Company No: SC572919 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	2,473		12,178
Investments	4	8,296,629		8,007,867
		8,299,102		8,020,045
Current assets
Stocks	5	2,700		0
Debtors	6	1,146,578		659,332
Cash at bank and in hand		421,859		632,500
		1,571,137		1,291,832
Creditors: amounts falling due within one year	7	( 163,045)		( 60,058)
Net current assets		1,408,092		1,231,774
Total assets less current liabilities		9,707,194		9,251,819
Provision for liabilities	8	( 31,393)		( 56,398)
Net assets		9,675,801		9,195,421
Capital and reserves
Called-up share capital	9	900		900
Other reserves		6,499,100		6,499,100
Profit and loss account		3,175,801		2,695,421
Total shareholders' funds		9,675,801		9,195,421

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 Britcol Limited (registered number: SC572919) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Nathan Peter Robert Gore Director

Luisa Muguetty Rodriguez Vega 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

Britcol Limited (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 Johnstone House, 52 - 54 Rose Street, Aberdeen, AB10 1HA, 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 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.

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, 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	4 years straight line
Office 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in 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.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, 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 and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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.

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.

Key Judgements

Carrying value of fixed asset investments: The Directors regularly assess the carrying value of fixed asset investments and recognise an impairment charge in the profit and loss account where an impairment is identified.

Recoverability of amounts due from group undertakings: (£380,865): The recoverability of amounts due from group undertakings is a judgement exercised by management, with reference to the trading and net asset position of the underlying entities.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 January 2024	36,865		1,466		38,331
At 31 December 2024	36,865		1,466		38,331
Accumulated depreciation
At 01 January 2024	26,112		41		26,153
Charge for the financial year	9,216		489		9,705
At 31 December 2024	35,328		530		35,858
Net book value
At 31 December 2024	1,537		936		2,473
At 31 December 2023	10,753		1,425		12,178

4. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	6,500,000
At 31 December 2024	6,500,000
Provisions for impairment
At 01 January 2024	2,500,000
At 31 December 2024	2,500,000
Carrying value at 31 December 2024	4,000,000
Carrying value at 31 December 2023	4,000,000

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	4,007,867		4,007,867
Additions	6,231		6,231
Unrealised gains on investments	12,820		12,820
Realised gains on investments	253,109		253,109
Management fees	(44,826)		(44,826)
Dividends received	63,187		63,187
NRA tax withheld	(13,169)		(13,169)
Revaluation	11,410		11,410
At 31 December 2024	4,296,629		4,296,629
Carrying value at 31 December 2024	4,296,629		4,296,629
Carrying value at 31 December 2023	4,007,867		4,007,867

5. Stocks

	2024		2023
	£		£
Work in progress	2,700		0

6. Debtors

	2024		2023
	£		£
Amounts owed by Group undertakings	375,584		655,332
Corporation tax	146,791		0
Other debtors	624,203		4,000
	1,146,578		659,332

Included in other debtors is an amount due from the Company directors of £602,417 (2023 - £nil). Although these amounts are repayable on demand, the directors do not expected these balances to be repaid within the twelves months following the approval of the financial statements.

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	213		0
Taxation and social security	135,981		0
Other creditors	26,851		60,058
	163,045		60,058

8. Provision for liabilities

	2024		2023
	£		£
Deferred tax	31,393		56,398

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
451 Ordinary A shares of £ 1.00 each	451		451
449 Ordinary B shares of £ 1.00 each	449		449
	900		900

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Directors Loan Account - Debtor / (Creditor)	602,417		(25,449)

There are no set repayment terms and no interest is charged on the above loan accounts.