Company Registration No. SC671254 (Scotland)
Corriegarth Investments Limited
Unaudited financial statements
for the year ended 31 August 2024
Pages for filing with the registrar
Corriegarth Investments Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Corriegarth Investments Limited
Statement of financial position
As at 31 August 2024
31 August 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
895,069
895,069
Current assets
Debtors
4
299,633
266,133
Cash at bank and in hand
50,223
35,140
349,856
301,273
Creditors: amounts falling due within one year
5
(1,255,644)
(1,203,080)
Net current liabilities
(905,788)
(901,807)
Net liabilities
(10,719)
(6,738)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(10,729)
(6,748)
Total equity
(10,719)
(6,738)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 February 2025.
2025-02-11
Henry Fraser
Director
Company Registration No. SC671254
Corriegarth Investments Limited
Notes to the financial statements
For the year ended 31 August 2024
2
1
Accounting policies
Company information
Corriegarth Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is Corriegarth Lodge, Gorthleck, Inverness, IV2 6UL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared under the going concern basis. At 31 August 2024 the company had net liabilities of £10,719 (31 August 2023 : £6,738). The company relies on continued support from its directors to be able to meet its liabilities as they fall due, and the appropriateness of the going concern basis is dependent on this support being continued. true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Corriegarth Investments Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
3
Basic financial assets
Basic financial assets, which include debtors, 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.
Classification of financial liabilities
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.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
3
Fixed asset investments
2024
2023
as restated
£
£
Shares in group undertakings and participating interests
895,069
895,069
Corriegarth Investments Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
4
4
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Other debtors
299,633
266,133
5
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
64
900
Other creditors
1,255,580
1,202,180
1,255,644
1,203,080
6
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Total adjustments
-
Loss as previously reported
(4,491)
Loss as adjusted
(4,491)