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Registration number: SC041720

Andinvest Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 November 2023

 

Andinvest Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Andinvest Limited

Company Information

Director

J S Miller

Registered office




Registered number

48 College Way
Gullane
East Lothian
EH31 2BX

SC041720 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants
 91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Andinvest Limited
for the Year Ended 28 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andinvest Limited for the year ended 28 November 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Andinvest Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Andinvest Limited and state those matters that we have agreed to state to the Board of Directors of Andinvest Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. 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 Andinvest 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 Andinvest Limited. You consider that Andinvest 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 Andinvest 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.

......................................

Brown, Scott & Main
Chartered AccountantsEdinburgh
Lothian
EH9 3DP

26 September 2024

 

Andinvest Limited

(Registration number: SC041720)
Balance Sheet as at 28 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

702,030

668,600

Investments

65,000

65,000

 

767,030

733,600

Current assets

 

Debtors

6

798

725

Cash at bank and in hand

 

3,371

853

 

4,169

1,578

Creditors: Amounts falling due within one year

7

(407,860)

(357,880)

Net current liabilities

 

(403,691)

(356,302)

Total assets less current liabilities

 

363,339

377,298

Creditors: Amounts falling due after more than one year

7

(180,414)

(195,253)

Net assets

 

182,925

182,045

Capital and reserves

 

Called up share capital

8

100,000

100,000

Capital reserve

72,291

72,291

Non distributable reserve

(202,046)

(235,476)

Retained earnings

212,680

245,230

Shareholders' funds

 

182,925

182,045

For the financial year ending 28 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 September 2024
 

.........................................
J S Miller
Director

 

Andinvest Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
48 College Way
Gullane
East Lothian
EH31 2BX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is sterling.

Going concern

The financial statements have been prepared on a going concern basis. The directors have concluded the going concern basis is appropriate as they expect the company will meet its working capital commitments as they fall due out of normal cashflow and expect it to be able to continue to do so with the support of group companies if necessary. The company's creditors include £373,149 (2022 £333,580) due to its parent company, Stewart's (Edinburgh) Holdings Limited.

Revenue recognition

Turnover represents the amount of rental income receivable for the year.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on 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 they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Andinvest Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

2

Accounting policies (continued)

Investment property

Investment properties are carried at fair value. Changes in fair value are recognised in profit or loss. This is transferred, for ease of identification, to the non distributable reserve which displays the cumulative unrealised surplus or deficit on revaluation.

Investments

Fixed asset investments, other than investment properties which are disclosed separately, comprise paintings which are carried at fair value. Changes in fair value are recognised in profit or loss. This is transferred, for ease of identification, to the non distributable reserve which displays the cumulative unrealised surplus or deficit on revaluation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

4

Taxation

2023
£

2022
£

 

-

-

5

Investment properties

2023
£

At 29 November

668,600

Fair value adjustments

33,430

At 28 November

702,030

The investment properties, which cost £1,056,831 (2022 £1,056,831) were valued by the director on 28 November 2023 at £702,030 (2022 £668,600), the director's assessment of the fair value of the properties.

 

Andinvest Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

6

Debtors

Current

2023
£

2022
£

Other debtors

798

725

 

798

725

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

18,000

21,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

373,149

333,580

Accruals and deferred income

 

3,582

3,300

Other creditors

 

13,129

-

 

407,860

357,880

Amounts owed to group undertakings are due to Stewart's (Edinburgh) Holdings Limited, are interest free and have no set repayment date.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

180,414

195,253

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

       
 

Andinvest Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

180,414

195,253

Current loans and borrowings

2023
£

2022
£

Bank borrowings

18,000

21,000

Bank borrowings are secured over the company's investment properties and of the total, £106,414 (2022 £109,148) is repayable by instalments due after more than 5 years.