Company registration number SC579740 (Scotland)
CORDINER US INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CORDINER US INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CORDINER US INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Investments
3
1,000
1,000
Current assets
Debtors
5
365,042
365,042
Creditors: amounts falling due within one year
6
(419,297)
(416,464)
Net current liabilities
(54,255)
(51,422)
Net liabilities
(53,255)
(50,422)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(53,355)
(50,522)
Total equity
(53,255)
(50,422)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
W CORDINER
W Cordiner
Director
Company Registration No. SC579740
CORDINER US INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Cordiner US Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is Union Plaza (6th Floor), 1 Union Wynd, Aberdeen, AB10 1DQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in USD, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. At the balance sheet date, the company had net liabilities of $53,255. Included within these liabilities are amounts due to the directors of $366,997. These loans are under long term loan agreements which are not repayable in 2024 but the directors have confirmed that they shall continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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 or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 

CORDINER US INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Fixed asset investments
2023
2022
$
$
Shares in group undertakings and participating interests
1,000
1,000
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Seven Highland Corporation
United States
Holding company
Ordinary
100.00
-
5
Debtors
2023
2022
Amounts falling due within one year:
$
$
Other debtors
365,042
365,042
6
Creditors: amounts falling due within one year
2023
2022
$
$
Other creditors
419,297
416,464
CORDINER US INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
7
Related party transactions

Transactions

 

The company has taken advantage of the exemption within FRS 102, section 1A paragraph 35 (Related Party Disclosures for small entities) which allows exemption from disclosure of related party transactions with other group companies. true

 

During the year, the company made no advances to the directors. Credits were received of $3,434 which resulted in amounts due from the company at the year end of $366,997 (2022 - $363,563).

 

No interest is currently being charged (2019 - charged at a commercial rate)

 

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