0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,781 2,064 9,717 9,717 11,781 xbrli:pure xbrli:shares iso4217:GBP SC135617 2023-01-01 2023-12-31 SC135617 2023-12-31 SC135617 2022-12-31 SC135617 2022-01-01 2022-12-31 SC135617 2022-12-31 SC135617 2021-12-31 SC135617 core:FurnitureFittings 2023-01-01 2023-12-31 SC135617 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC135617 bus:Director4 2023-01-01 2023-12-31 SC135617 core:WithinOneYear 2023-12-31 SC135617 core:WithinOneYear 2022-12-31 SC135617 core:FurnitureFittings 2022-12-31 SC135617 core:LandBuildings 2023-12-31 SC135617 core:FurnitureFittings 2023-12-31 SC135617 core:RevaluationReserve 2023-01-01 2023-12-31 SC135617 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC135617 core:RevaluationReserve 2022-01-01 2022-12-31 SC135617 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC135617 core:ShareCapital 2023-12-31 SC135617 core:ShareCapital 2022-12-31 SC135617 core:SharePremium 2023-12-31 SC135617 core:SharePremium 2022-12-31 SC135617 core:RevaluationReserve 2023-12-31 SC135617 core:RevaluationReserve 2022-12-31 SC135617 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC135617 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC135617 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 SC135617 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 SC135617 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 SC135617 core:Non-currentFinancialInstruments 2023-12-31 SC135617 core:Non-currentFinancialInstruments 2022-12-31 SC135617 core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 SC135617 core:RevaluationInvestmentPropertyDeferredTax 2022-12-31 SC135617 core:LandBuildings 2022-12-31 SC135617 core:FurnitureFittings 2022-12-31 SC135617 bus:SmallEntities 2023-01-01 2023-12-31 SC135617 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC135617 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC135617 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC135617 bus:AbridgedAccounts 2023-01-01 2023-12-31 SC135617 bus:OrdinaryShareClass1 2023-12-31 SC135617 bus:OrdinaryShareClass1 2022-12-31 SC135617 core:PlantMachinery 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: SC135617
Rorilo Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
Rorilo Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
548,348
548,443
Investments
5
9,717
11,781
---------
---------
558,065
560,224
Current assets
Debtors
6
1,121
970
Cash at bank and in hand
90,708
76,476
--------
--------
91,829
77,446
Creditors: amounts falling due within one year
7
220,754
215,495
---------
---------
Net current liabilities
128,925
138,049
---------
---------
Total assets less current liabilities
429,140
422,175
Provisions for liabilities
Deferred tax
19,711
20,290
---------
---------
Net assets
409,429
401,885
---------
---------
Capital and reserves
Called up share capital
10
104,000
104,000
Share premium account
11
3,000
3,000
Fair Value reserve (undistributable)
11
185,282
187,541
Profit and loss account
11
117,147
107,344
---------
---------
Shareholders funds
409,429
401,885
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Rorilo Limited
Abridged Statement of Financial Position (continued)
31 December 2023
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr W. R.W. Steele
Director
Company registration number: SC135617
Rorilo Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Panmure Street, Monifieth, Dundee, DD5 4EB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the statement of comprehensive income represents property rental amounts charged during the year.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Fixed assets also include investment properties for residential rents which are initially recorded at cost and then subject to revaluation annually by the directors.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
10% straight line
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to the fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS 102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
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 abridged 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Investment Properties
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
548,000
6,053
554,053
---------
-------
---------
Depreciation
At 1 January 2023
5,610
5,610
Charge for the year
95
95
---------
-------
---------
At 31 December 2023
5,705
5,705
---------
-------
---------
Carrying amount
At 31 December 2023
548,000
348
548,348
---------
-------
---------
At 31 December 2022
548,000
443
548,443
---------
-------
---------
Investment properties have been revalued in the current year by directors on an open market basis.
Tangible assets held at valuation
Included in the carrying value above, are revalued properties held at a value of £548,000.
5. Investments
Listed investments
£
Cost
At 1 January 2023
11,781
Fair value adjustment
( 2,064)
--------
At 31 December 2023
9,717
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
9,717
--------
At 31 December 2022
11,781
--------
6. Debtors
2023
2022
£
£
Other debtors
1,121
970
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,598
2,466
Corporation tax
3,294
3,040
Director loan accounts
214,862
209,989
---------
---------
220,754
215,495
---------
---------
8. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
2023
2022
£
£
Included in provisions for liabilities
19,711
20,290
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
19,711
20,290
--------
--------
9. Other comprehensive income for the year: Reallocation of
undistributable profit
Fair Value reserve (undistributable)
Profit and loss account
Total
£
£
£
Year ended 31 December 2023
Reclassification from revaluation reserve to profit and loss account
( 2,259)
2,259
-------
-------
----
Year ended 31 December 2022
Reclassification from revaluation reserve to profit and loss account
79,542
( 79,542)
--------
--------
----
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
104,000
104,000
104,000
104,000
---------
---------
---------
---------
Rorilo Limited
Notes to the Abridged Financial Statements (continued)
Year ended 31 December 2023
11. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair Value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The Fair Value reserve is undistributable. Share premium account reserve records the amount above the nominal value received for shares sold, less transaction costs.
12. Transaction with directors
At the year end, the company owed £214,862 (2022 - £209,989) to the directors. The loan has no set repayment terms and is repayable on demand. Interest is charged at a rate of 3% per annum on the principal amount of £203,042.