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REGISTERED NUMBER: SC594892 (Scotland)
















Unaudited Financial Statements for the Year Ended 30 April 2023

for

RNC Property Ltd

RNC Property Ltd (Registered number: SC594892)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RNC Property Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: S M Thomson
Mrs R N Thomson





REGISTERED OFFICE: c/o McLay, McAlister & McGibbon LLP
145 St Vincent Street
Glasgow
G2 5JF





REGISTERED NUMBER: SC594892 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

RNC Property Ltd (Registered number: SC594892)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,848 2,495
Investment property 5 562,706 605,046
564,554 607,541

CURRENT ASSETS
Stocks - 259,882
Debtors 6 42,016 16,878
Cash at bank 2,221 4,428
44,237 281,188
CREDITORS
Amounts falling due within one year 7 (193,834 ) (212,682 )
NET CURRENT (LIABILITIES)/ASSETS (149,597 ) 68,506
TOTAL ASSETS LESS CURRENT
LIABILITIES

414,957

676,047

CREDITORS
Amounts falling due after more than one
year

8

(480,688

)

(778,012

)
NET LIABILITIES (65,731 ) (101,965 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (65,831 ) (102,065 )
SHAREHOLDERS' FUNDS (65,731 ) (101,965 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

RNC Property Ltd (Registered number: SC594892)

Balance Sheet - continued
30 April 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 16 April 2024 and were signed on its behalf by:





S M Thomson - Director


RNC Property Ltd (Registered number: SC594892)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

RNC Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

The accounts were prepared on a going concern basis due to the continuing support of the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


RNC Property Ltd (Registered number: SC594892)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 5,049
Additions 369
At 30 April 2023 5,418
DEPRECIATION
At 1 May 2022 2,554
Charge for year 1,016
At 30 April 2023 3,570
NET BOOK VALUE
At 30 April 2023 1,848
At 30 April 2022 2,495

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 605,046
Additions 141,490
Disposals (183,830 )
At 30 April 2023 562,706
NET BOOK VALUE
At 30 April 2023 562,706
At 30 April 2022 605,046

RNC Property Ltd (Registered number: SC594892)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Other debtors 42,016 16,878

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 6,000 6,000
Other creditors 187,834 206,682
193,834 212,682

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans 480,688 778,012

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 443,125 735,012

Repayable by instalments
Bank loans more 5 yr by instal 13,563 19,000

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank loans 443,125 735,012

Lendinvest Btl Ltd hold a fixed charge over:

34D James Street, Stirling, FK8 1UG
2/1 27 Sandyford Place, Glasgow, G3 7NG
0/1 17 Strathyre Street, Glasgow, G41 3LN

The directors have given personal guarantees for the mortgages on the above named properties.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is £179,154 (2022: £204,109) due to SM Thomson. The loan is interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

Included in other debtors is £45,236 (2022: £16,878) due from RNC Redevelopments Ltd, a fellow subsidiary of RNC Property Group Ltd.