Company registration number SC497066 (Scotland)
RUNACH ARAINN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
RUNACH ARAINN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RUNACH ARAINN LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,172
25,305
Current assets
Debtors
5
961
742
Cash at bank and in hand
35,379
16,701
36,340
17,443
Creditors: amounts falling due within one year
6
(14,340)
(23,672)
Net current assets/(liabilities)
22,000
(6,229)
Total assets less current liabilities
42,172
19,076
Provisions for liabilities
(3,832)
(4,463)
Net assets
38,340
14,613
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
38,240
14,513
Total equity
38,340
14,613

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 by the board of directors and authorised for issue on 18 July 2022 and are signed on its behalf by:
Dr A Downing
Director
Company Registration No. SC497066
RUNACH ARAINN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 2 -
1
Accounting policies
Company information

Runach Arainn Limited is a private company limited by shares incorporated in Scotland. The registered office is Culanachaidh Kilmory, North Ayrshire, Isle of Arran, KA27 8PH.

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
Turnover

Turnover represents amounts receivable for goods and services inclusive of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% reducing balance
Computer equipment
20% straight line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash at bank only.

1.6
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 balance sheet 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.

RUNACH ARAINN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include other 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.

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 corporation tax and other creditors, 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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

RUNACH ARAINN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2021 and 28 February 2022
75,530
Depreciation and impairment
At 1 March 2021
50,225
Depreciation charged in the year
5,133
At 28 February 2022
55,358
Carrying amount
At 28 February 2022
20,172
At 28 February 2021
25,305
RUNACH ARAINN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 5 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
961
742
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
7,134
-
0
Other creditors
7,206
23,672
14,340
23,672

Included within other creditors is a balance of £nil (2021: £8,201) due to the company directors'.

7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
-
4,000
(991)
3,009
Loan
-
-
4,000
(991)
3,009
-
8,000
(1,982)
6,018
2022-02-282021-03-01false18 July 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityDr A DowningMrs P DowningSC4970662021-03-012022-02-28SC4970662022-02-28SC4970662021-02-28SC497066core:OtherPropertyPlantEquipment2022-02-28SC497066core:OtherPropertyPlantEquipment2021-02-28SC497066core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-28SC497066core:CurrentFinancialInstrumentscore:WithinOneYear2021-02-28SC497066core:CurrentFinancialInstruments2022-02-28SC497066core:CurrentFinancialInstruments2021-02-28SC497066core:ShareCapital2022-02-28SC497066core:ShareCapital2021-02-28SC497066core:RetainedEarningsAccumulatedLosses2022-02-28SC497066core:RetainedEarningsAccumulatedLosses2021-02-28SC497066bus:Director12021-03-012022-02-28SC497066core:FurnitureFittings2021-03-012022-02-28SC497066core:ComputerEquipment2021-03-012022-02-28SC4970662020-02-292021-02-28SC497066core:OtherPropertyPlantEquipment2021-02-28SC497066core:OtherPropertyPlantEquipment2021-03-012022-02-28SC497066core:WithinOneYear2022-02-28SC497066core:WithinOneYear2021-02-28SC497066bus:PrivateLimitedCompanyLtd2021-03-012022-02-28SC497066bus:SmallCompaniesRegimeForAccounts2021-03-012022-02-28SC497066bus:FRS1022021-03-012022-02-28SC497066bus:AuditExemptWithAccountantsReport2021-03-012022-02-28SC497066bus:Director22021-03-012022-02-28SC497066bus:FullAccounts2021-03-012022-02-28xbrli:purexbrli:sharesiso4217:GBP