Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Ari S Villadsen 21/02/2021 26 January 2025 The principal activity of the Company during the financial year was that or property rental. SC116115 2024-04-30 SC116115 bus:Director1 2024-04-30 SC116115 2023-04-30 SC116115 core:CurrentFinancialInstruments 2024-04-30 SC116115 core:CurrentFinancialInstruments 2023-04-30 SC116115 core:ShareCapital 2024-04-30 SC116115 core:ShareCapital 2023-04-30 SC116115 core:CapitalRedemptionReserve 2024-04-30 SC116115 core:CapitalRedemptionReserve 2023-04-30 SC116115 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC116115 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC116115 core:PlantMachinery 2023-04-30 SC116115 core:FurnitureFittings 2023-04-30 SC116115 core:PlantMachinery 2024-04-30 SC116115 core:FurnitureFittings 2024-04-30 SC116115 bus:OrdinaryShareClass1 2024-04-30 SC116115 2023-05-01 2024-04-30 SC116115 bus:FilletedAccounts 2023-05-01 2024-04-30 SC116115 bus:SmallEntities 2023-05-01 2024-04-30 SC116115 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC116115 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC116115 bus:Director1 2023-05-01 2024-04-30 SC116115 core:PlantMachinery 2023-05-01 2024-04-30 SC116115 core:FurnitureFittings 2023-05-01 2024-04-30 SC116115 2022-05-01 2023-04-30 SC116115 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC116115 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC116115 (Scotland)

NARVOCK LIMITED

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

NARVOCK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

NARVOCK LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
NARVOCK LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 521 610
Investment property 4 912,000 907,000
912,521 907,610
Current assets
Debtors 5 33,239 32,705
Cash at bank and in hand 147,764 132,518
181,003 165,223
Creditors: amounts falling due within one year 6 ( 16,476) ( 12,620)
Net current assets 164,527 152,603
Total assets less current liabilities 1,077,048 1,060,213
Net assets 1,077,048 1,060,213
Capital and reserves
Called-up share capital 7 56 56
Capital redemption reserve 44 44
Profit and loss account 1,076,948 1,060,113
Total shareholder's funds 1,077,048 1,060,213

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Narvock Limited (registered number: SC116115) were approved and authorised for issue by the Director on 26 January 2025. They were signed on its behalf by:

Ari S Villadsen
Director
NARVOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
NARVOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 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

Narvock 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 3 The Square, Huntly, AB54 8AE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 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 represents amounts received and receivable for rental of property and related services. Turnover is recognised on an accruals basis on the period covered by each rental receipt.

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, other than investment property and freehold land, 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:

Plant and machinery 25 % reducing balance
Fixtures and fittings 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.

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

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

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, are 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.

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.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 3,964 45,201 49,165
Additions 269 0 269
Disposals ( 2,865) 0 ( 2,865)
At 30 April 2024 1,368 45,201 46,569
Accumulated depreciation
At 01 May 2023 3,576 44,979 48,555
Charge for the financial year 155 55 210
Disposals ( 2,717) 0 ( 2,717)
At 30 April 2024 1,014 45,034 46,048
Net book value
At 30 April 2024 354 167 521
At 30 April 2023 388 222 610

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 907,000
Fair value movement 5,000
As at 30 April 2024 912,000

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties at the balance sheet date.

5. Debtors

2024 2023
£ £
Deferred tax asset 16,156 19,939
Other debtors 17,083 12,766
33,239 32,705

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 6,029 3,081
Other creditors 10,447 9,539
16,476 12,620

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,600 Ordinary shares of £ 0.01 each 56 56