Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr N D Alae-Carew 02/02/2015 David Frew 20/01/2025 Mr H J Marriott 20/11/2018 Colin Mcleod 20/01/2025 Mr S J Walker 10/02/2025 07/03/2019 26 March 2025 The principal activity of the company during the year was that of a group holding company. SC479036 2024-03-31 SC479036 bus:Director1 2024-03-31 SC479036 bus:Director2 2024-03-31 SC479036 bus:Director3 2024-03-31 SC479036 bus:Director4 2024-03-31 SC479036 bus:Director5 2024-03-31 SC479036 2023-03-31 SC479036 core:CurrentFinancialInstruments 2024-03-31 SC479036 core:CurrentFinancialInstruments 2023-03-31 SC479036 core:Non-currentFinancialInstruments 2024-03-31 SC479036 core:Non-currentFinancialInstruments 2023-03-31 SC479036 core:ShareCapital 2024-03-31 SC479036 core:ShareCapital 2023-03-31 SC479036 core:SharePremium 2024-03-31 SC479036 core:SharePremium 2023-03-31 SC479036 core:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 SC479036 core:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 SC479036 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC479036 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC479036 core:OtherPropertyPlantEquipment 2023-03-31 SC479036 core:OtherPropertyPlantEquipment 2024-03-31 SC479036 core:CostValuation 2023-03-31 SC479036 core:AdditionsToInvestments 2024-03-31 SC479036 core:CostValuation 2024-03-31 SC479036 bus:OrdinaryShareClass1 2024-03-31 SC479036 bus:OrdinaryShareClass2 2024-03-31 SC479036 bus:OrdinaryShareClass3 2024-03-31 SC479036 2023-04-01 2024-03-31 SC479036 bus:FilletedAccounts 2023-04-01 2024-03-31 SC479036 bus:SmallEntities 2023-04-01 2024-03-31 SC479036 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC479036 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC479036 bus:Director1 2023-04-01 2024-03-31 SC479036 bus:Director2 2023-04-01 2024-03-31 SC479036 bus:Director3 2023-04-01 2024-03-31 SC479036 bus:Director4 2023-04-01 2024-03-31 SC479036 bus:Director5 2023-04-01 2024-03-31 SC479036 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC479036 2022-04-01 2023-03-31 SC479036 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC479036 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC479036 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC479036 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC479036 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC479036 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC479036 (Scotland)

BLAZING KEEP LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

BLAZING KEEP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

BLAZING KEEP LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
BLAZING KEEP LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,825 2,281
Investments 4 898,352 898,351
900,177 900,632
Current assets
Debtors 5 3,578,326 4,345,146
Cash at bank and in hand 10,863 11,719
3,589,189 4,356,865
Creditors: amounts falling due within one year 6 ( 1,169,152) ( 1,736,450)
Net current assets 2,420,037 2,620,415
Total assets less current liabilities 3,320,214 3,521,047
Creditors: amounts falling due after more than one year 7 ( 3,238,975) ( 2,675,889)
Net assets 81,239 845,158
Capital and reserves
Called-up share capital 8 1,101 1,097
Share premium account 7,465,901 7,465,861
Equity reserve 335,000 0
Profit and loss account ( 7,720,763 ) ( 6,621,800 )
Total shareholders' funds 81,239 845,158

For the financial year 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Blazing Keep Limited (registered number: SC479036) were approved and authorised for issue by the Board of Directors on 26 March 2025. They were signed on its behalf by:

Mr N D Alae-Carew
Director
BLAZING KEEP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
BLAZING KEEP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Blazing Keep 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 The Old School House, 101 Portman Street, Glasgow, G41 1EJ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 financial statements have been prepared on a going concern basis. The parent company continues to benefit from the group treasury function in order to manage its cash to ensure the company meets its liabilities as they fall due. In order to capitalise on the numerous opportunities available to the group, the directors are pleased with the progress in discussions with investors to secure a significant fundraise to provide the strong base to allow for the projected future growth. The group treasury function and the prospects of future fundraising have given the directors the confidence to conclude that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these 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.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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 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 etc. 20 % 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 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).

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

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.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 8

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 15,987 15,987
At 31 March 2024 15,987 15,987
Accumulated depreciation
At 01 April 2023 13,706 13,706
Charge for the financial year 456 456
At 31 March 2024 14,162 14,162
Net book value
At 31 March 2024 1,825 1,825
At 31 March 2023 2,281 2,281

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 898,351
Additions 1
At 31 March 2024 898,352
Carrying value at 31 March 2024 898,352
Carrying value at 31 March 2023 898,351

5. Debtors

2024 2023
£ £
Trade debtors 0 1,271,418
Amounts owed by Group undertakings 3,564,041 2,487,559
Corporation tax 0 100
Other debtors 14,285 586,069
3,578,326 4,345,146

As detailed within the accounting policies, the group operates a treasury function whereby it offers interest free, unsecured loans to fellow group entities with no fixed terms of repayment. Included within the above are £3.564m of inter group debts for which the company is due but will only call upon to meet its obligations or when the cashflow of the relevant entities supports this.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 35 0
Trade creditors 50,390 14,570
Amounts owed to Group undertakings 806,492 1,458,863
Other taxation and social security 150,510 65,252
Other creditors 161,725 197,765
1,169,152 1,736,450

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

2024 2023
£ £
Convertible loan notes 2,559,000 2,224,000
Other creditors 679,975 451,889
3,238,975 2,675,889

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
949,907 A ordinary shares of £ 0.001 each 950 950
11,106 B ordinary shares of £ 0.001 each (2023: 7,085 shares of £ 0.001 each) 11 7
140,000 VV ordinary shares of £ 0.001 each 140 140
1,101 1,097

In the financial year 2024 class B shares were allotted with an aggregate nominal value of £4.021 and consideration of £40.21 was received.

9. Related party transactions

Other related party transactions

2024 2023
£ £
Entities under common control 2,757,549 1,028,696

The above balances are unsecured, interest-free and repayable on demand.

The company has taken advantage of the exemption under FRS 102 33.1A from the requirement to disclose related party transactions between wholly owned group undertakings