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REGISTERED NUMBER: SC530111 (Scotland)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

RASCAL LETTINGS LTD

RASCAL LETTINGS LTD (REGISTERED NUMBER: SC530111)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

RASCAL LETTINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: Mrs Sarah Anne Caldwell





SECRETARY: Mr Russell Ben Caldwell





REGISTERED OFFICE: C/O D M McNaught & Co Ltd
166 Buchanan Street
Glasgow
G1 2LW





REGISTERED NUMBER: SC530111 (Scotland)





ACCOUNTANTS: D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW

RASCAL LETTINGS LTD (REGISTERED NUMBER: SC530111)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 438 584
Investment property 5 560,657 919,767
561,095 920,351

CURRENT ASSETS
Debtors 6 2,096 -
Cash at bank 498,524 67,512
500,620 67,512
CREDITORS
Amounts falling due within one year 7 953,689 939,319
NET CURRENT LIABILITIES (453,069 ) (871,807 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

108,026

48,544

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 107,926 48,444
SHAREHOLDERS' FUNDS 108,026 48,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 August 2022 and were signed by:



Mrs Sarah Anne Caldwell - Director


RASCAL LETTINGS LTD (REGISTERED NUMBER: SC530111)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

Rascal Lettings Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

RASCAL LETTINGS LTD (REGISTERED NUMBER: SC530111)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021
and 31 March 2022 779
DEPRECIATION
At 1 April 2021 195
Charge for year 146
At 31 March 2022 341
NET BOOK VALUE
At 31 March 2022 438
At 31 March 2021 584

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 919,767
Disposals (359,110 )
At 31 March 2022 560,657
NET BOOK VALUE
At 31 March 2022 560,657
At 31 March 2021 919,767

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 2,096 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Taxation and social security 17,196 3,029
Other creditors 936,493 936,290
953,689 939,319

RASCAL LETTINGS LTD (REGISTERED NUMBER: SC530111)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


8. RELATED PARTY DISCLOSURES

Included in turnover is an amount of £68,560 (2021 - £NIL) in respect of management fees charged to Offshore Water Management Ltd.

Mr R Caldwell and Mrs S Caldwell together are the majority shareholders of Offshore Water Management Ltd.

9. ULTIMATE CONTROLLING PARTY

The director is the ultimate controlling party by virtue of her office and shareholding.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RASCAL LETTINGS LTD


The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rascal Lettings Ltd for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Rascal Lettings Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rascal Lettings Ltd and state those matters that we have agreed to state to the director of Rascal Lettings Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Rascal Lettings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rascal Lettings Ltd. You consider that Rascal Lettings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rascal Lettings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW


15 August 2022