1 May 2022 v2023.24.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBPSC5321092022-05-012023-04-30SC5321092023-04-30SC5321092022-04-30SC532109core:WithinOneYear2023-04-30SC532109core:WithinOneYear2022-04-30SC532109core:AfterOneYear2023-04-30SC532109core:AfterOneYear2022-04-30SC532109core:ShareCapital2023-04-30SC532109core:ShareCapital2022-04-30SC532109core:RetainedEarningsAccumulatedLosses2023-04-30SC532109core:RetainedEarningsAccumulatedLosses2022-04-30SC532109bus:Director12022-05-012023-04-30SC532109bus:RegisteredOffice2022-05-012023-04-30SC532109core:LandBuildings2022-05-012023-04-30SC532109core:PlantMachinery2022-05-012023-04-30SC532109core:OfficeEquipment2022-05-012023-04-30SC532109core:MotorVehicles2022-05-012023-04-30SC5321092021-05-012022-04-30SC532109core:LandBuildings2022-05-01SC532109core:PlantMachinery2022-05-01SC5321092022-05-01SC532109core:LandBuildings2023-04-30SC532109core:PlantMachinery2023-04-30SC532109core:LandBuildings2022-04-30SC532109core:PlantMachinery2022-04-30SC53210912022-05-012023-04-30SC532109countries:Scotland2022-05-012023-04-30SC532109bus:AuditExemptWithAccountantsReport2022-05-012023-04-30SC532109bus:PrivateLimitedCompanyLtd2022-05-012023-04-30SC532109bus:SmallEntities2022-05-012023-04-30SC532109bus:FullAccounts2022-05-012023-04-30
Company registration number:
SC532109
Res Consilia Ltd
Unaudited Filleted Financial Statements for the year ended
30 April 2023
Res Consilia Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Res Consilia Ltd
Year ended
30 April 2023
This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken to enable us to prepare the accounts on behalf of the company's Board of Directors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.
As described on the statement of financial position, the Board of Directors of Res Consilia Ltd are responsible for the preparation of the financial statements for the year ended 30 April 2022, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited
financial statements
in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Fairclough Accountancy Services Limited
53 HIGH STREET
LAURENCEKIRK
KINCARDINESHIRE
AB30 1BH
United Kingdom
Date:
27 September 2023
Res Consilia Ltd
Statement of Financial Position
30 April 2023
20232022
Note££
Fixed assets    
Tangible assets 5
76,380
 
74,429
 
Current assets    
Stocks
76,495
 
133,291
 
Debtors 6
1,376
 
76,188
 
Cash at bank and in hand
105,550
 
124,430
 
183,421
 
333,909
 
Creditors: amounts falling due within one year 7
(113,209
)
(259,613
)
Net current assets
70,212
 
74,296
 
Total assets less current liabilities 146,592   148,725  
Creditors: amounts falling due after more than one year 8
(7,083
)
(10,483
)
Provisions for liabilities
(1,212
)
(841
)
Net assets
138,297
 
137,401
 
Capital and reserves    
Called up share capital
200
 
200
 
Profit and loss account
138,097
 
137,201
 
Shareholders funds
138,297
 
137,401
 
For the year ending
30 April 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • 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;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
27 September 2023
, and are signed on behalf of the board by:
Mr Jack Meredith
Director
Company registration number:
SC532109
Res Consilia Ltd
Notes to the Financial Statements
Year ended
30 April 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
53 High Street
,
Laurencekirk
,
AB30 1BH
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 40 years
Plant and machinery
25% writing down basis
Office equipment
33% writing down basis
Motor vehicles
25% writing down basis

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 May 2022
74,268
 
13,107
 
87,375
 
Additions -  
3,939
 
3,939
 
Disposals
(4,268
)
(3,249
)
(7,517
)
At
30 April 2023
70,000
 
13,797
 
83,797
 
Depreciation      
At
1 May 2022
4,268
 
8,678
 
12,946
 
Charge -  
1,988
 
1,988
 
Disposals
(4,268
)
(3,249
)
(7,517
)
At
30 April 2023
-  
7,417
 
7,417
 
Carrying amount      
At
30 April 2023
70,000
 
6,380
 
76,380
 
At 30 April 2022
70,000
 
4,429
 
74,429
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20232022
Land and buildingsPlant and machineryLand and buildingsPlant and machinery
££££
Aggregate historical cost -   -   102,516   4,000  
Aggregate depreciation -   -   (4,268 ) (3,255 )
Carrying amount -   -   98,248   745  

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2023
£
Carrying value at
1 May 2022
and
30 April 2023
70,000
 

6 Debtors

20232022
££
Trade debtors -  
73,886
 
Other debtors
1,376
 
2,302
 
1,376
 
76,188
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
3,400
 
3,400
 
Trade creditors
233
 
487
 
Taxation and social security
727
 
12,638
 
Other creditors
108,849
 
243,088
 
113,209
 
259,613
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
7,083
 
10,483