a loss of £19,082 (2022 - £26,100) and amounts owed to directors have increased to £415,703 (2022 - £408,243). The director believes sufficient funds will be made available to meet the company's operational requirements and meet all third party creditors as they fall due from the director's personal funds. Furthermore, the £415,703 due to the director included within other creditors due after more than one year will not be repaid until all other liabilities have been met, and there are sufficient funds to do so.

Foreign currency

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Turnover

Turnover represents proceeds received from the disposal of investments held, and the realised gains on financial instruments, in the period.

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 current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

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 proceeds received, net of direct issue costs.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Current asset investments

2023 2022
£ £
Other investments – at cost less impairment 2,207 11,969

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand ( 653) 967

6. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 2,641 2,400

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

2023 2022
£ £
Other creditors 415,703 408,243

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Directors Loan Account - D Ross 415,703 408,243

Amounts due to the director are unsecured, interest free and have no fixed terms of repayment.