Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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33 | 3 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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411,931 | 485,778 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 404,771 | 479,478 | ||
Total assets less current liabilities | 404,804 | 479,481 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of The Weir Family Investment Company Limited (registered number:
Mr D Weir
Director |
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.
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 £.
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 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.
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
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in associates | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2024 |
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3rd Floor, Red Tree Magenta Glasgow Road, Rutherglen, Glasgow, Scotland, G73 1UZ | Management of short term holiday accomodation |
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2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Other debtors |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by related parties |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to related parties |
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Accruals |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
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