| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30th June 2024 |
| for |
| Waugh Investments Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30th June 2024 |
| for |
| Waugh Investments Limited |
| Waugh Investments Limited (Registered number: SC068041) |
| Contents of the Financial Statements |
| for the Year Ended 30th June 2024 |
| Page |
| Company Information | 1 |
| Report of the Accountants | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| Waugh Investments Limited |
| Company Information |
| for the Year Ended 30th June 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 77/2 Hanover Street |
| Edinburgh |
| EH2 1EE |
| BANKERS: |
| Edinburgh Head Office |
| PO BOX |
| Edinburgh |
| EH11 1YH |
| Waugh Investments Limited |
| Report of the Accountants to the Directors of |
| Waugh Investments Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30th June 2024 set out on pages four to ten and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| 77/2 Hanover Street |
| Edinburgh |
| EH2 1EE |
| Waugh Investments Limited (Registered number: SC068041) |
| Balance Sheet |
| 30th June 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors: amounts falling due within one year | 6 |
| Debtors: amounts falling due after more than one year |
6 |
| Investments | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Waugh Investments Limited (Registered number: SC068041) |
| Balance Sheet - continued |
| 30th June 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Waugh Investments Limited (Registered number: SC068041) |
| Notes to the Financial Statements |
| for the Year Ended 30th June 2024 |
| 1. | STATUTORY INFORMATION |
| Waugh Investments Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| The turnover comprises revenue recognised by the company in respect of income received from investment property, exclusive of Value Added Tax. |
| Tangible fixed assets |
| Improvements to property | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all 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 that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Waugh Investments Limited (Registered number: SC068041) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th June 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvement |
| to |
| property |
| £ |
| Cost |
| At 1st July 2023 |
| and 30th June 2024 |
| Depreciation |
| At 1st July 2023 |
| Charge for year |
| At 30th June 2024 |
| Net book value |
| At 30th June 2024 |
| At 30th June 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| Fair value |
| At 1st July 2023 |
| Additions |
| At 30th June 2024 |
| Net book value |
| At 30th June 2024 |
| At 30th June 2023 |
| In arriving at the valuation of the investment properties held by the company the directors gave due consideration to both independent professional valuations carried out previously, which were carried out on open market value for existing use basis, and general property market information and conditions at the reporting date. Where no professional valuations had been carried out and the directors did not believe there had been a material change to the value of the property no revaluation was processed. |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| Waugh Investments Limited (Registered number: SC068041) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th June 2024 |
| 6. | DEBTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Other debtors |
| Aggregate amounts |
| 7. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Listed investments | 1,348,314 | 1,246,493 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| VAT | 8,758 | 10,175 |
| Other creditors |
| Directors' current accounts | 30,944 | 114,988 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| 10. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Included in Other Debtors is a loan to a company controlled by a close family member, and in which one of the directors is also a director. The loan is unsecured and repayable over 10 years at an interest rate of 4% per annum. At the balance sheet date the total amount owing was £1.6m (2023: £400k). |
| 11. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party of Waugh Investments Limited is Susan Bringhurst by virtue of her shareholding in Waugh Taverns Group Limited. |