Company No: SC420569 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	36,518		55,370
Investments	4	345,961		241,088
		382,479		296,458
Current assets
Debtors
- due within one year	5	109,747		965,806
- due after more than one year	5	86,597		182,422
Cash at bank and in hand		248,110		387,754
		444,454		1,535,982
Creditors
Amounts falling due within one year	6	( 209,488)		( 814,869)
Net current assets		234,966		721,113
Total assets less current liabilities		617,445		1,017,571
Net assets		617,445		1,017,571
Capital and reserves
Called-up share capital	7	100,000		100,000
Share premium account		259,740		259,740
Profit and loss account		257,705		657,831
Total shareholders' funds		617,445		1,017,571

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Noble & Company (UK) Limited (registered number: SC420569) were approved and authorised for issue by the Director on 03 August 2022. They were signed on its behalf by:

R A Macpherson 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

Noble & Company (UK) 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 95a George Street, Edinburgh, EH2 3ES, 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 outcome of the ongoing financial forecasts for the financial period to 31 December 2022 is inherently uncertain, particularly in light of recent global events brought on by the coronavirus pandemic. However at the date of approving these financial statements the director is confident that the company's financial milestones will continue to be met. The director is therefore of the opinion that the financial statements should be prepared on the going concern basis.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in providing corporate financial advice and is shown net of VAT and other sales related taxes.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the company), then revenue is recognised only when the event occurs.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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:

Leasehold improvements	5 years straight line
Vehicles	33.33 % reducing balance
Fixtures and fittings	5 years straight line
Computer 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
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.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Financial and non-financial assets, 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and with the banks.

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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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. Trade creditors are recognised initially at transaction price.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	9		8

3. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2021	5,042		85,250		17,808		2,698		110,798
Additions	0		0		0		2,300		2,300
At 31 December 2021	5,042		85,250		17,808		4,998		113,098
Accumulated depreciation
At 01 January 2021	3,439		37,892		12,310		1,787		55,428
Charge for the financial year	1,010		15,778		3,569		795		21,152
At 31 December 2021	4,449		53,670		15,879		2,582		76,580
Net book value
At 31 December 2021	593		31,580		1,929		2,416		36,518
At 31 December 2020	1,603		47,358		5,498		911		55,370

4. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2021	241,088		241,088
Additions	104,873		104,873
At 31 December 2021	345,961		345,961
Provisions for impairment
At 01 January 2021	0		0
At 31 December 2021	0		0
Carrying value at 31 December 2021	345,961		345,961
Carrying value at 31 December 2020	241,088		241,088

Other investments comprise listed investments at cost less impairment. Had the above investments not been impaired in the prior year, the original cost would be held at £374,711 (2020: £269,838).

5. Debtors

	2021		2020
	£		£
Debtors: amounts falling due within one year
Trade debtors	35,995		930,516
Deferred tax asset	11,358		11,358
Other debtors	62,394		23,932
	109,747		965,806
Debtors: amounts falling due after more than one year
Amounts owed by related parties	86,597		182,422

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	15,920		20,717
Other creditors	159,153		684,636
Corporation tax	0		89,452
Other taxation and social security	34,415		20,064
	209,488		814,869

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each	100,000		100,000

8. Financial commitments

Other financial commitments

	2021		2020
	£		£
	125,475		149,375

9. Related party transactions

Transactions with the entity's director

	2021		2020
	£		£
Balances owed by director	969		0

This loan is provided interest free and is repayable on demand.