Company Registration No. SC512625 (Scotland)
R CLOUSTON (SUBSIDIARY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
R CLOUSTON (SUBSIDIARY) LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
R CLOUSTON (SUBSIDIARY) LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF R CLOUSTON (SUBSIDIARY) LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R Clouston (Subsidiary) Ltd for the year ended 31 March 2022 which comprise, the 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts

This report is made solely to the Board of Directors of R Clouston (Subsidiary) Ltd, as a body, in accordance with the terms of our engagement letter dated 11 August 2015. Our work has been undertaken solely to prepare for your approval the financial statements of R Clouston (Subsidiary) Ltd and state those matters that we have agreed to state to the Board of Directors of R Clouston (Subsidiary) Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R Clouston (Subsidiary) Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that R Clouston (Subsidiary) 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 R Clouston (Subsidiary) Ltd. You consider that R Clouston (Subsidiary) 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 R Clouston (Subsidiary) 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.

A J B Scholes Ltd
10 May 2022
Chartered Accountants
8 Albert Street
Kirkwall
Orkney
KW15 1HP
R CLOUSTON (SUBSIDIARY) LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
450,000
450,000
Current assets
Debtors
4
511
552
Cash at bank and in hand
18,700
18,896
19,211
19,448
Creditors: amounts falling due within one year
5
(275,008)
(283,499)
Net current liabilities
(255,797)
(264,051)
Total assets less current liabilities
194,203
185,949
Provisions for liabilities
6
(33,609)
(29,570)
Net assets
160,594
156,379
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
160,494
156,279
Total equity
160,594
156,379

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

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 and signed by the director and authorised for issue on 10 May 2022
Mr R Clouston
Director
Company Registration No. SC512625
R CLOUSTON (SUBSIDIARY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

R Clouston (Subsidiary) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 10 Grainshore Drive, Hatston Industrial Estate, Kirkwall, Orkney, KW15 1FL.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents accrued rental income arising in the period.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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.

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.

R CLOUSTON (SUBSIDIARY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

1.7
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.

1.8
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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

R CLOUSTON (SUBSIDIARY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
2
Employees

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

2022
2021
Number
Number
Total
-
0
-
0
3
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
450,000

Investment property consists of a rental property in Victoria Street, Stromness.

 

The property was valued at an open market value of £450,000 (2021: £450,000) as at the balance sheet date by the director. The basis of valuation was an estimate of the open market value of the property taking into account a number of factors including the location and condition of the property, local market demand for properties of this type, and the sale prices achieved on any comparable properties.

The company has granted securities over property at Victoria Street, Stromness to The Trustees of the Clouston Pension Fund, Orkney Islands Council, and The Royal Bank of Scotland PLC.

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
511
552
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
9,899
20,110
Amounts owed to group undertakings
260,484
260,484
Taxation and social security
1,936
450
Other creditors
2,689
2,455
275,008
283,499
6
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
33,609
29,570
R CLOUSTON (SUBSIDIARY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
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
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
126,062
81,512
Non distributable profits in the year
(4,039)
44,550
At the end of the year
122,023
126,062
9
Parent company

The parent company of R Clouston (Subsidiary) Ltd is R Clouston Limited and its registered office is 10 Grainshore Drive, Hatston Industrial Estate, Kirkwall, Orkney, KW15 1FL.

The company's ultimate parent company is R. Clouston (Holdings) Ltd.

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