Company No: SC469782 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Investments	3	125,000		125,000
		125,000		125,000
Current assets
Debtors
- due within one year	4	3,772		3,772
- due after more than one year	4	0		900
Cash at bank and in hand	5	27,009		23,598
		30,781		28,270
Net current assets		30,781		28,270
Total assets less current liabilities		155,781		153,270
Net assets		155,781		153,270
Capital and reserves
Called-up share capital	6	200		200
Profit and loss account		155,581		153,070
Total shareholders' funds		155,781		153,270

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge 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 Profit and Loss Account has not been delivered.

The financial statements of Wayland St. Clair Limited (registered number: SC469782) were approved and authorised for issue by the Board of Directors on 27 March 2024. They were signed on its behalf by:

Mr A Gillespie 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

Wayland St. Clair 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 First Floor, 9 Haymarket Square, Edinburgh, EH3 8RY, 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 £.

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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 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 are recognised at transaction price.

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 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.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

Investments in subsidiaries

	2023
	£
Cost
At 01 July 2022	125,000
At 30 June 2023	125,000
Carrying value at 30 June 2023	125,000
Carrying value at 30 June 2022	125,000

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 30.06.2023	Ownership 30.06.2022
IQ Integrity Limited	Westpoint House Pavilion, 2 Prospect Park, Propspect Road, Westhill, Aberdeenshhire, AB32 6FJ	Software & development	Ordinary	100.00%	100.00%

4. Debtors

	2023		2022
	£		£
Debtors: amounts falling due within one year
Other debtors	3,772		3,772
Debtors: amounts falling due after more than one year
Amounts owed by related parties	0		900

5. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	27,009		23,598

6. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each	200		200

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2023		2022
	£		£
Amounts owed by subsidiary company	0		900

The above loan is interest free and there are no fixed terms of repayment in place.