Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Niklaus Perch-Nielsen 01/06/2002 Anna Zette Young 26/06/2019 28 November 2024 The principal activity of the Company during the financial year continued to be that of dealing in quoted securities and investments in the UK and elsewhere abroad. SC063213 2024-06-30 SC063213 bus:Director1 2024-06-30 SC063213 bus:Director2 2024-06-30 SC063213 core:CurrentFinancialInstruments 2024-06-30 SC063213 core:CurrentFinancialInstruments 2023-06-30 SC063213 2023-06-30 SC063213 core:ShareCapital 2024-06-30 SC063213 core:ShareCapital 2023-06-30 SC063213 core:RevaluationReserve 2024-06-30 SC063213 core:RevaluationReserve 2023-06-30 SC063213 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC063213 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC063213 core:ListedExchangeTraded core:WithinOneYear 2024-06-30 SC063213 core:ListedExchangeTraded core:WithinOneYear 2023-06-30 SC063213 2022-06-30 SC063213 bus:OrdinaryShareClass1 2024-06-30 SC063213 2023-07-01 2024-06-30 SC063213 bus:FilletedAccounts 2023-07-01 2024-06-30 SC063213 bus:SmallEntities 2023-07-01 2024-06-30 SC063213 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC063213 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC063213 bus:Director1 2023-07-01 2024-06-30 SC063213 bus:Director2 2023-07-01 2024-06-30 SC063213 2022-07-01 2023-06-30 SC063213 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC063213 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC063213 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC063213 (Scotland)

COVEN-SA LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

COVEN-SA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

COVEN-SA LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
COVEN-SA LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Current assets
Debtors 4 388 106
Investments 5 1,099,329 831,704
Cash at bank and in hand 8,136 62,064
1,107,853 893,874
Creditors: amounts falling due within one year 6 ( 27,602) ( 26,944)
Net current assets 1,080,251 866,930
Total assets less current liabilities 1,080,251 866,930
Provision for liabilities 7 ( 53,822) ( 29,395)
Net assets 1,026,429 837,535
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 524,443 322,343
Profit and loss account 501,886 515,092
Total shareholder's funds 1,026,429 837,535

For the financial year ending 30 June 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 Coven-SA Limited (registered number: SC063213) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

Anna Zette Young
Director
COVEN-SA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
COVEN-SA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
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

Coven-SA 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 227 West George Street, Glasgow, G2 2ND, 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.

Prior year adjustment

The presentation of the disposal proceeds of the listed shares held by the Company has been restated to better reflect the nature of the transactions. This presentational change to the Profit and Loss Account has resulted in amendments to sales, cost of sales and income from other fixed asset investments as set out in note 2. The overall position remains unchanged.

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 Profit and Loss Account 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.

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.

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.

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 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

The 2023 financial statements have been restated to amend the presentation of the disposal proceeds of the listed shares held by the Company. This change has resulted in the turnover reducing by £64,261, cost of sales has reduced by £63,062 and income from other fixed asset investments has increased by £1,119. The restatement is presentational only and better reflects the nature of the transactions. The overall position remains unchanged.

As previously reported Adjustment As restated
Year ended 30 June 2023 £ £ £
Turnover 64,261 (64,261) 0
Cost of sales (63,062) 63,062 0
Income from other fixed asset investments 20,156 1,199 21,355

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Debtors

2024 2023
£ £
Corporation tax 388 106

5. Current asset investments

2024 2023
£ £
Listed investments – at fair value 1,099,329 831,704

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

The historical cost of the above investments which are included at market value is £624,060 (2022: £509,361).

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 127 127
Amounts owed to Group undertakings 20,000 20,000
Other creditors 7,475 6,817
27,602 26,944

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

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 29,395) ( 54,352)
(Charged)/credited to the Profit and Loss Account ( 24,427) 24,957
At the end of financial year ( 53,822) ( 29,395)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Other related party transactions

2024 2023
£ £
Due to Taijo Limited 20,000 20,000

10. Ultimate controlling party

Coven-Sa Limited is controlled by Taijo Limited by virtue of its 100% shareholding in Coven-Sa Limited.