Company registration number SC292176 (Scotland)
RUSHYGLEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
RUSHYGLEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RUSHYGLEN LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Cash at bank and in hand
16,536
17,226
Creditors: amounts falling due within one year
3
(720)
(690)
Net current assets
15,816
16,536
Creditors: amounts falling due after more than one year
4
(2,996)
(1,979)
Net assets
12,820
14,557
Capital and reserves
Called up share capital
6
10,040
10,040
Share premium account
194,246
194,246
Profit and loss reserves
(191,466)
(189,729)
Total equity
12,820
14,557

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 30 June 2023 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 20 October 2023 and are signed on its behalf by:
David Gibbon
Director
Company Registration No. SC292176
RUSHYGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Rushyglen Limited is a private company limited by shares incorporated in Scotland. The registered office is 20 Torphichen Street, Edinburgh, United Kingdom, EH3 8JB.

1.1
Accounting convention

The accounts have been prepared in accordance with the provisions of FRS102 Section 1A small entities. There were no material departures from that standard.

The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

 

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 historic cost convention. No asset revaluation has taken place.

 

Investments in shares are included at fair value, which we recognise at cost.

 

1.2
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.

1.3
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

RUSHYGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
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.

1.4
Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different to those in which they are included in the Company’s accounts. Deferred tax is provided in full on all material timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current rates and laws.

 

1.5
Provisions

Provisions are recognised when it is probable that a present obligation as a result of a past event exists at the balance sheet date. It is probable that the outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the amount of the obligation.

 

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
720
690

 

RUSHYGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,996
1,979

 

5
Prior period adjustment

The prior year accounts have been adjusted to correct a mistatement between the share capital and share premium accounts. The share capital account was understated by £3,500 and the share premium account was overstated by the same amount.

Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
1 July
30 June
2021
2022
£
£
Adjustments to prior year
Analysis of the effect upon equity
Share capital
-
3,500
Share premium
-
(3,500)
-
-
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Deferred ordinary shares of £1 each
40
40
40
40
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
10,040
10,040
10,040
10,040
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