Registration number:
Andinvest Limited
for the Year Ended 28 November 2023
Andinvest Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Andinvest Limited
Company Information
Director |
J S Miller |
Registered office |
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Accountants |
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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.
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Chartered Accountants
Lothian
EH9 3DP
Andinvest Limited
(Registration number: SC041720)
Balance Sheet as at 28 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100,000 |
100,000 |
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Capital reserve |
72,291 |
72,291 |
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Non distributable reserve |
(202,046) |
(235,476) |
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Retained earnings |
212,680 |
245,230 |
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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:
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• |
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
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Andinvest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
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
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
2023
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2022
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- |
- |
Investment properties |
2023 |
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At 29 November |
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Fair value adjustments |
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At 28 November |
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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
Debtors |
Current |
2023 |
2022 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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- |
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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 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100,000 |
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100,000 |
Andinvest Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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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.