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REGISTERED NUMBER: SC050072 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

J G RAE LIMITED

J G RAE LIMITED (REGISTERED NUMBER: SC050072)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

J G RAE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: K W S R Rae
H Fisher





SECRETARY: K W S R Rae





REGISTERED OFFICE: 92 Commercial Street
Lerwick
Shetland
ZE1 0EX





REGISTERED NUMBER: SC050072 (Scotland)





ACCOUNTANTS: Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 184,753 535,294
Investments 6 - 4,800
184,753 540,094

CURRENT ASSETS
Stocks 96,721 143,850
Debtors 7 36,447 18,139
Cash at bank and in hand 110,856 158,919
244,024 320,908
CREDITORS
Amounts falling due within one year 8 32,567 46,367
NET CURRENT ASSETS 211,457 274,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

396,210

814,635

PROVISIONS FOR LIABILITIES (8,344 ) (6,656 )

ACCRUALS AND DEFERRED INCOME - (44,113 )
NET ASSETS 387,866 763,866

CAPITAL AND RESERVES
Called up share capital 13,661 13,661
Revaluation reserve 9 176,460 176,460
Retained earnings 197,745 573,745
SHAREHOLDERS' FUNDS 387,866 763,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

BALANCE SHEET - continued
28TH FEBRUARY 2023


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 Board of Directors and authorised for issue on 24th October 2023 and were signed on its behalf by:





K W S R Rae - Director


J G RAE LIMITED (REGISTERED NUMBER: SC050072)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

J G Rae Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency is sterling.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1st March 2022 507,225 206,744 30,284 26,741 770,994
Additions - 14,772 - - 14,772
Disposals (351,225 ) (74,903 ) (30,284 ) (25,567 ) (481,979 )
At 28th February 2023 156,000 146,613 - 1,174 303,787
DEPRECIATION
At 1st March 2022 - 189,369 23,097 23,234 235,700
Charge for year - 4,596 - 35 4,631
Eliminated on disposal - (75,905 ) (23,097 ) (22,295 ) (121,297 )
At 28th February 2023 - 118,060 - 974 119,034
NET BOOK VALUE
At 28th February 2023 156,000 28,553 - 200 184,753
At 28th February 2022 507,225 17,375 7,187 3,507 535,294

Cost or valuation at 28th February 2023 is represented by:

Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
Valuation in 2016 176,460 - - 176,460
Cost (20,460 ) 146,613 1,174 127,327
156,000 146,613 1,174 303,787

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 340,765 340,765

land and buildings were valued on an open market basis on 21st February 2016 by David Adamson, First Surveyors Scotland. .

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st March 2022 4,800
Disposals (4,800 )
At 28th February 2023 -
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 4,800

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,406 12,775
Other debtors 11,990 792
Prepayments and accrued income 2,051 4,572
36,447 18,139

The loan to the director is interest free with no fixed terms of repayment.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,182 23,705
Corporation Tax 3,911 396
Social security and other taxes 5,799 17,191
Directors' current accounts - 125
Accrued expenses 2,675 4,950
32,567 46,367

9. RESERVES
Revaluation
reserve
£   
At 1st March 2022
and 28th February 2023 176,460

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
J G RAE LIMITED

The following reproduces the text of the report prepared for the directors 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 Directors 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 J G Rae Limited for the year ended 28th February 2023 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of J G Rae Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J G Rae Limited and state those matters that we have agreed to state to the Board of Directors of J G Rae Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J G Rae Limited 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 J G Rae Limited. You consider that J G Rae Limited 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 J G Rae Limited. 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.






Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN


24th October 2023