REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th June 2023 |
for |
Waugh Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th June 2023 |
for |
Waugh Investments Limited |
Waugh Investments Limited (Registered number: SC068041) |
Contents of the Financial Statements |
for the Year Ended 30th June 2023 |
Page |
Company Information | 1 |
Report of the Accountants | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Waugh Investments Limited |
Company Information |
for the Year Ended 30th June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
77/2 Hanover Street |
Edinburgh |
EH2 1EE |
BANKERS: |
Edinburgh Head Office |
PO BOX |
Edinburgh |
EH11 1YH |
Waugh Investments Limited |
Report of the Accountants to the Directors of |
Waugh Investments Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30th June 2023 set out on pages four to nine and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
77/2 Hanover Street |
Edinburgh |
EH2 1EE |
Waugh Investments Limited (Registered number: SC068041) |
Balance Sheet |
30th June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 6 |
Debtors: amounts falling due after more than one year |
6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Waugh Investments Limited (Registered number: SC068041) |
Balance Sheet - continued |
30th June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Waugh Investments Limited (Registered number: SC068041) |
Notes to the Financial Statements |
for the Year Ended 30th June 2023 |
1. | STATUTORY INFORMATION |
Waugh Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover comprises revenue recognised by the company in respect of income received from investment property, exclusive of Value Added Tax. |
Tangible fixed assets |
Improvements to property | - |
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. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Waugh Investments Limited (Registered number: SC068041) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvement |
to |
property |
£ |
Cost |
At 1st July 2022 |
and 30th June 2023 |
Depreciation |
At 1st July 2022 |
Charge for year |
At 30th June 2023 |
Net book value |
At 30th June 2023 |
At 30th June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1st July 2022 |
and 30th June 2023 |
Net book value |
At 30th June 2023 |
At 30th June 2022 |
Fair value at 30th June 2023 is represented by: |
£ |
Valuation in 2010 | 3,406,867 |
Valuation in 2012 | 392,325 |
Valuation in 2013 | (745,000 | ) |
Valuation in 2014 | 100,000 |
Valuation in 2016 | 295,399 |
Cost | 7,301,063 |
10,750,654 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 7,301,063 | 7,301,063 |
Investment property was valued on an open market basis on 30th June 2016 by the directors . |
Waugh Investments Limited (Registered number: SC068041) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Listed investments | 1,246,493 | - |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 10,175 | 9,352 |
Other creditors |
Directors' current accounts | 114,988 | 179,625 |
Accruals and deferred income |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of Waugh Investments Limited is Susan Bringhurst by virtue of her shareholding in Waugh Taverns Group Limited. |