IRIS Accounts Production v24.1.9.2 SC474975 director 1.1.23 31.12.23 31.12.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4749752022-12-31SC4749752023-12-31SC4749752023-01-012023-12-31SC4749752021-12-31SC4749752022-01-012022-12-31SC4749752022-12-31SC474975ns15:Scotland2023-01-012023-12-31SC474975ns14:PoundSterling2023-01-012023-12-31SC474975ns10:Director12023-01-012023-12-31SC474975ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC474975ns10:SmallEntities2023-01-012023-12-31SC474975ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC474975ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC474975ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC474975ns10:FullAccounts2023-01-012023-12-31SC474975ns10:RegisteredOffice2023-01-012023-12-31SC474975ns5:CurrentFinancialInstruments2023-12-31SC474975ns5:CurrentFinancialInstruments2022-12-31SC474975ns5:Non-currentFinancialInstruments2023-12-31SC474975ns5:Non-currentFinancialInstruments2022-12-31SC474975ns5:ShareCapital2023-12-31SC474975ns5:ShareCapital2022-12-31SC474975ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-31SC474975ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31SC474975ns5:RetainedEarningsAccumulatedLosses2023-12-31SC474975ns5:RetainedEarningsAccumulatedLosses2022-12-31SC474975ns5:CostValuation2022-12-31SC474975ns5:AdditionsToInvestments2023-12-31SC474975ns5:CostValuation2023-12-31SC474975ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC474975ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC474975ns5:Secured2023-12-31SC474975ns5:Secured2022-12-31SC474975ns5:DeferredTaxation2022-12-31SC474975ns5:DeferredTaxation2023-12-31SC474975ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31
REGISTERED NUMBER: SC474975 (Scotland)




















Roromil Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Roromil Limited (Registered number: SC474975)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Roromil Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S G Sheridan



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
EH3 6AT



REGISTERED NUMBER: SC474975 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2AD

Roromil Limited (Registered number: SC474975)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 403,207 346,305
Investment property 5 1,005,000 1,005,000
1,408,207 1,351,305

CURRENT ASSETS
Debtors 6 680,311 514,134
Cash at bank 2,737 669
683,048 514,803
CREDITORS
Amounts falling due within one year 7 1,147,260 935,606
NET CURRENT LIABILITIES (464,212 ) (420,803 )
TOTAL ASSETS LESS CURRENT LIABILITIES 943,995 930,502

CREDITORS
Amounts falling due after more than one
year

8

(238,802

)

(257,407

)

PROVISIONS FOR LIABILITIES 10 (61,470 ) (61,470 )
NET ASSETS 643,723 611,625

Roromil Limited (Registered number: SC474975)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 11 227,254 227,254
Retained earnings 416,468 384,370
SHAREHOLDERS' FUNDS 643,723 611,625

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 June 2024 and were signed by:





S G Sheridan - Director


Roromil Limited (Registered number: SC474975)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Roromil 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departure from that standard. The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rental, excluding value added tax.

Rent is recognised in accordance with the lease agreement. Where rent is paid in advance, this is calculated and shown separately as deferred income.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to the fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year-end is included in the fair value reserve with the relevant change in fair 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.


Roromil Limited (Registered number: SC474975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date as a provision.

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.

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.

All loans with related parties are all repayable on demand.

Fixed asset investments
Unlisted fixed asset investments are stated at market value, where a reliable estimate is available. Any revaluation gains or losses are recognised in the fair value reserve.

Where a reliable market value is not available the investment is stated at cost less any provision for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 346,305
Additions 56,902
At 31 December 2023 403,207
NET BOOK VALUE
At 31 December 2023 403,207
At 31 December 2022 346,305

Roromil Limited (Registered number: SC474975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,005,000
NET BOOK VALUE
At 31 December 2023 1,005,000
At 31 December 2022 1,005,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 27,551
Valuation in 2017 131,089
Valuation in 2018 102,477
Valuation in 2019 (42,393 )
Valuation in 2021 70,000
Cost 716,276
1,005,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 716,276 716,276

Investment properties were valued on an open market basis on 31 December 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,604 5,080
Other debtors 674,707 509,054
680,311 514,134

Roromil Limited (Registered number: SC474975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,201 12,997
Taxation and social security 4,283 701
Other creditors 1,130,776 921,908
1,147,260 935,606

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 238,802 257,407

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 251,003 270,404

There is a fixed charge over the investment properties at 16 West Street, St Monans, 13 George IV Bridge, Edinburgh and 33-37 Young Street Lane North, Edinburgh in favour of the Royal Bank of Scotland plc. The bank also holds a bond and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 61,470 61,470

Deferred
tax
£   
Balance at 1 January 2023 61,470
Balance at 31 December 2023 61,470

Roromil Limited (Registered number: SC474975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 227,254

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within debtors is a directors loan balance of £2,880 (2022 - £Nil) which will been repaid within nine months of the year end.

13. GOING CONCERN

The company is dependant upon the continued support of it's director and related parties, who have advanced the company funds to purchase investment property.

The directors going concern assessment covers a period of at least 12 months from the date of signing of these financial statements.