Registered number
SC481183
RIVERSIDE PROPERTIES ABERDEEN LTD
Filleted Unaudited Accounts
31 May 2023
RIVERSIDE PROPERTIES ABERDEEN LTD
Registered number: SC481183
Balance Sheet
As at 31 May 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 278,751 301,968
Current assets
Debtors 4 68,005 66,969
Cash at bank and in hand 81,380 71,665
149,385 138,634
Creditors: amounts falling due within one year 5 (25,710) (21,911)
Net current assets 123,675 116,723
Total assets less current liabilities 402,426 418,691
Creditors: amounts falling due after more than one year 6 (177,083) (189,583)
Provisions for liabilities (2,613) (4,187)
Net assets 222,730 224,921
Capital and reserves
Called up share capital 10,000 10,000
Share premium 194,006 194,006
Profit and loss account 18,724 20,915
Shareholders' funds 222,730 224,921
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D A Thomson
Director
Approved by the board on 7 February 2024
RIVERSIDE PROPERTIES ABERDEEN LTD
Notes to the Accounts
For the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of rental income received or receivable, net of discounts and value added taxes as per written lease agreements.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Investment properties
Investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies (cont.)
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets Land and buildings Plant and machinery etc Total
£ £ £
Valuation/cost
At 1 June 2022 279,932 82,841 362,773
(Deficit)/surplus on revaluation (14,932) - (14,932)
At 31 May 2023 265,000 82,841 347,841
Depreciation
At 1 June 2022 - 60,805 60,805
Charge for the year - 8,285 8,285
At 31 May 2023 - 69,090 69,090
Net book value
At 31 May 2023 265,000 13,751 278,751
At 31 May 2022 279,932 22,036 301,968
Freehold land and buildings: 2023 2022
£ £
Historical cost 279,932 279,932
Cumulative depreciation based on historical cost - -
279,932 279,932
The company's investment property was valued by chartered surveyors J & E Shepherd January 2023 using the RCIS Valuation Global Standards methodology (ie on an open market value).
4 Debtors 2023 2022
£ £
Amounts owed by related undertaking 67,500 66,500
Other debtors 505 469
68,005 66,969
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,500 12,500
Taxation and social security costs 7,770 6,088
Other creditors 5,440 3,323
25,710 21,911
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 177,083 189,583
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 127,083 139,583
Secured bank loans 189,583 202,083
The company has given security to Shawbrook Bank a fixed charge over the company's property which contains a negative pledge. Shortly after the year end the company remortgaged the property with it's bankers The Royal Bank of Scotland.
8 Related party transactions 2023 2022
£ £
Cadherent Limited
Company registered in Scotland (#SC185859) in which the director have an interest in
Rental income and unsecured interest free loan with no set repayment date
Rental income received from related party 84,000 84,000
Amount due from related party 67,500 66,500
9 Controlling party
During the current and previous year the company was controlled by the director Mr D A Thomson.
10 Other information
RIVERSIDE PROPERTIES ABERDEEN LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
20 South Lodge Drive
Stonehaven
Kincardineshire
AB39 2PN
RIVERSIDE PROPERTIES ABERDEEN LTD SC481183 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts October 2023 release 2 Mr D A Thomson No description of principal activity SC481183 2021-06-01 2022-05-31 SC481183 core:WithinOneYear 2022-05-31 SC481183 core:AfterOneYear 2022-05-31 SC481183 core:ShareCapital 2022-05-31 SC481183 core:SharePremium 2022-05-31 SC481183 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC481183 2022-06-01 2023-05-31 SC481183 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC481183 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 SC481183 bus:Director40 2022-06-01 2023-05-31 SC481183 1 2022-06-01 2023-05-31 SC481183 2 2022-06-01 2023-05-31 SC481183 core:LandBuildings 2022-06-01 2023-05-31 SC481183 core:PlantMachinery 2022-06-01 2023-05-31 SC481183 countries:Scotland 2022-06-01 2023-05-31 SC481183 bus:FRS102 2022-06-01 2023-05-31 SC481183 bus:FullAccounts 2022-06-01 2023-05-31 SC481183 2023-05-31 SC481183 core:WithinOneYear 2023-05-31 SC481183 core:AfterOneYear 2023-05-31 SC481183 core:ShareCapital 2023-05-31 SC481183 core:SharePremium 2023-05-31 SC481183 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC481183 core:LandBuildings 2023-05-31 SC481183 core:PlantMachinery 2023-05-31 SC481183 2022-05-31 SC481183 core:LandBuildings 2022-05-31 SC481183 core:PlantMachinery 2022-05-31 iso4217:GBP xbrli:pure