Great Interest Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is the interest received and receivable on loans made to companies that are part of the wider Simon Howie Group of companies. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Other debtors |
32,705,654 |
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39,021,877 |
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4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Taxation and social security costs |
217,530 |
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94,582 |
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Other creditors |
59,303,270 |
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39,734,535 |
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59,520,800 |
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39,829,117 |
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5 |
Transactions with the director |
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The director has loaned £13,736,000 (2022: £8,600,000) to the company. The loan is interest free and repayable on demand. |
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6 |
Controlling party |
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The company was under the control of the director, Mr Simon M Howie, throughout the year. |
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7 |
Other information |
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Great Interest Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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Findony |
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Muckhart Road |
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Dunning |
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Perthshire |
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PH2 0RA |