Silverfin false false 31/03/2024 06/02/2023 31/03/2024 Mr S J Kerr 06/02/2023 Mrs M Kerr 06/02/2023 01 November 2024 The principal activity of the Company during the financial year was that of dealing in quoted securities and investments in the UK and elsewhere abroad. SC757740 2024-03-31 SC757740 bus:Director1 2024-03-31 SC757740 bus:Director2 2024-03-31 SC757740 core:CurrentFinancialInstruments 2024-03-31 SC757740 core:ShareCapital 2024-03-31 SC757740 core:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 SC757740 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC757740 core:CostValuation 2023-02-05 SC757740 core:AdditionsToInvestments 2024-03-31 SC757740 core:DisposalsRepaymentsInvestments 2024-03-31 SC757740 core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 SC757740 core:CostValuation 2024-03-31 SC757740 bus:OrdinaryShareClass1 2024-03-31 SC757740 bus:OrdinaryShareClass2 2024-03-31 SC757740 bus:OrdinaryShareClass3 2024-03-31 SC757740 bus:OrdinaryShareClass4 2024-03-31 SC757740 2023-02-06 2024-03-31 SC757740 bus:FilletedAccounts 2023-02-06 2024-03-31 SC757740 bus:SmallEntities 2023-02-06 2024-03-31 SC757740 bus:AuditExemptWithAccountantsReport 2023-02-06 2024-03-31 SC757740 bus:PrivateLimitedCompanyLtd 2023-02-06 2024-03-31 SC757740 bus:Director1 2023-02-06 2024-03-31 SC757740 bus:Director2 2023-02-06 2024-03-31 SC757740 core:CurrentFinancialInstruments 2023-02-06 2024-03-31 SC757740 bus:OrdinaryShareClass1 2023-02-06 2024-03-31 SC757740 bus:OrdinaryShareClass2 2023-02-06 2024-03-31 SC757740 bus:OrdinaryShareClass3 2023-02-06 2024-03-31 SC757740 bus:OrdinaryShareClass4 2023-02-06 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC757740 (Scotland)

KERR FAMILY INVESTMENT COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 06 FEBRUARY 2023 TO 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

KERR FAMILY INVESTMENT COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 06 FEBRUARY 2023 TO 31 MARCH 2024

Contents

KERR FAMILY INVESTMENT COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
KERR FAMILY INVESTMENT COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024
£
Fixed assets
Investments 3 8,893,246
8,893,246
Current assets
Cash at bank and in hand 4 27,597
27,597
Creditors: amounts falling due within one year 5 ( 7,915,986)
Net current liabilities (7,888,389)
Total assets less current liabilities 1,004,857
Provision for liabilities 6 ( 176,831)
Net assets 828,026
Capital and reserves
Called-up share capital 7 100
Undistributable reserve 530,899
Profit and loss account 297,027
Total shareholders' funds 828,026

For the financial period ending 31 March 2024 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 Kerr Family Investment Company Limited (registered number: SC757740) were approved and authorised for issue by the Board of Directors on 01 November 2024. They were signed on its behalf by:

Mr S J Kerr
Director
KERR FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 06 FEBRUARY 2023 TO 31 MARCH 2024
KERR FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 06 FEBRUARY 2023 TO 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Kerr Family Investment Company 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 Nithsdale Lodge 204 Nithsdale Road, Pollokshields, Glasgow, G41 5EU, Scotland, 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.

Reporting period length

The reporting period covers 6 February 2023 to 31 March 2024 which is a period of more than 12 months. The company year end was extended to align with the UK tax year, hence the extended period.

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.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 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 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.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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

Period from
06.02.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 06 February 2023 0 0
Additions 14,185,380 14,185,380
Disposals ( 6,000,000) ( 6,000,000)
Movement in fair value 707,866 707,866
At 31 March 2024 8,893,246 8,893,246
Carrying value at 31 March 2024 8,893,246 8,893,246

4. Cash and cash equivalents

31.03.2024
£
Cash at bank and in hand 27,597

5. Creditors: amounts falling due within one year

31.03.2024
£
Corporation tax 10,526
Other creditors 7,905,460
7,915,986

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

6. Provision for liabilities

31.03.2024
£
Deferred tax 176,831

7. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
40 A1 Ordinary shares of £ 1.00 each 40
40 A2 Ordinary shares of £ 1.00 each 40
10 B Ordinary shares of £ 1.00 each 10
10 C Ordinary shares of £ 1.00 each 10
100

8. Related party transactions

Transactions with the entity's directors

31.03.2024
£
Amounts owed to directors 7,900,000

Loans are non-interest bearing. There are no fixed repayment terms.