Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Caroline Alice Freeman 01/03/2024 David Hardie 02/07/2014 Andrew David Lindsay 29/11/2002 Gavin Argyll Stewart Lindsay 22/07/2015 Thomas Guy Noble Lindsay 01/03/2024 William Russell Lindsay 10/03/2021 27 December 2024 The principal activity of the company is that of investment activities and grain merchants. SC015288 2024-05-31 SC015288 bus:Director1 2024-05-31 SC015288 bus:Director2 2024-05-31 SC015288 bus:Director3 2024-05-31 SC015288 bus:Director4 2024-05-31 SC015288 bus:Director5 2024-05-31 SC015288 bus:Director6 2024-05-31 SC015288 2023-05-31 SC015288 core:CurrentFinancialInstruments 2024-05-31 SC015288 core:CurrentFinancialInstruments 2023-05-31 SC015288 core:Non-currentFinancialInstruments 2024-05-31 SC015288 core:Non-currentFinancialInstruments 2023-05-31 SC015288 core:ShareCapital 2024-05-31 SC015288 core:ShareCapital 2023-05-31 SC015288 core:SharePremium 2024-05-31 SC015288 core:SharePremium 2023-05-31 SC015288 core:CapitalRedemptionReserve 2024-05-31 SC015288 core:CapitalRedemptionReserve 2023-05-31 SC015288 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC015288 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC015288 core:LandBuildings 2023-05-31 SC015288 core:OtherPropertyPlantEquipment 2023-05-31 SC015288 core:LandBuildings 2024-05-31 SC015288 core:OtherPropertyPlantEquipment 2024-05-31 SC015288 core:CostValuation 2023-05-31 SC015288 core:AdditionsToInvestments 2024-05-31 SC015288 core:RevaluationsIncreaseDecreaseInInvestments 2024-05-31 SC015288 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2024-05-31 SC015288 core:CostValuation 2024-05-31 SC015288 1 2024-05-31 SC015288 1 2023-05-31 SC015288 bus:OrdinaryShareClass1 2024-05-31 SC015288 2023-06-01 2024-05-31 SC015288 bus:FilletedAccounts 2023-06-01 2024-05-31 SC015288 bus:SmallEntities 2023-06-01 2024-05-31 SC015288 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC015288 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC015288 bus:Director1 2023-06-01 2024-05-31 SC015288 bus:Director2 2023-06-01 2024-05-31 SC015288 bus:Director3 2023-06-01 2024-05-31 SC015288 bus:Director4 2023-06-01 2024-05-31 SC015288 bus:Director5 2023-06-01 2024-05-31 SC015288 bus:Director6 2023-06-01 2024-05-31 SC015288 core:LandBuildings 2023-06-01 2024-05-31 SC015288 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC015288 2022-06-01 2023-05-31 SC015288 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC015288 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC015288 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC015288 (Scotland)

WNL INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

WNL INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

WNL INVESTMENTS LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
WNL INVESTMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,243,044 2,375,011
Investment property 4 7,690,000 7,675,000
Investments 5 3,221,245 1,500,952
13,154,289 11,550,963
Current assets
Stocks 6,000,000 5,082,400
Debtors 6 306,976 1,052,437
Investments 7 3,000,000 4,750,000
Cash at bank and in hand 267,916 596,972
9,574,892 11,481,809
Creditors: amounts falling due within one year 8 ( 481,991) ( 498,756)
Net current assets 9,092,901 10,983,053
Total assets less current liabilities 22,247,190 22,534,016
Creditors: amounts falling due after more than one year 9 0 ( 226,513)
Provision for liabilities ( 187,622) ( 178,189)
Net assets 22,059,568 22,129,314
Capital and reserves
Called-up share capital 10 140,220 140,220
Share premium account 141,484 141,484
Capital redemption reserve 9,780 9,780
Profit and loss account 21,768,084 21,837,830
Total shareholders' funds 22,059,568 22,129,314

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of WNL Investments Limited (registered number: SC015288) were approved and authorised for issue by the Board of Directors on 27 December 2024. They were signed on its behalf by:

Andrew David Lindsay
Director
WNL INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
WNL INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

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.

General information and basis of accounting

WNL 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 7-11 Melville Street 7 -11 Melville Street, Edinburgh, EH3 7PE, Scotland, United Kingdom. The principal place of business is 15 Russell Place, Edinburgh, EH5 3HQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sales (excluding VAT) of grain, storage and other activities. Revenue is recognised when goods are despatched.

Rental income is recognised on an accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings 5 % reducing balance
Plant and machinery etc. 5 - 25 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account. There was no impairment noted in the year.

Investment property

Investment properties, which are properties held to earn rentals and/or for capital appreciation, were initially recognised at the net book value at which they were transferred from tangible fixed assets in prior years. They were then immediately revalued to fair value, with the movement shown in other comprehensive income and through the revaluation reserve in accordance with the requirements of section 16.9B and 17.5F of FRS 102. Subsequent changes in fair value are recognised in the profit and loss account in accordance with section 16.7 of FRS 102.

Fixed asset investments

Fixed asset investments represent investments in regulated funds which are priced daily and are therefore held at fair value, with movements in fair value recognised through the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Stock includes direct costs and any haulage costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Current asset investments represent short term deposits, held for a period of four months.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2023 2,897,043 373,544 3,270,587
Disposals 0 ( 12,992) ( 12,992)
At 31 May 2024 2,897,043 360,552 3,257,595
Accumulated depreciation
At 01 June 2023 722,312 173,264 895,576
Charge for the financial year 108,737 10,238 118,975
At 31 May 2024 831,049 183,502 1,014,551
Net book value
At 31 May 2024 2,065,994 177,050 2,243,044
At 31 May 2023 2,174,731 200,280 2,375,011

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 7,675,000
Fair value movement 15,000
As at 31 May 2024 7,690,000

Valuation

Investment property comprises of a number of properties across Scotland. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Ryden Chartered Surveyors, who are not connected with the company. This valuation was undertaken in June 2024 resulting in a valuation change of £15,000. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. This valuation was assessed by the directors to be an appropriate estimate of the fair value of these properties at 31 May 2024.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 June 2023 1,500,952 1,500,952
Additions 1,544,020 1,544,020
Movement in fair value 184,841 184,841
Equalisation ( 8,568) ( 8,568)
At 31 May 2024 3,221,245 3,221,245
Carrying value at 31 May 2024 3,221,245 3,221,245
Carrying value at 31 May 2023 1,500,952 1,500,952

6. Debtors

2024 2023
£ £
Trade debtors 22,384 1,043,566
Other debtors 284,592 8,871
306,976 1,052,437

7. Current asset investments

2024 2023
£ £
Term deposits 3,000,000 4,750,000

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,925 5,886
Taxation and social security 342,790 117,310
Other creditors 125,276 375,560
481,991 498,756

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 226,513

The bank loan is secured by standard securities over heritable property and by a floating charge over all of the company's assets. The bank loan was repaid in full during the year.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
140,220 Ordinary shares of £ 1.00 each 140,220 140,220