Company registration number SC313963 (Scotland)
ROBUST PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ROBUST PROPERTY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ROBUST PROPERTY LIMITED
COMPANY INFORMATION
- 1 -
Directors
B Aitken
G P Hegarty
M J P Connolly
Secretary
B Aitken
Company number
SC313963
Registered office
3 Newmains Avenue
Inchinnan Business Park
Renfrew
United Kingdom
PA4 9RR
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
ROBUST PROPERTY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
389
779
Investment property
4
4,604,848
4,604,848
4,605,237
4,605,627
Current assets
Debtors
5
141,000
76,133
Cash at bank and in hand
121,902
138,915
262,902
215,048
Creditors: amounts falling due within one year
6
(3,007,920)
(3,000,512)
Net current liabilities
(2,745,018)
(2,785,464)
Total assets less current liabilities
1,860,219
1,820,163
Creditors: amounts falling due after more than one year
7
(748,922)
(813,358)
Net assets
1,111,297
1,006,805
Capital and reserves
Called up share capital
8
2,500
2,500
Fair value reserve
360,248
360,248
Profit and loss reserves
748,549
644,057
Total equity
1,111,297
1,006,805

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 31 December 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.

ROBUST PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
B Aitken
Director
Company Registration No. SC313963
ROBUST PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Robust Property Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Newmains Avenue, Inchinnan Business Park, Renfrew, United Kingdom, PA4 9RR. The company's registration number is SC313963.

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 the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts invoiced for property rental. Turnover is recognised at the point at which the company has fulfilled its contractual obligations to the tenants.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
- straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Investment property

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 the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

ROBUST PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.

1.8
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.

1.9
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.

2
Employees

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

2023
2022
Total
-
0
-
0
ROBUST PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023 and 31 December 2023
1,169
Depreciation and impairment
At 1 January 2023
390
Depreciation charged in the year
390
At 31 December 2023
780
Carrying amount
At 31 December 2023
389
At 31 December 2022
779
4
Investment properties
2023
£
Fair value
At 1 January 2023 and 31 December 2023
4,604,848

The investment properties were valued by the directors on 31 December 2023 and are included in the financial statements at a value which represents their opinion of the market value.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,133
Other debtors
141,000
71,000
141,000
76,133
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
64,203
63,970
Trade creditors
3,947
13,812
Taxation and social security
47,554
29,341
Other creditors
2,892,216
2,893,389
3,007,920
3,000,512
ROBUST PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
748,922
813,358

The bank loan is secured with a standard security including a floating charge over the property to which it relates.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary of 50p
2,500
2,500
9
Related party transactions
2023
2022
Amounts due to related parties
£
£
Amounts owed to related undertakings
2,840,250
2,842,250

The above loans are unsecured, interest free and repayable on demand.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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