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Registered number: 13367143
CAPERCAILLIE (INVESTMENTS) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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CAPERCAILLIE (INVESTMENTS) LIMITED
CONTENTS
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Statement of changes in equity
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Notes to the financial statements
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CAPERCAILLIE (INVESTMENTS) LIMITED
REGISTERED NUMBER: 13367143
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors due after more than 1 year
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Debtors due within 1 year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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CAPERCAILLIE (INVESTMENTS) LIMITED
REGISTERED NUMBER: 13367143
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2026.
The notes on pages 4 to 13 form part of these financial statements.
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CAPERCAILLIE (INVESTMENTS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Non Distributable Reserve
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Comprehensive income for the year
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Comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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The notes on pages 4 to 13 form part of these financial statements.
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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Income from fixed asset investments
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Income from fixed asset investments represents dividend income and other investment income, net of any withholding taxes suffered.
Interest income is recognised in profit or loss using the effective interest method.
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 investments that have a readily identifiable market value are 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.
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 of "Other financial instrucments" 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.
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Financial liabiltiies classified as payable within one year
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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are not amortised.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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Non Distributable Reserves
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The non distributable reserve represents an uplift in value of the company's original investment portfolio as outlined in note 12 below. This reserve cannot be distributed.
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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 directors the key judgement area in the preparation of the financial statements is the consideration of impairment of the unlisted investments.
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The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
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Gains and losses of fixed asset investments
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Fair value gains/(losses) on financial investments
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Gain on financial assets held at fair value through profit or loss
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Gain/(loss) on disposal of fixed asset investments
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Impairment of unlisted investments
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Fixed asset investments not carried at market value
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The unlisted investments recorded within fixed asset investments were not actively traded. Unlisted investments with a carrying value of £312,503 (2024: £250,003) have been recorded at cost less impairment as no more recent valuation information is available. The remaining unlisted investments, with a carrying value of £1,485,573 (2024: £2,218,361), have been valued by reference to the latest available net asset value of the underlying funds, which management considers to be the best estimate of fair value. At 31 December 2025, unlisted investments totalled £1,798,076 (2024: £2,468,364).
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Due after more than one year
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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27,642,222 (2024 - 30,991,654) Ordinary shares class founder shares of £1.00 each
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3,349,432 (2024 - ) Ordinary shares class A shares of £1.00 each
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1,000 (2024 - ) Ordinary shares class B shares of £1.00 each
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1,000 (2024 - ) Ordinary shares class C shares of £1.00 each
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1,000 (2024 - ) Ordinary shares class D shares of £1.00 each
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During the year, the company’s share capital was reorganised. At the confirmation statement date, the company had 30,994,654 shares in issue across A Ordinary, B Ordinary, C Ordinary, D Ordinary and Founder share classes. The shares were paid in full by the director and are represented in the balance due to the director as at 31 December 2025. The share classes carry different rights to voting, dividends and capital distributions, as set out in the company’s articles.
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Non-distributable reserve
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Other reserves brought forward
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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.
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CAPERCAILLIE (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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At the reporting date, Capercaillie (Investments) Limited had an outstanding capital commitment relating to its unlisted investment in Blue Water Energy LLP as follows:
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Contracted for but not provided in these financial statements
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Related party transactions
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At the year end, £376,958 (2024: £501,958) was due to Auchnerran Farms Ltd, a company of which Harold Salvesen is also a director, and is included within other creditors.
At the year end, £500,000 (2024: £nil) was due from Findrack (Sporting) Limited, a company of which Harold Salvesen is also a director, and is included within other debtors.
Amounts due from the director at the year end totalled £3,664 (2024: £728,664). The balance is unsecured, interest free, repayable on demand, and no guarantees have been provided.
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Ultimate Controlling Party
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The ultimate controlling party of the company in the current and previous year is Harold Salvesen.
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