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Company No: SC598475 (Scotland)

THE WEIR FAMILY INVESTMENT COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

THE WEIR FAMILY INVESTMENT COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

THE WEIR FAMILY INVESTMENT COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
THE WEIR FAMILY INVESTMENT COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 33 3
33 3
Current assets
Debtors
- due within one year 4 85,538 86,380
- due after more than one year 4 67,097 153,890
Cash at bank and in hand 259,296 245,508
411,931 485,778
Creditors: amounts falling due within one year 5 ( 7,160) ( 6,300)
Net current assets 404,771 479,478
Total assets less current liabilities 404,804 479,481
Net assets 404,804 479,481
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 404,704 479,381
Total shareholders' funds 404,804 479,481

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Weir Family Investment Company Limited (registered number: SC598475) were approved and authorised for issue by the Board of Directors on 28 July 2024. They were signed on its behalf by:

Mr D Weir
Director
THE WEIR FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
THE WEIR FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

The Weir Family Investment Company 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 3rd Floor, Red Tree Magenta Glasgow Road, Rutherglen, Glasgow, G73 1UZ, Scotland, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Impairment of assets

Assets, other than those measured at fair value, 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 as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in 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. 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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments in subsidiaries, associates and other investments 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 of impairment losses are recognised immediately in profit and loss.

Cash and cash equivalents

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

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing 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 rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Investments in associates Other investments Total
£ £ £
Cost or valuation before impairment
At 01 April 2023 0 3 3
Additions 30 0 30
At 31 March 2024 30 3 33
Carrying value at 31 March 2024 30 3 33
Carrying value at 31 March 2023 0 3 3

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
East Fife Holiday Homes Limited 3rd Floor, Red Tree Magenta Glasgow Road, Rutherglen, Glasgow, Scotland, G73 1UZ Management of short term holiday accomodation Ordinary 30.00%

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 85,538 86,380
Debtors: amounts falling due after more than one year
Amounts owed by related parties 67,097 67,097
Other debtors 0 86,793
67,097 153,890

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to related parties 2,000 2,000
Accruals 5,160 4,300
7,160 6,300

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
26 A Shares ordinary shares of £ 1.00 each 26 26
26 B Shares ordinary shares of £ 1.00 each 26 26
24 C Shares ordinary shares of £ 1.00 each 24 24
24 D Shares ordinary shares of £ 1.00 each 24 24
100 100

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts due from related parties 152,097 152,097
Amounts due to related parties 2,000 2,000

The above loans are unsecured, interest free and have no fixed terms of repayment.

Transactions with the entity's directors

2024 2023
£ £
Key Management Personnel 538 88,173

Advances

During the year £86,823 was repaid with a closing loan balance at 31 March 2023 of £538. Interest of £568 was charged at a rate of 2.25%. The loan is unsecured and has no fixed terms of repayment.