Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Current assets | ||||
Investments | 4 |
|
|
|
Cash at bank and in hand | 5 | (
|
|
|
1,555 | 12,936 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current (liabilities)/assets | (1,086) | 10,536 | ||
Total assets less current liabilities | (1,086) | 10,536 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
Director's responsibilities:
The financial statements of Newmore Investments Limited (registered number:
David Fraser Ross
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Newmore Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is North Cadboll House, North Cadboll, Fearn, Tain, IV20 1TN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has made a loss of £19,082 (2022 - £26,100) and amounts owed to directors have increased to £415,703 (2022 - £408,243). The director believes sufficient funds will be made available to meet the company's operational requirements and meet all third party creditors as they fall due from the director's personal funds. Furthermore, the £415,703 due to the director included within other creditors due after more than one year will not be repaid until all other liabilities have been met, and there are sufficient funds to do so.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
2023 | 2022 | ||
£ | £ | ||
Other investments – at cost less impairment |
|
|
2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand | (
|
|
2023 | 2022 | ||
£ | £ | ||
Other creditors |
|
|
2023 | 2022 | ||
£ | £ | ||
Other creditors |
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Directors Loan Account - D Ross | 415,703 | 408,243 |
Amounts due to the director are unsecured, interest free and have no fixed terms of repayment.