CAPERCAILLIE (INVESTMENTS) LIMITED
13367143
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MHA
12 CARDEN PLACE
ABERDEEN
AB10 1UR
CAPERCAILLIE (INVESTMENTS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
CAPERCAILLIE (INVESTMENTS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
33,895,534
32,142,698
Current assets
Debtors
6
1,653,069
124,398
Cash at bank and in hand
1,284,476
2,247,589
2,937,545
2,371,987
Creditors: amounts falling due within one year
7
(681,384)
(553,950)
Net current assets
2,256,161
1,818,037
Total assets less current liabilities
36,151,695
33,960,735
Provisions for liabilities
8
(590,569)
(232,000)
Net assets
35,561,126
33,728,735
Capital and reserves
Called up share capital
9
30,991,654
30,991,654
Other reserves
10
6,035,290
6,035,290
Profit and loss reserves
(1,465,818)
(3,298,209)
Total equity
35,561,126
33,728,735

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 March 2026 and are signed on its behalf by:
Harold Salvesen
Director
Company registration number 13367143 (England and Wales)
CAPERCAILLIE (INVESTMENTS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Non-distributable reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
30,991,654
-
(2,635,309)
28,356,345
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(662,900)
(662,900)
Other movements
-
6,035,290
-
6,035,290
Balance at 31 December 2023
30,991,654
6,035,290
(3,298,209)
33,728,735
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,832,391
1,832,391
Balance at 31 December 2024
30,991,654
6,035,290
(1,465,818)
35,561,126
CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Capercaillie (Investments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 17A Curzon Street, London, England, W1J 5HS.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover represents income from investments, net of any tax suffered. Revenue is recognised as a debtor when the company is entitled to receipt.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.4
Fixed asset investments

Interests 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 of impairment losses are recognised immediately in profit or 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 benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Listed i nvestments that have a readily identifiable market value a re included at that closing market value, deemed to be fair value, at the balance sheet date. Any realised and unrealised gains and losses on revaluation or disposals are recognised in the profit and loss account.

1.5
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.

CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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 provisions of the instrument.

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

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 financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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. A m ounts 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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.10

Non Distributable Reserves

The non-distributable reserve represents an uplift in value of the company's original investment portfolio as outlined in note 11 below. This reserve cannot be distributed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the director the key judgement area in the preparation of the financial statements is the consideration of impairment of the unlisted investments.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
134,536
-
0
Adjustments in respect of prior periods
537
(924)
Total current tax
135,073
(924)
Deferred tax
Origination and reversal of timing differences
358,569
168,000
Total tax charge
493,642
167,076
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
33,895,534
32,142,698
Fixed asset investments not carried at market value

The unlisted investments recorded within fixed asset investments were not actively traded. The unlisted investment funds have been recorded at cost less impairment or net asset value (where that information is available) and total £2,468,364 (202 3: £5,088,944).

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
32,142,698
Additions
11,859,523
Valuation changes
2,044,213
Foreign exchange movement
50,722
Disposals
(12,201,622)
At 31 December 2024
33,895,534
Carrying amount
At 31 December 2024
33,895,534
At 31 December 2023
32,142,698
CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
27,655
109,157
Other debtors
728,664
15,241
756,319
124,398
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
896,750
-
0
Total debtors
1,653,069
124,398
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
134,536
-
0
Other creditors
546,848
553,950
681,384
553,950
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
590,569
232,000
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,991,654
30,991,654
30,991,654
30,991,654
10
Non-distributable reserve
2024
2023
£
£
At the beginning of the year
6,035,290
-
Other movements
-
6,035,290
At the end of the year
6,035,290
6,035,290
CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Non-distributable reserve
(Continued)
- 8 -

Upon incorporation of the company in 2021, investments were introduced into the company at their market value as consideration for share capital issued in the first accounting period. Due to timing differences, the market value of the investments when they were introduced to the company exceeded the share capital issued by £6,035,290 which created a creditor due by the company at 31 December 2021.

During the year to 31 December 2023, the balance of £6,035,290, which was included within creditors in the previous year, was reclassified to non-distributable reserves. This was agreed by the company director to correct the level of non-distributable reserves. As a result of the agreed transfer, the balance sheet now properly reflects the level of non-distributable reserves that should have been created when the investment portfolio was originally transferred in 2021.

The accounting adjustment recording the reclassification reflects the transfer as agreed by the director in October 2023 and subsequently documented in the company's statutory records.

11
Capital commitments

At the period end Capercaillie Investments Limited had an outstanding capital commitment of £630,285 (2023: £674,854) in relation to the company's unlisted investment in Blue Water Energy LLP.

12
Related party transactions
Transactions with related parties

At the year end a balance of £501,958 (202 3: £501,958) was due to Findrack (Investments) Limited and is included within other creditors.

At the year end amounts due from the director totalled £728,664 (2023: £7,080 owed to the director). The balance is unsecured, interest free and repayable on demand. No guarantees have been provided in respect of this balance.

13
Ultimate controlling party

The ultimate controlling party of the company in the current and previous year is Harold Salvesen.

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