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Company No: 09717974 (England and Wales)

BRANGUS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BRANGUS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BRANGUS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
BRANGUS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Josephine Louise Norman
Samuel Thomas Maidment Norman
REGISTERED OFFICE 3 St. Peter Street
Winchester
SO23 8BW
United Kingdom
COMPANY NUMBER 09717974 (England and Wales)
CHARTERED ACCOUNTANTS Mercer & Hole LLP
72 London Road
St Albans
AL1 1NS
BRANGUS LIMITED

BALANCE SHEET

As at 31 March 2024
BRANGUS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 39,765 66,274
Investments 4 13,659,391 13,192,705
13,699,156 13,258,979
Current assets
Debtors
- due within one year 5 5,771,372 4,920,497
- due after more than one year 5 1,100,000 1,100,000
Cash at bank and in hand 552,241 2,781,103
7,423,613 8,801,600
Creditors: amounts falling due within one year 6 ( 19,566,566) ( 21,662,607)
Net current liabilities (12,142,953) (12,861,007)
Total assets less current liabilities 1,556,203 397,972
Provision for liabilities 7 ( 59,792) 0
Net assets 1,496,411 397,972
Capital and reserves
Called-up share capital 10 100 100
Other reserves 477,296 199,404
Profit and loss account 1,019,015 198,468
Total shareholders' funds 1,496,411 397,972

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:

The financial statements of Brangus Limited (registered number: 09717974) were approved and authorised for issue by the Board of Directors on 21 July 2025. They were signed on its behalf by:

Samuel Thomas Maidment Norman
Director
BRANGUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BRANGUS 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

Brangus 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 and Wales. The address of the Company's registered office is 3 St. Peter Street, Winchester, SO23 8BW, 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.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 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:

Plant and machinery etc. 5 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 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

The Company does not apply hedge accounting.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 132,549 132,549
At 31 March 2024 132,549 132,549
Accumulated depreciation
At 01 April 2023 66,275 66,275
Charge for the financial year 26,510 26,510
At 31 March 2024 92,784 92,784
Net book value
At 31 March 2024 39,765 39,765
At 31 March 2023 66,274 66,274

4. Fixed asset investments

Listed investments Investments in associates Other investments Total
£ £ £ £
Cost or valuation before impairment
At 01 April 2023 6,762,219 50 6,430,436 13,192,705
Additions 4,593,266 0 5,202,079 9,795,345
Disposals ( 5,339,426) 0 ( 4,670,939) ( 10,010,365)
Movement in fair value 549,804 0 131,902 681,706
At 31 March 2024 6,565,863 50 7,093,478 13,659,391
Carrying value at 31 March 2024 6,565,863 50 7,093,478 13,659,391
Carrying value at 31 March 2023 6,762,219 50 6,430,436 13,192,705

Where the fair value of investments can be measured reliably they are determined with reference to the quoted market price at the reporting date, where the fair value cannot be measured reliably investments are held at cost less impairment.
The cost of the shares on acquisition was £13,430,102 (2023: £12,993,300).

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Amounts owed by Group undertakings 5,633,339 4,633,339
Other debtors 138,033 287,158
5,771,372 4,920,497
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 1,100,000 1,100,000

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 2,789,715 3,012,009
Taxation and social security 22,572 955
Other creditors 16,754,279 18,649,643
19,566,566 21,662,607

The bank loans are secured against the investment portfolio and bank balances held with the loan provider. At the year end there was £8,288k (2023: £9,757k) of secured assets in respect of these loans.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 ( 8,157)
(Charged)/credited to the Profit and Loss Account ( 59,792) 8,157
At the end of financial year ( 59,792) 0

8. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2024 2023
£ £
Financial assets at fair value
Derivative financial assets due within one year (note 9) 85,180 259,404
Financial liabilities at fair value
Derivative financial liabilities due within one year (note 9) 29,127 412,128

9. Derivative financial instruments

Due within one year Due after one year
2024 2023 2024 2023
£ £ £ £
Financial assets included at fair value (included in debtors)
Forward contracts 85,180 259,404 0 0
Financial liabilities included at fair value (included in creditors)
Forward contracts 29,127 412,128 0 0

Forward contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs.

The key assumptions used in valuing the derivatives are the forward exchange rates for GBP to USD and GBP to EUR.

10. Called-up share capital

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

11. Financial commitments

Other financial commitments

2024 2023
£ £
Commitments in respect to participating interests 65,000 400,000
Commitments in respect of investments 2,825,449 4,714,551
2,890,449 5,114,551

At the year end, the company had committed further loan funding to its participating interests, up to the amounts noted above. These funds can be called upon at any time and expire within 5-7 years of the reporting date.
At the year end, the company had also committed further capital funding to some of its investments, up to the amounts noted above. These funds can be called upon at any time.

12. Related party transactions

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

2024 2023
£ £
Amounts due from Joint Ventures 6,733,339 5,733,339