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REGISTERED NUMBER: SC127459 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Findrack (UK) Limited

Findrack (UK) Limited (Registered number: SC127459)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Findrack (UK) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: Mr A Salvesen



REGISTERED OFFICE: 46 High Street
Banchory
Aberdeenshire
AB31 5SR



REGISTERED NUMBER: SC127459 (Scotland)



ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR



BANKERS: The Royal Bank of Scotland
40 Albyn Place
Aberdeen
Aberdeenshire
AB10 1YN

Findrack (UK) Limited (Registered number: SC127459)

Balance Sheet
31 December 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,231 -
Tangible assets 5 57,461 61,105
Investments 6 2,093,978 50,000
Investment property 7 6,820,000 4,363,550
8,976,670 4,474,655

CURRENT ASSETS
Debtors 8 203,088 303,639
Cash at bank 2,535,027 6,302,399
2,738,115 6,606,038
CREDITORS
Amounts falling due within one year 9 80,510 1,800,652
NET CURRENT ASSETS 2,657,605 4,805,386
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,634,275

9,280,041

PROVISIONS FOR LIABILITIES 1,005,537 392,336
NET ASSETS 10,628,738 8,887,705

CAPITAL AND RESERVES
Called up share capital 150,001 150,001
Non-distributable reserve 10 3,233,514 777,064
Retained earnings 10 7,245,223 7,960,640
SHAREHOLDERS' FUNDS 10,628,738 8,887,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Findrack (UK) Limited (Registered number: SC127459)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 July 2025 and were signed by:





Mr A Salvesen - Director


Findrack (UK) Limited (Registered number: SC127459)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Findrack (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The historical cost convention has been modified to include the revaluation of freehold properties, and to include investment properties and certain financial instruments at fair value. The principal accounting polices adopted are set out below.

Preparation of consolidated financial statements
The financial statements contain information about Findrack (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income from property management is reccognised on an accruals basis in accordance with the substance of the relevant agreement.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of two years.

Findrack (UK) Limited (Registered number: SC127459)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses.

Depreciation is recognised so as to write off the costs or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and equipment 15%-20% straight line

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 fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value of use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investments in subsidiaries
Investments in subsidiaries, associates and jointly controlled entities 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 are recognised immediately in profit and 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 benefit from its activities.

Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Findrack (UK) Limited (Registered number: SC127459)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there us a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or 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.

Classification of financial liabilities
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 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 floating 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 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Findrack (UK) Limited (Registered number: SC127459)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit and loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 current liabilities.

Employee 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 7,846
At 31 December 2024 7,846
AMORTISATION
Charge for year 2,615
At 31 December 2024 2,615
NET BOOK VALUE
At 31 December 2024 5,231

Findrack (UK) Limited (Registered number: SC127459)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 247,025
Additions 21,471
Disposals (10,115 )
At 31 December 2024 258,381
DEPRECIATION
At 1 January 2024 185,920
Charge for year 25,115
Eliminated on disposal (10,115 )
At 31 December 2024 200,920
NET BOOK VALUE
At 31 December 2024 57,461
At 31 December 2023 61,105

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 50,000 - 50,000
Additions - 2,043,978 2,043,978
At 31 December 2024 50,000 2,043,978 2,093,978
NET BOOK VALUE
At 31 December 2024 50,000 2,043,978 2,093,978
At 31 December 2023 50,000 - 50,000

Cost or valuation at 31 December 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2024 50,000 2,043,978 2,093,978

Findrack (UK) Limited (Registered number: SC127459)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Findrack (Properties) Limited
Registered office: Scotland
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 50,000 50,000

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 4,363,550
Revaluations 2,456,450
At 31 December 2024 6,820,000
NET BOOK VALUE
At 31 December 2024 6,820,000
At 31 December 2023 4,363,550

Investment property comprises a mixture of commercial and residential property to let. The fair value of the investment property has been arrived at on the basis of a valuation carried out by David Silcocks Chartered Surveyors on 31 December 2024, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 6,820,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 14,090 58,880
Other debtors 188,998 244,759
203,088 303,639

Findrack (UK) Limited (Registered number: SC127459)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 21,359 14,568
Amounts owed to group undertakings 50,000 50,000
Amounts owed to participating interests 2,352 2,352
Taxation and social security 1,603 1,246,861
Other creditors 5,196 486,871
80,510 1,800,652

10. RESERVES
Retained Non-distributable
earnings reserve Totals
£    £    £   

At 1 January 2024 7,960,640 777,064 8,737,704
Profit for the year 1,741,033 1,741,033
Transfer (2,456,450 ) 2,456,450 -
At 31 December 2024 7,245,223 3,233,514 10,478,737

11. CONTROLLING PARTY

All but one of the ordinary shares are held by Hal Salvesen. The one ordinary B share in the company gives Andrew Salvesen a veto on certain transactions by the Company in accordance with Regulation 3.7 of the Articles of Association.