Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Matthew David West 15/12/2011 15 July 2025 The principal activity of the Company during the financial year was the supply of labour to vessels in the fishing industry. The company also holds an investment in Castlehill LLP which owns a pelagic trawler. SC413210 2023-12-31 SC413210 bus:Director1 2023-12-31 SC413210 2022-12-31 SC413210 core:CurrentFinancialInstruments 2023-12-31 SC413210 core:CurrentFinancialInstruments 2022-12-31 SC413210 core:ShareCapital 2023-12-31 SC413210 core:ShareCapital 2022-12-31 SC413210 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC413210 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC413210 core:Vehicles 2022-12-31 SC413210 core:ComputerEquipment 2022-12-31 SC413210 core:Vehicles 2023-12-31 SC413210 core:ComputerEquipment 2023-12-31 SC413210 core:CostValuation 2022-12-31 SC413210 core:AdditionsToInvestments 2023-12-31 SC413210 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2023-12-31 SC413210 core:CostValuation 2023-12-31 SC413210 bus:OrdinaryShareClass1 2023-12-31 SC413210 2023-01-01 2023-12-31 SC413210 bus:FilletedAccounts 2023-01-01 2023-12-31 SC413210 bus:SmallEntities 2023-01-01 2023-12-31 SC413210 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC413210 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC413210 bus:Director1 2023-01-01 2023-12-31 SC413210 core:Vehicles 2023-01-01 2023-12-31 SC413210 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC413210 2022-01-01 2022-12-31 SC413210 core:ComputerEquipment 2023-01-01 2023-12-31 SC413210 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC413210 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC413210 (Scotland)

WESTERNIZE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

WESTERNIZE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

WESTERNIZE LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
WESTERNIZE LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 40,436 54,093
Investments 4 3,144,529 2,980,502
3,184,965 3,034,595
Current assets
Debtors 5 1,677 18,563
Cash at bank and in hand 2,342,332 1,857,209
2,344,009 1,875,772
Creditors: amounts falling due within one year 6 ( 237,005) ( 227,447)
Net current assets 2,107,004 1,648,325
Total assets less current liabilities 5,291,969 4,682,920
Provision for liabilities 7 ( 19,208) ( 13,305)
Net assets 5,272,761 4,669,615
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 5,272,661 4,669,515
Total shareholder's funds 5,272,761 4,669,615

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Westernize Ltd (registered number: SC413210) were approved and authorised for issue by the Director on 15 July 2025. They were signed on its behalf by:

Matthew David West
Director
WESTERNIZE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
WESTERNIZE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Westernize 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 12 Robbies Road, Fraserburgh, AB43 7AF, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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.

Turnover

Turnover represents amounts receivable for the provision of labour services and is recognised when the service is provided during the year.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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.

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 or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, 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:

Vehicles 25 % reducing balance
Computer equipment 4 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 and 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).

Financial 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.

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 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 initially measured at transaction price including transaction costs

Basic financial liabilities
Basic financial liabilities, including creditors are initially 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.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 January 2023 63,063 4,254 67,317
Additions 0 242 242
At 31 December 2023 63,063 4,496 67,559
Accumulated depreciation
At 01 January 2023 11,824 1,400 13,224
Charge for the financial year 12,810 1,089 13,899
At 31 December 2023 24,634 2,489 27,123
Net book value
At 31 December 2023 38,429 2,007 40,436
At 31 December 2022 51,239 2,854 54,093

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 2,980,502 2,980,502
Additions 755,027 755,027
Drawings ( 591,000) ( 591,000)
At 31 December 2023 3,144,529 3,144,529
Carrying value at 31 December 2023 3,144,529 3,144,529
Carrying value at 31 December 2022 2,980,502 2,980,502

5. Debtors

2023 2022
£ £
Corporation tax 141 0
Other debtors 1,536 18,563
1,677 18,563

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 151 3,702
Taxation and social security 233,054 220,446
Other creditors 3,800 3,299
237,005 227,447

7. Provision for liabilities

2023 2022
£ £
Deferred tax 19,208 13,305

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Director's loan account - amounts owed from director 417 14,889

The loan is interest free and has no set repayment terms.

Other related party transactions

During the year, services totalling £294,820 (2022 - £269,501) and profits of £755,027 (2022 - £1,015,861) were provided to/received from a connected party.