REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
AR (Finnieston) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
AR (Finnieston) Limited |
AR (Finnieston) Limited (Registered number: SC625303) |
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 (Finnieston) Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
145 St Vincent Street |
Glasgow |
G2 5JF |
AR (Finnieston) Limited (Registered number: SC625303) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
AR (Finnieston) Limited (Registered number: SC625303) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
AR (Finnieston) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
The current loan facility agreement 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. |
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. |
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. |
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 (Finnieston) Limited (Registered number: SC625303) |
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. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
Revaluations | (761,450 | ) |
Reclassification/transfer | (7,968,550 | ) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fair value at 31 December 2022 is represented by: |
£ |
Valuation in 2022 | 7,700,000 |
The property was valued by Lambert Smith Hampton on a Market Value basis at 31 December 2022. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors | ( |
) |
Amounts owed by group undertakings |
Other debtors |
AR (Finnieston) Limited (Registered number: SC625303) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Other creditors |
8. | 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 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Interest is charged on the loan balance on a day to day basis at a fixed rate of 15%. The loan facility provider has confirmed that they will not seek payment of interest amounts beyond taking the company to a breakeven position. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Other loans |
Security is held over the assets of the company by Rothschild & Co Wealth Management UK Limited and RS Luxembourg II S.A.R.L |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | 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 (Finnieston) Limited (Registered number: SC625303) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
12. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is RS Investor II SARL, which is incorporated in Luxembourg. |
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 |