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
	England
	United Kingdom

COMPANY NUMBER

11961239 (England and Wales)

	Note	2021		2020
		£		£
Fixed assets
Investments	3	16,349,700		15,909,865
		16,349,700		15,909,865
Current assets
Cash at bank and in hand		91,838		51,700
		91,838		51,700
Creditors
Amounts falling due within one year	4	( 8,232,088)		( 8,233,107)
Net current liabilities		(8,140,250)		(8,181,407)
Total assets less current liabilities		8,209,450		7,728,458
Creditors
Amounts falling due after more than one year		( 108,043)		( 47,252)
Net assets		8,101,407		7,681,206
Capital and reserves
Called-up share capital		500		500
Share premium account		7,479,411		7,479,411
Profit and loss account		621,496		201,295
Total shareholders' funds		8,101,407		7,681,206

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.

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 05 September 2022. 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, England, 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 financial statements have been prepared on a going concern basis. The directors have considered the impact of the Covid-19 pandemic and unexpected invasion of Ukraine by Russia on the going concern status of the company. The company’s income and value of its assets have not been significantly adversely impacted by the ongoing pandemic or conflict. The directors do not anticipate any financial difficulties in the 12 months from the approval of the balance sheet.

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.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year	0		0

3. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 January 2021	7,896,580
At 31 December 2021	7,896,580
Carrying value at 31 December 2021	7,896,580
Carrying value at 31 December 2020	7,896,580

	Listed investments		Total
	£		£
Carrying value before impairment
At 01 January 2021	8,013,285		8,013,285
Additions	2,903,283		2,903,283
Disposals	( 2,941,938)		( 2,941,938)
Movement in fair value	478,490		478,490
At 31 December 2021	8,453,120		8,453,120
Provisions for impairment
At 01 January 2021	0		0
At 31 December 2021	0		0
Carrying value at 31 December 2021	8,453,120		8,453,120
Carrying value at 31 December 2020	8,013,285		8,013,285

The historic cost of investments held at fair value at 31 December 2021 was £7,709,179.

4. Creditors: amounts falling due within one year

	2021		2020
	£		£
Other creditors	8,232,088		8,233,107

5. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 47,252)		0
Charged to the Profit and Loss Account	( 60,791)		( 47,252)
At the end of financial year	( 108,043)		( 47,252)