Company No: 11961239 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Ms E Gordon
	Mr R Gordon

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

11961239 (England and Wales)

	Note	2024		2023
		£		£
Fixed assets
Investments	3	16,903,548		16,263,676
		16,903,548		16,263,676
Current assets
Debtors	4	627		0
Cash at bank and in hand		414,678		208,269
		415,305		208,269
Creditors: amounts falling due within one year	5	( 8,303,263)		( 8,275,676)
Net current liabilities		(7,887,958)		(8,067,407)
Total assets less current liabilities		9,015,590		8,196,269
Provision for liabilities		( 314,922)		( 157,297)
Net assets		8,700,668		8,038,972
Capital and reserves
Called-up share capital		500		500
Share premium account		7,479,411		7,479,411
Profit and loss account		1,220,757		559,061
Total shareholders' funds		8,700,668		8,038,972

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

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Capercaillie Holdings Limited (registered number: 11961239) were approved and authorised for issue by the Board of Directors on 23 September 2025. They were signed on its behalf by:

Ms E Gordon Director

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

Capercaillie Holdings 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 22 Chancery Lane, London, WC2A 1LS, 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Revenue recognition

Interest is recognised in the period in which it is earned. Dividends are recognised when the company becomes entitled to receive the payment.

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.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at cost, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Investments in subsidiaries are measured at cost less impairment.

Ordinary share capital

Ordinary shares are classified as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year.	0		0

3. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	7,896,580
At 31 December 2024	7,896,580
Carrying value at 31 December 2024	7,896,580
Carrying value at 31 December 2023	7,896,580

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	8,367,096		8,367,096
Additions	2,000,590		2,000,590
Disposals	( 2,066,781)		( 2,066,781)
Movement in fair value	706,063		706,063
At 31 December 2024	9,006,968		9,006,968
Carrying value at 31 December 2024	9,006,968		9,006,968
Carrying value at 31 December 2023	8,367,096		8,367,096

The historic cost of investments held at fair value at 31 December 2024 was £7,591,940.

4. Debtors

	2024		2023
	£		£
Accrued income	627		0

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to group undertakings	8,261,672		8,275,676
Taxation and social security	41,591		0
	8,303,263		8,275,676