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Company No: 12676843 (England)

GLENFINNAN INVESTMENT PARTNERS LIMITED

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

GLENFINNAN INVESTMENT PARTNERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

GLENFINNAN INVESTMENT PARTNERS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
GLENFINNAN INVESTMENT PARTNERS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Current assets
Debtors 4 1,650 8,867
Investments 5 3,580,847 3,090,688
Cash at bank and in hand 42,173 58,873
3,624,670 3,158,428
Creditors: amounts falling due within one year 6 ( 3,131,637) ( 3,138,999)
Net current assets 493,033 19,429
Total assets less current liabilities 493,033 19,429
Provision for liabilities 7 ( 62,828) 0
Net assets 430,205 19,429
Capital and reserves
Called-up share capital 8 1 1
Fair value reserve 391,032 27,522
Profit and loss account 39,172 ( 8,094 )
Total shareholders' funds 430,205 19,429

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.

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 Glenfinnan Investment Partners Limited (registered number: 12676843) were approved and authorised for issue by the Director on 26 March 2025. They were signed on its behalf by:

C Matthews
Director
GLENFINNAN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
GLENFINNAN INVESTMENT PARTNERS 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

Glenfinnan Investment Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England. The address of the Company's registered office is 17a Windmill Way West, Ramparts Business Park, Berwick-Upon-Tweed, TD15 1TB, 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 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.

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.

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.

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 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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 £1,332,540, cost of sales has reduced by £1,341,775 and income from other fixed asset investments has reduced by £9,235. 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 1,332,540 (1,332,540) 0
Cost of sales (1,341,775) 1,341,775 0
Income from other fixed asset investments 67,405 (9,235) 58,170

3. Employees

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

4. Debtors

2024 2023
£ £
Deferred tax asset 0 3,377
Corporation tax 0 4,338
Other debtors 1,650 1,152
1,650 8,867

5. Current asset investments

2024 2023
£ £
Listed investments – at fair value 3,580,847 3,090,688

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 at included at market value is £3,101,372 (2023:£ 3,082,958).

6. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 3,131,637 3,138,999

7. Provision for liabilities

2024 2023
£ £
Deferred tax 62,828 0

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
51 Ordinary A shares of £ 0.01 each 0.51 0.51
29 Ordinary B shares of £ 0.01 each 0.29 0.29
10 Ordinary C shares of £ 0.01 each 0.10 0.10
10 Ordinary D shares of £ 0.01 each 0.10 0.10
1.00 1.00

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to Director 3,112,736 3,114,999

These loans are interest free and have no fixed repayment terms.