Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30222022-07-01falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC550469 2022-07-01 2023-06-30 SC550469 2021-07-01 2022-06-30 SC550469 2023-06-30 SC550469 2022-06-30 SC550469 c:Director1 2022-07-01 2023-06-30 SC550469 c:Director2 2022-07-01 2023-06-30 SC550469 c:RegisteredOffice 2022-07-01 2023-06-30 SC550469 d:FreeholdInvestmentProperty 2023-06-30 SC550469 d:FreeholdInvestmentProperty 2022-06-30 SC550469 d:CurrentFinancialInstruments 2023-06-30 SC550469 d:CurrentFinancialInstruments 2022-06-30 SC550469 d:Non-currentFinancialInstruments 2023-06-30 SC550469 d:Non-currentFinancialInstruments 2022-06-30 SC550469 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 SC550469 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 SC550469 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 SC550469 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 SC550469 d:ShareCapital 2023-06-30 SC550469 d:ShareCapital 2022-06-30 SC550469 d:RetainedEarningsAccumulatedLosses 2023-06-30 SC550469 d:RetainedEarningsAccumulatedLosses 2022-06-30 SC550469 c:OrdinaryShareClass1 2022-07-01 2023-06-30 SC550469 c:OrdinaryShareClass1 2023-06-30 SC550469 c:FRS102 2022-07-01 2023-06-30 SC550469 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 SC550469 c:FullAccounts 2022-07-01 2023-06-30 SC550469 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC550469 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC550469










REALISTIC RENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

 
REALISTIC RENTS LIMITED
 

COMPANY INFORMATION


Directors
Mrs C Drake 
Mr T Drake 




Registered number
SC550469



Registered office
Aldie Cottage
Keillour

Methven

Perth

PH1 3RA




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
REALISTIC RENTS LIMITED
REGISTERED NUMBER: SC550469

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
£
£

Fixed assets
  

Investment property
 4 
572,376
572,376

  
572,376
572,376

Current assets
  

Bank and cash balances
  
280
637

  
280
637

Creditors: amounts falling due within one year
 5 
(195,594)
(172,835)

Net current liabilities
  
 
 
(195,314)
 
 
(172,198)

Total assets less current liabilities
  
377,062
400,178

Creditors: amounts falling due after more than one year
 6 
(431,017)
(436,278)

  

Net liabilities
  
(53,955)
(36,100)


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
(53,957)
(36,102)

  
(53,955)
(36,100)


Page 1

 
REALISTIC RENTS LIMITED
REGISTERED NUMBER: SC550469

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2024.




Mr T Drake
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
REALISTIC RENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Realistic Rents Limited is a private company, limited by shares, domiciled in Scotland with registration number SC550469. The registered office is Aldie Cottage, Keillour, Methven, Scotland, PH1 3RA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the directors will continue to financially support the company.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

  
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Page 3

 
REALISTIC RENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2022
572,376



At 30 June 2023
572,376

The 2023 valuations were made by the directors, on an open market value for existing use basis.






5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,261
5,133

Other creditors
187,333
165,627

Accruals and deferred income
3,000
2,075

195,594
172,835


Bank loans due within one year relate to a Coronavirus Bounceback Loan, as detailed within the Government Grants accounting policy. There is no security attached to the loan.

Page 4

 
REALISTIC RENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
431,017
436,278

431,017
436,278


Amounts of £40,275, included within bank loans, relate to a Coronavirus Bounceback Loan, as detailed within the Government Grants accounting policy. There is no security attached to the loan. 
Amounts of £396,003, included within bank loans, is secured by a fixed and floating charge over the relevant investment properties and all the assets of the company, with a joint and several guarantee in place over the property of Bellour Farm.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Repayable by instalments
396,003
396,003

396,003
396,003

Bank loans of £133,503, and repayable by instalments, are provided on an interest only basis at LIBOR plus 1.65%, reviewed on a three monthly basis. The contract ends in April 2047.
Bank loans of £262,500, and repayable by instalments, are provided on an interest only basis at a fixed rate of 3.78%, reviewed in five years. The contract ends in March 2036.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1.00 each
2
2



Page 5