IRIS Accounts Production v23.4.0.336 SC401176 Board of Directors 1.1.22 31.12.22 31.12.22 15.3.24 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4011762021-12-31SC4011762022-12-31SC4011762022-01-012022-12-31SC4011762020-12-31SC4011762021-01-012021-12-31SC4011762021-12-31SC401176ns15:Scotland2022-01-012022-12-31SC401176ns14:PoundSterling2022-01-012022-12-31SC401176ns10:Director12022-01-012022-12-31SC401176ns10:PrivateLimitedCompanyLtd2022-01-012022-12-31SC401176ns10:SmallEntities2022-01-012022-12-31SC401176ns10:Audited2022-01-012022-12-31SC401176ns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-31SC401176ns10:SmallCompaniesRegimeForAccounts2022-01-012022-12-31SC401176ns10:FullAccounts2022-01-012022-12-31SC401176ns10:Director22022-01-012022-12-31SC401176ns10:Director32022-01-012022-12-31SC401176ns10:RegisteredOffice2022-01-012022-12-31SC401176ns5:CurrentFinancialInstruments2022-12-31SC401176ns5:CurrentFinancialInstruments2021-12-31SC401176ns5:Non-currentFinancialInstruments2022-12-31SC401176ns5:Non-currentFinancialInstruments2021-12-31SC401176ns5:ShareCapital2022-12-31SC401176ns5:ShareCapital2021-12-31SC401176ns5:RetainedEarningsAccumulatedLosses2022-12-31SC401176ns5:RetainedEarningsAccumulatedLosses2021-12-31SC401176ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC401176ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-31SC401176ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2021-12-31SC401176ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-31SC401176ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2021-12-31SC401176ns5:Secured2022-12-31SC401176ns5:Secured2021-12-31
REGISTERED NUMBER: SC401176 (Scotland)
















Financial Statements for the Year Ended 31 December 2022

for

AR (Ferrymuir Gait) Limited

AR (Ferrymuir Gait) Limited (Registered number: SC401176)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AR (Ferrymuir Gait) Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: G Coster
D Gaffney
R Boyd





REGISTERED OFFICE: C/A Brodies LLP
110 Queen Street
Glasgow
G1 3BX





REGISTERED NUMBER: SC401176 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
CURRENT ASSETS
Stocks 17,747,684 17,362,420
Debtors 4 1,052,952 546,148
Cash at bank and in hand 202,322 17,651
19,002,958 17,926,219
CREDITORS
Amounts falling due within one year 5 (7,407,671 ) (1,377,469 )
NET CURRENT ASSETS 11,595,287 16,548,750
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,595,287

16,548,750

CREDITORS
Amounts falling due after more than one
year

6

(10,188,564

)

(16,439,681

)
NET ASSETS 1,406,723 109,069

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,406,623 108,969
SHAREHOLDERS' FUNDS 1,406,723 109,069

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:





R Boyd - Director


AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

AR (Ferrymuir Gait) Limited 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.

Going concern
The directors prepare projections for the life of the development and therefore consider a period of at least 12 months from the date of approval of these financial statements. Projections are updated regularly to take into consideration any changes. The main contractor for the development is a related party who ensures that contractors comply with the current government guidance.

One of the loan facility agreements expired in June 2023, however, the lenders have provided a letter of comfort stating that they will continue to support the entity to meet their liabilities as they fall due for 12 months from the date that the financial statements are signed by the auditor.The other facility agreement is not due for repayment until January 2024.

Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

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.

Financial instruments
Debtors
Trade and other debtors are recognised at the settlement amount due with appropriate allowances for irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and bank overdrafts.

Creditors
Trade and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.


AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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.

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 NIL (2021 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Amounts owed by group undertakings 393,880 481,613
Other debtors 659,072 64,535
1,052,952 546,148

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 8,391 374,656
Amounts owed to group undertakings 265,025 265,025
Other creditors 7,134,255 737,788
7,407,671 1,377,469

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Other creditors 10,188,564 16,439,681

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. LOANS

An analysis of the maturity of loans is given below:

31.12.22 31.12.21
£    £   
Amounts falling due within one year or on demand:
Other loans 6,665,180 -

Amounts falling due between one and two years:
Other loans - 1-2 years 10,188,564 -

Amounts falling due between two and five years:
Other loans - 2-5 years - 16,439,681

Interest is charged on the loan balance, due less than one year, on a day to day basis at a fixed rate of 15%. Interest is charged on the loan balance, due between 1 and 2 years, on a day to day basis at the rate of 6.5% + SONIA.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Other loans 16,853,744 16,439,681

Security is held over the assets of the company by RS Luxembourg II S.A.R.L and Beaufort Senior Debts S.A.R.L.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. ULTIMATE CONTROLLING PARTY

The entire share capital of the company is beneficially owned by AR Development Investments Limited, which is incorporated in England.

The ultimate parent undertaking is RS Fund II LP, a fund incorporated in Jersey. There is no ultimate controlling party as no individual holds more than 10% of the fund.

A copy of the consolidated financial statements can be obtained from the registered office:

11-15 Seaton Place
St Helier
Jersey
JE4 0QH