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REGISTERED NUMBER: SC138565 (Scotland)















Report of the Director and

Financial Statements for the Year Ended 31 January 2022

for

Inneswick Limited

Inneswick Limited (Registered number: SC138565)






Contents of the Financial Statements
for the Year Ended 31 January 2022




Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Inneswick Limited

Company Information
for the Year Ended 31 January 2022







DIRECTOR: Mrs E Innes



SECRETARY: Mrs E Innes



REGISTERED OFFICE: Lyndene
4 Hill Avenue
Wick
Caithness
KW1 4DW



REGISTERED NUMBER: SC138565 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ



BANKERS: Bank of Scotland
Bridge Street
Wick
Caithness
KW1 4NG

Inneswick Limited (Registered number: SC138565)

Report of the Director
for the Year Ended 31 January 2022

The director presents her report with the financial statements of the company for the year ended 31 January 2022.

DIRECTOR
Mrs E Innes held office during the whole of the period from 1 February 2021 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs E Innes - Director


10 August 2022

Inneswick Limited (Registered number: SC138565)

Income Statement
for the Year Ended 31 January 2022

2022 2021
Notes £    £   

TURNOVER 900 3,600

Administrative expenses (42,473 ) (2,062 )
(41,573 ) 1,538

Other operating income 795 3,450
OPERATING (LOSS)/PROFIT 4 (40,778 ) 4,988

Income from participating interests (7,769 ) (22,536 )
LOSS BEFORE TAXATION (48,547 ) (17,548 )

Tax on loss 8,961 -
LOSS FOR THE FINANCIAL YEAR (39,586 ) (17,548 )

Inneswick Limited (Registered number: SC138565)

Balance Sheet
31 January 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 5 - 751
Investment property 6 - 76,000
- 76,751

CURRENT ASSETS
Debtors 7 4,205 4,205
Investments 8 869,682 877,451
Cash at bank 340,398 312,633
1,214,285 1,194,289
CREDITORS
Amounts falling due within one year 9 (71,177 ) (79,385 )
NET CURRENT ASSETS 1,143,108 1,114,904
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,143,108

1,191,655

PROVISIONS FOR LIABILITIES - (8,961 )
NET ASSETS 1,143,108 1,182,694

CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Fair value reserve 10 - 26,463
Retained earnings 10 1,073,108 1,086,231
SHAREHOLDERS' FUNDS 1,143,108 1,182,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Inneswick Limited (Registered number: SC138565)

Balance Sheet - continued
31 January 2022


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

The financial statements were approved by the director and authorised for issue on 10 August 2022 and were signed by:





Mrs E Innes - Director


Inneswick Limited (Registered number: SC138565)

Notes to the Financial Statements
for the Year Ended 31 January 2022

1. STATUTORY INFORMATION

Inneswick 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.

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.

Fixed assets and depreciation
All assets are recorded initially at cost. Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Plant and machinery - 15% reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Rental income from investment property is recognised in the profit & loss account on a receivable basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging:

2022 2021
£    £   
Depreciation - owned assets - 130

Inneswick Limited (Registered number: SC138565)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 February 2021 11,275
Disposals (11,275 )
At 31 January 2022 -
DEPRECIATION
At 1 February 2021 10,524
Eliminated on disposal (10,524 )
At 31 January 2022 -
NET BOOK VALUE
At 31 January 2022 -
At 31 January 2021 751

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2021 76,000
Disposals (76,000 )
At 31 January 2022 -
NET BOOK VALUE
At 31 January 2022 -
At 31 January 2021 76,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 4,205 4,205

8. CURRENT ASSET INVESTMENTS
2022 2021
£    £   
Associated undertaking 869,682 877,451

Inneswick Limited (Registered number: SC138565)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 624 624
Other creditors 70,553 78,761
71,177 79,385

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 February 2021 1,086,231 26,463 1,112,694
Deficit for the year (39,586 ) (39,586 )
Transfer between reserves 26,463 (26,463 ) -
At 31 January 2022 1,073,108 - 1,073,108

The fair value reserve represents the fair value adjustments applicable to investment properties net of the associated deferred tax provision, which are initially disclosed in the profit and loss account. As the fair value adjustments are non-distributable profits, they are subsequently ring-fenced in the fair value reserve.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs E Innes.