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Company No: SC383811 (Scotland)

JCP WELL ENGINEERING SERVICES LTD.

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

JCP WELL ENGINEERING SERVICES LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

JCP WELL ENGINEERING SERVICES LTD.

BALANCE SHEET

AS AT 31 AUGUST 2024
JCP WELL ENGINEERING SERVICES LTD.

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 2,499
Investments 4 213,887 183,845
213,887 186,344
Current assets
Debtors 5 6,848 20,009
Cash at bank and in hand 6 118,628 142,509
125,476 162,518
Creditors: amounts falling due within one year 7 ( 34,169) ( 34,708)
Net current assets 91,307 127,810
Total assets less current liabilities 305,194 314,154
Provision for liabilities 8 ( 2,155) 0
Net assets 303,039 314,154
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 302,939 314,054
Total shareholders' funds 303,039 314,154

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

Directors' responsibilities:

The financial statements of JCP Well Engineering Services Ltd. (registered number: SC383811) were approved and authorised for issue by the Board of Directors on 16 May 2025. They were signed on its behalf by:

Patrick Andrew
Director
JCP WELL ENGINEERING SERVICES LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
JCP WELL ENGINEERING SERVICES LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

JCP Well Engineering Services 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 Springfield House, Ballater Road, Aboyne, AB34 5HN, 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.

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

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance
Computer equipment 3 years straight line

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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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

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, deposits help at call with banks, other short-term liquid investments with original maturities of three months or less.

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

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

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.

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 Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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 directors 2 2

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 September 2023 13,755 3,603 17,358
Disposals ( 13,755) ( 3,603) ( 17,358)
At 31 August 2024 0 0 0
Accumulated depreciation
At 01 September 2023 11,256 3,603 14,859
Disposals ( 11,256) ( 3,603) ( 14,859)
At 31 August 2024 0 0 0
Net book value
At 31 August 2024 0 0 0
At 31 August 2023 2,499 0 2,499

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 183,845 183,845
Additions 15,797 15,797
Movement in fair value 14,245 14,245
At 31 August 2024 213,887 213,887
Carrying value at 31 August 2024 213,887 213,887
Carrying value at 31 August 2023 183,845 183,845

5. Debtors

2024 2023
£ £
Other debtors 6,848 20,009

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 118,628 142,509

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 930 1,560
Taxation and social security 324 314
Other creditors 32,915 32,834
34,169 34,708

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 ( 781)
(Charged)/credited to the Statement of Income and Retained Earnings ( 2,155) 781
At the end of financial year ( 2,155) 0

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to directors 29,365 27,795

The loan is interest free and has no fixed terms of repayment.