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REGISTERED NUMBER: SC272652 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

New World Investments Limited

New World Investments Limited (Registered number: SC272652)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

New World Investments Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B M Sculthorp
E Tait
M McClymont
J Harper





SECRETARY: B M Sculthorp





REGISTERED OFFICE: 37 Muirs
Kinross
KY13 8AS





REGISTERED NUMBER: SC272652 (Scotland)





ACCOUNTANTS: Innes & Partners Limited
Chartered Certified Accountants
9 Ardross Street
Inverness
IV3 5NN

New World Investments Limited (Registered number: SC272652)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 7,778 7,778

CURRENT ASSETS
Debtors 5 683,123 768,557
Cash at bank 3,067 50,909
686,190 819,466
CREDITORS
Amounts falling due within one year 6 10,210 10,300
NET CURRENT ASSETS 675,980 809,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

683,758

816,944

CREDITORS
Amounts falling due after more than one
year

7

561,587

750,605
NET ASSETS 122,171 66,339

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Retained earnings 112,171 56,339
SHAREHOLDERS' FUNDS 122,171 66,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

New World Investments Limited (Registered number: SC272652)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





B M Sculthorp - Director


New World Investments Limited (Registered number: SC272652)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

New World Investments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The places of business are in the United Kingdom and United States of America.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the sale of property and the share of profits or losses from affiliated ventures.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. The rate of translation utilised at 31 December 2023 was $1.27 per £1 (2022 - $1.21).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

New World Investments Limited (Registered number: SC272652)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. FIXED ASSET INVESTMENTS

New World Investments Limited is a Partner in the following American registered LLC's:-

Caledonia Development LLC50%
New World Groves LLC79%
Caledonia Groves LLC75%

New World Investments Limited is owed £670,821 (2022: £644,412) in respect of finances provided and shares of profits and losses in respect of the above. Amounts due from the investments are included in Debtors: Amounts Falling Due Within One Year (Note 6 below).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 670,821 644,412
Other debtors 12,302 124,145
683,123 768,557

Included within Amounts owed by group undertakings are amounts recoverable on loans and advances made to the various partnership interests in which New World Investments Limited participates. These ventures are engaged in property development activities. The directors have carefully reviewed the position regarding all these developments and consider the amounts owed to the company to be recoverable, despite the continuing uncertainties in the American property market.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Accrued expenses 10,210 10,300

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 561,161 750,215
Loans from directors 426 390
561,587 750,605

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

New World Investments Limited (Registered number: SC272652)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. RELATED PARTY DISCLOSURES

Related party transactions and balances during the year were as follows:-

Transactions during yearBalance due from/(to)
to/ (from)related party at year end
£   £   
Floridron Limited143,377(560,077)
Dunmore & Carsaig Estates(170)(1,084)
Caledonia Development LLC(58,229)303,892
New World Groves LLC-248,819
Caledonia Groves LLC-118,110
B M Sculthorp, Director(36)426

10. ULTIMATE CONTROLLING PARTY

The directors of the ultimate parent company, Floridron Limited, Brian Sculthorp, Elaine Tait, Julie Harper and Moira McClymont own 80% of the share capital of the parent company but no individual director has a controlling interest.

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
New World 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New World Investments Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of New World Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of New World Investments Limited and state those matters that we have agreed to state to the Board of Directors of New World Investments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that New World Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New World Investments Limited. You consider that New World Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of New World Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Emphasis of matter

We draw attention to Note 6 which appropriately describes the accounting treatment relating to various loans and advances to the partnership interests in which New World Investments has an interest. The note also acknowledges the continuing uncertainties in the American property market. Creditors greater than one year are mainly represented by amounts due to the ultimate parent company, Floridron Limited, and to the directors, all of whom fully support the subsidiary company.






Innes & Partners Limited
Chartered Certified Accountants
9 Ardross Street
Inverness
IV3 5NN


17 September 2024