Company No: SC512630 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	9,500		9,500
Investment property	5	5,190,912		5,190,912
Investments	6	747,849		272,193
		5,948,261		5,472,605
Current assets
Debtors	7	33,069		62,755
Cash at bank and in hand		680,836		1,023,945
		713,905		1,086,700
Creditors: amounts falling due within one year	8	( 120,659)		( 170,274)
Net current assets		593,246		916,426
Total assets less current liabilities		6,541,507		6,389,031
Provision for liabilities		( 141,945)		( 164,557)
Net assets		6,399,562		6,224,474
Capital and reserves
Called-up share capital	9	100		100
Capital redemption reserve		3,246,517		3,246,517
Profit and loss account		3,152,945		2,977,857
Total shareholder's funds		6,399,562		6,224,474

For the financial year ending 31 August 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of ACW (Holdings) Ltd (registered number: SC512630) were approved and authorised for issue by the Director on 28 June 2023. They were signed on its behalf by:

Andrew Charles Walker Director

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

ACW (Holdings) Ltd (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 Laings Bb&K/Acw Souterford Avenue, Inverurie Business Park, Inverurie, AB51 0ZJ, Scotland, United Kingdom.

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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 represents amounts receivable from property rental.
Turnover in respect of property rental is recognised on the accruals basis and in accordance with rental agreements.
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and comprise deposits held at call with banks.

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 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 and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. 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.

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.

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

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	3		1

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 September 2021	9,500		9,500
At 31 August 2022	9,500		9,500
Accumulated amortisation
At 01 September 2021	0		0
At 31 August 2022	0		0
Net book value
At 31 August 2022	9,500		9,500
At 31 August 2021	9,500		9,500

4. Tangible assets

	Vehicles		Total
	£		£
Cost
At 01 September 2021	0		0
Additions	100,252		100,252
Disposals	( 100,252)		( 100,252)
At 31 August 2022	0		0
Accumulated depreciation
At 01 September 2021	0		0
Charge for the financial year	18,797		18,797
Disposals	( 18,797)		( 18,797)
At 31 August 2022	0		0
Net book value
At 31 August 2022	0		0
At 31 August 2021	0		0

5. Investment property

	Investment property
	£
Valuation
As at 01 September 2021	5,190,912
As at 31 August 2022	5,190,912

Valuation

The fair value of the company's investment properties has been determined by the director as follows:

Certain properties have been revalued based on update valuation letters provided by Graham & Sibbald in February 2022, the same independent valuer having undertaken a full valuation in November 2015. The director believes that the market values at 31 August 2022 are not materially different to those reflected in the update valuation letters.

Another property continues to be included at cost since, having considered property valuation movements in the area, the director believes the market value at 31 August 2022 is not materially different to cost.

6. Fixed asset investments

	Listed investments		Total
	£		£
Carrying value before impairment
At 01 September 2021	272,193		272,193
Additions	500,000		500,000
Movement in fair value	( 24,344)		( 24,344)
At 31 August 2022	747,849		747,849
Provisions for impairment
At 01 September 2021	0		0
At 31 August 2022	0		0
Carrying value at 31 August 2022	747,849		747,849
Carrying value at 31 August 2021	272,193		272,193

7. Debtors

	2022		2021
	£		£
Other debtors	33,069		62,755

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	6,717		53,088
Corporation tax	72,804		78,451
Other taxation and social security	2,402		0
Other creditors	38,736		38,735
	120,659		170,274

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each	100		100

10. Related party transactions

Transactions with the entity's director

	2022		2021
	£		£
Directors loan account	0		(7,538)

Dividends totalling £26,250 (2021 - £18,000) were paid in the year in respect of shares held by the company's director.

Loans (from)/to the director are interest free and repayable on demand.

11. Ultimate controlling party

The ultimate controlling party is Andrew Walker's Discretionary Trust.