Findrack (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC127459 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Findrack (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A Salvesen

REGISTERED OFFICE:

46 High Street

Banchory

Aberdeenshire

AB31 5SR

REGISTERED NUMBER:

SC127459 (Scotland)

ACCOUNTANTS:

The Grant Considine Partnership

Chartered Accountants

46 High Street

Banchory

Aberdeenshire

AB31 5SR

BANKERS:

The Royal Bank of Scotland

40 Albyn Place

Aberdeen

Aberdeenshire

AB10 1YN

SOLICITORS:

Morton Fraser LLP

Quartermile Two

2 Lister Square

Edinburgh

EH3 9GL

FIXED ASSETS

Tangible assets

5

30,653

22,489

Investments

6

50,509

50,509

Investment property

7

6,155,000

6,155,000

6,236,162

6,227,998

CURRENT ASSETS

Debtors

8

145,794

168,601

Cash at bank and in hand

1,337,759

1,296,351

1,483,553

1,464,952

CREDITORS

Amounts falling due within one year

9

89,389

97,674

NET CURRENT ASSETS

1,394,164

1,367,278

TOTAL ASSETS LESS CURRENT LIABILITIES

7,630,326

7,595,276

PROVISIONS FOR LIABILITIES

733,949

735,449

NET ASSETS

6,896,377

6,859,827

CAPITAL AND RESERVES

Called up share capital

150,001

150,001

Non-distributable reserve

10

3,908,321

3,908,321

Retained earnings

10

2,838,055

2,801,505

SHAREHOLDERS' FUNDS

6,896,377

6,859,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2021 and were signed by:

Mr A Salvesen - Director

1.	STATUTORY INFORMATION

Findrack (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The historical cost convention has been modified to include the revaluation of freehold properties, and to include investment properties and certain financial instruments at fair value. The principal accounting polices adopted are set out below.

Preparation of consolidated financial statements

The financial statements contain information about Findrack (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income from property management is reccognised on an accruals basis in accordance with the substance of the relevant agreement.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses.

Depreciation is recognised so as to write off the costs or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and equipment 15%-20% straight line

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Recoverable amount is the higher of fair value less costs to sell and value of 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investments in subsidiaries

Investments 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 are recognised immediately in profit and 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 benefit from its activities.

Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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 provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there us a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or 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 floating transaction, where the debt instrument is measured at the present value of the future payments 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 method.

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. 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit and loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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.

Employee benefits

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.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	AUDITORS' REMUNERATION

2020

2019

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

(1,050

)

4,700

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

135,907

Additions

21,800

Disposals

(3,384

)

At 31 December 2020

154,323

DEPRECIATION

At 1 January 2020

113,418

Charge for year

13,636

Eliminated on disposal

(3,384

)

At 31 December 2020

123,670

NET BOOK VALUE

At 31 December 2020

30,653

At 31 December 2019

22,489

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 January 2020

and 31 December 2020

50,509

NET BOOK VALUE

At 31 December 2020

50,509

At 31 December 2019

50,509

Cost or valuation at 31 December 2020 is represented by:

Shares in

group

undertakings

£

Cost

50,509

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Findrack (Properties) Limited

Registered office: Scotland

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2020

2019

£

£

Aggregate capital and reserves

50,509

50,509

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

6,155,000

NET BOOK VALUE

At 31 December 2020

6,155,000

At 31 December 2019

6,155,000

Investment property comprises a mixture of commercial and residential property to let. The fair value of the investment property has been arrived at on the basis of a valuation carried out by David Silcocks Chartered Surveyors on 1 January 2019, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

26,346

59,884

Other debtors

119,448

108,717

145,794

168,601

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

3,753

3,137

Amounts owed to group undertakings

51,072

51,072

Amounts owed to participating interests

2,352

2,352

Taxation and social security

1,452

472

Other creditors

30,760

40,641

89,389

97,674

10.

RESERVES

Retained

Non-distributable

earnings

reserve

Totals

£

£

£

At 1 January 2020

2,801,505

3,908,321

6,709,826

Profit for the year

36,550

36,550

At 31 December 2020

2,838,055

3,908,321

6,746,376

11.	CONTROLLING PARTY

All but one of the ordinary shares are held by Hal Salvesen. The one ordinary B share in the company gives Andrew Salvesen a veto on certain transactions by the Company in accordance with Regulation 3.7 of the Articles of Association.