REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
RCR Industrial Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
RCR Industrial Ltd |
RCR Industrial Ltd (Registered number: SC520281) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RCR Industrial Ltd |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Logie Mill |
Edinburgh |
Lothian |
EH7 4HG |
RCR Industrial Ltd (Registered number: SC520281) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve |
Retained earnings | 372,705 |
SHAREHOLDERS' FUNDS |
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. |
RCR Industrial Ltd (Registered number: SC520281) |
Balance Sheet - continued |
30 November 2023 |
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 |
RCR Industrial Ltd (Registered number: SC520281) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
RCR Industrial Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on the continued support of the creditors. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing basis, are measured at fair value annually with any change recognised in the profit and loss account. |
In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties held as investment properties where fair value can be measured reliably without undue cost or effort. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are held for investment and not for consumption, and the directors consider that to depreciate them would not give a true and fair view. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
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. |
Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. |
RCR Industrial Ltd (Registered number: SC520281) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2023 | 2,180,625 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Cost | 1,511,050 | 1,532,430 |
Investment property was valued on an open market basis on 30 November 2023 by the directors of the company . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Other debtors |
RCR Industrial Ltd (Registered number: SC520281) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans |
There are bank loan facilities secured by fixed and floating charges over all the company's assets. |
10. | PROVISIONS FOR LIABILITIES |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Deferred tax | 168,210 | 166,578 |
Deferred tax |
£ |
Balance at 1 December 2022 |
Provided during year |
Balance at 30 November 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | as restated |
£ | £ |
Ordinary | 1 | 120 | 120 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end the company owed the directors £114,726 (2022: £131,099). |
RCR Industrial Ltd (Registered number: SC520281) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
13. | RELATED PARTY DISCLOSURES |
Related Party |
Type of transaction |
Amount 30.11.23 |
Amount 30.11.22 |
Balance receivable by/(payable to) related party as at 30.11.23 |
Balance receivable by/(payable to) related party as at 30.11.22 |
£ | £ | £ | £ |
Shareholder | Loan | 13,000 | 122,688 | (124,854) | (137,854) |
Shareholder | Loan | Nil | Nil | (35,440) | (35,440) |
Shareholder | Loan | Nil | Nil | (35,440) | (35,440) |
Family member of shareholder |
Loan |
11,210 |
(6,138) |
(38,094) |
(49,305) |
Family member of shareholder |
Loan |
Nil |
Nil |
(35,304) |
(35,304) |
Family member of shareholder |
Loan |
Nil |
(98,269) |
(1,731) |
(1,731) |
Family member of shareholder |
Loan |
23,563 |
(397,500) |
(373,937) |
(397,500) |
(1) Shareholders and family members of shareholders have loaned money to the company to enable the purchases of | investment properties |
14. | ULTIMATE CONTROLLING PARTY |
There is no overall controlling interest. |