Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mr N D Carmichael 20/05/2014 02 February 2025 The principal activity of the Company during the financial year was that of the management of its property investments. SC477897 2024-09-30 SC477897 bus:Director1 2024-09-30 SC477897 2023-09-30 SC477897 core:CurrentFinancialInstruments 2024-09-30 SC477897 core:CurrentFinancialInstruments 2023-09-30 SC477897 core:ShareCapital 2024-09-30 SC477897 core:ShareCapital 2023-09-30 SC477897 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC477897 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC477897 core:CostValuation 2023-09-30 SC477897 core:CostValuation 2024-09-30 SC477897 bus:OrdinaryShareClass1 2024-09-30 SC477897 bus:OrdinaryShareClass2 2024-09-30 SC477897 2023-10-01 2024-09-30 SC477897 bus:FilletedAccounts 2023-10-01 2024-09-30 SC477897 bus:SmallEntities 2023-10-01 2024-09-30 SC477897 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC477897 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC477897 bus:Director1 2023-10-01 2024-09-30 SC477897 2022-10-01 2023-09-30 SC477897 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC477897 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC477897 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 SC477897 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 SC477897 1 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC477897 (Scotland)

CARMICHAEL HOLDINGS (SCOTLAND) LTD

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

CARMICHAEL HOLDINGS (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

CARMICHAEL HOLDINGS (SCOTLAND) LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
CARMICHAEL HOLDINGS (SCOTLAND) LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 813,968 729,748
Investments 4 7,700 7,700
821,668 737,448
Current assets
Debtors 5 1,197 0
Cash at bank and in hand 23,519 110,533
24,716 110,533
Creditors: amounts falling due within one year 6 ( 12,491) ( 11,084)
Net current assets 12,225 99,449
Total assets less current liabilities 833,893 836,897
Net assets 833,893 836,897
Capital and reserves
Called-up share capital 7 7,600 7,600
Profit and loss account 826,293 829,297
Total shareholders' funds 833,893 836,897

For the financial year ending 30 September 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 Carmichael Holdings (Scotland) Ltd (registered number: SC477897) were approved and authorised for issue by the Director on 02 February 2025. They were signed on its behalf by:

Mr N D Carmichael
Director
CARMICHAEL HOLDINGS (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
CARMICHAEL HOLDINGS (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Carmichael Holdings (Scotland) Ltd (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 10 Pinefield Parade, Elgin, IV30 6AG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and 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 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for property rental income and investment income from subsidiary undertaking.

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.

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.

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

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

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.

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. Investment property

Investment property
£
Valuation
As at 01 October 2023 729,748
Additions 84,220
As at 30 September 2024 813,968

At the year end, the directors believe that the cost of £813,968 remains a true representation of the market value of the properties.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 7,700
At 30 September 2024 7,700
Carrying value at 30 September 2024 7,700
Carrying value at 30 September 2023 7,700

5. Debtors

2024 2023
£ £
Other debtors 1,197 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 11,040 9,662
Other creditors 1,451 1,422
12,491 11,084

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
7,500 Ordinary A shares of £ 1.00 each 7,500 7,500
100 Ordinary D shares of £ 1.00 each 100 100
7,600 7,600

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Rent of office and showroom paid to the company by its subsidiary Jack Carmichael (Flooring) Limited 18,400 17,300

Transactions with the entity's director

2024 2023
£ £
Key management personnel 550 0

9. Events after the Balance Sheet date

On 29th October 2024, 100% of the shares in Jack Carmichael (Flooring Limited) were sold.