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Company No: SC598121 (Scotland)

CONTAGION INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

CONTAGION INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

CONTAGION INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
CONTAGION INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS Celia Aitken
William Frederick Carman
SECRETARY Amelia Maragret Carman
REGISTERED OFFICE Ault Wharrie
Ardnablane
Dunblane
FK15 0NU
United Kingdom
COMPANY NUMBER SC598121 (Scotland)
CONTAGION INVESTMENTS LIMITED

BALANCE SHEET

As at 31 May 2024
CONTAGION INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 44,803 59,737
Investments 4 30,783,431 31,352,743
30,828,234 31,412,480
Current assets
Debtors 5 1,166,486 983,401
Cash at bank and in hand 624,919 1,039,179
1,791,405 2,022,580
Creditors: amounts falling due within one year 6 ( 14,109,859) ( 16,578,097)
Net current liabilities (12,318,454) (14,555,517)
Total assets less current liabilities 18,509,780 16,856,963
Creditors: amounts falling due after more than one year 7 ( 10,367,925) ( 9,951,789)
Net assets 8,141,855 6,905,174
Capital and reserves
Called-up share capital 240 240
Fair value reserve 4,025,687 2,081,976
Profit and loss account 4,115,928 4,822,958
Total shareholder's funds 8,141,855 6,905,174

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Contagion Investments Limited (registered number: SC598121) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

William Frederick Carman
Director
CONTAGION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
CONTAGION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

Contagion 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 Ault Wharrie, Ardnablane, Dunblane, FK15 0NU, 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.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

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.

2. Employees

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

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 June 2023 106,200 106,200
At 31 May 2024 106,200 106,200
Accumulated depreciation
At 01 June 2023 46,463 46,463
Charge for the financial year 14,934 14,934
At 31 May 2024 61,397 61,397
Net book value
At 31 May 2024 44,803 44,803
At 31 May 2023 59,737 59,737

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 June 2023 31,352,743 31,352,743
Additions 13,903,073 13,903,073
Disposals ( 16,114,466) ( 16,114,466)
Movement in fair value 1,642,081 1,642,081
At 31 May 2024 30,783,431 30,783,431
Carrying value at 31 May 2024 30,783,431 30,783,431
Carrying value at 31 May 2023 31,352,743 31,352,743

Other investments comprise listed investments at fair value and other investments at cost less impairment.

5. Debtors

2024 2023
£ £
Other debtors 1,166,486 983,401

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 1,025,041 0
Taxation and social security 397,614 539,730
Other creditors 12,687,204 16,038,367
14,109,859 16,578,097

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

2024 2023
£ £
Other creditors 10,367,925 9,951,789

£8,822,753 of the above loans (2023 - £8,822,753) are secured over the investments made within the investment portfolio

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Other creditors 1,545,352 1,129,216

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 981,500) 0
At the end of financial year ( 981,500) 0

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 902,129 1,506,801

10. Related party transactions

At the balance sheet date the company owed both directors, W F Carman and Mrs C Aitken £5,800,633 (2023 - £6,243,541). The amount due is interest free, unsecured and repayable on demand.

At the balance sheet date the company was owed £963,991 (2023 - £858,991) from The Carman Family Foundation, of which W F Carman and Mrs C Aitken are trustees. The amount due is interest free, unsecured and repayable on demand.

At the balance sheet date the company owed £14,654,614 (2023 - £14,866,148) to Carmanz Horizonz LP, a limited partnership where the directors are persons of significant control. £8,822,573 of this loan is secured over the value of the company's investment portfolio. The amount due is interest free.