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COMPANY REGISTRATION NUMBER: SC039502
Ruchlaw Estates Limited
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
Ruchlaw Estates Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
15,138
15,275
Investments
6
3,004
3,004
--------
--------
18,142
18,279
Current assets
Debtors
7
2,860,597
2,860,088
Cash at bank and in hand
7,495
3,124
------------
------------
2,868,092
2,863,212
Creditors: amounts falling due within one year
8
13,173
8,430
------------
------------
Net current assets
2,854,919
2,854,782
------------
------------
Total assets less current liabilities
2,873,061
2,873,061
Provisions
Taxation including deferred tax
348
348
------------
------------
Net assets
2,872,713
2,872,713
------------
------------
Capital and reserves
Called up share capital
9
1,000
1,000
Revaluation reserve
2,480,004
2,480,004
Profit and loss account
391,709
391,709
------------
------------
Members funds
2,872,713
2,872,713
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ruchlaw Estates Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 4 July 2024 , and are signed on behalf of the board by:
C Urquhart
R M Urquhart
Director
Director
Company registration number: SC039502
Ruchlaw Estates Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 82/3 Bruntsfield Place, Edinburgh, EH10 4HG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The impact of the Covid-19 measures on the Company has been considered and is not believed to have a significant impact on either the company or its subsidiary undertakings. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents rent receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% straight line
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment properties
Equipment
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
15,000
549
15,549
--------
----
--------
Depreciation
At 1 March 2023
274
274
Charge for the year
137
137
--------
----
--------
At 29 February 2024
411
411
--------
----
--------
Carrying amount
At 29 February 2024
15,000
138
15,138
--------
----
--------
At 28 February 2023
15,000
275
15,275
--------
----
--------
6. Investments
Shares in group undertakings
Unlisted debentures
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
4
3,000
3,004
----
-------
-------
Impairment
At 1 March 2023 and 29 February 2024
----
-------
-------
Carrying amount
At 29 February 2024
4
3,000
3,004
----
-------
-------
At 28 February 2023
4
3,000
3,004
----
-------
-------
Unlisted investments are represented by unlisted debentures at cost less amounts repaid or permanent impairments in value.
Investments in group undertakings relates to the company's 100% ownership of four subsidiary undertakings: Ruchlaw Estates One Limited, Ruchlaw Estates Two Limited, Ruchlaw Estates Three Limited and Ruchlaw Estates Four Limited.
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,859,649
2,856,751
Other debtors
948
3,337
------------
------------
2,860,597
2,860,088
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
13,173
8,430
--------
-------
9. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,000
20,000
20,000
20,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------