COMPANY REGISTRATION NUMBER:
SC090513
R.I.A.S. Services Limited |
|
Filleted Financial Statements |
|
R.I.A.S. Services Limited |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Stocks |
36,609 |
40,956 |
Debtors |
5 |
102,076 |
122,609 |
Cash at bank and in hand |
10,000 |
10,266 |
|
--------- |
--------- |
|
148,685 |
173,831 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
194,528 |
208,789 |
|
--------- |
--------- |
Net current liabilities |
45,843 |
34,958 |
|
-------- |
-------- |
Total assets less current liabilities |
(
45,843) |
(
34,958) |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
100 |
100 |
Profit and loss account |
(
45,943) |
(
35,058) |
|
-------- |
-------- |
Shareholders deficit |
(
45,843) |
(
34,958) |
|
-------- |
-------- |
|
|
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
1 May 2024
, and are signed on behalf of the board by:
Professor G C Murray |
Director |
|
Company registration number:
SC090513
R.I.A.S. Services Limited |
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Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland (
SC090513
). The address of the registered office is 15 Rutland Square, Edinburgh, EH1 2BE, Scotland.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. These financial statements have been prepared in accordance with Financial Reporting Standard 102 and the Companies Act 2006.
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 company's annual distributable profits are payable each year to its parent entity, the Royal Incorporation of Architects in Scotland as gift aid. As such the company will continue to be reliant on the ongoing support of its parent entity to continue trading. The trustees of the parent entity have confirmed that this support will continue for a period of at least one year from the date of approval of these financial statements and the directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: - As detailed above, the company estimates provisions against the carrying values of stock. When assessing the provisions, the directors consider factors such as sales volumes in recent years of all stock lines, sales values achieved and book cost of the stocks. The value of stock net of provisions is included on the face of the balance sheet. Provisions are also made against publishing work in progress costs where the relevant publications are unlikely to be published in the near future. - Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Revenue recognition
Turnover represents income from the provision of services to architects and architectural practices, sales of books and publications and advertising revenue. All services income is included in the period in which the service is delivered. Sales of books and publications and other areas are recognised when goods are made available or when an event takes place. Turnover is stated net of VAT and trade discounts.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash at bank, 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 payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors 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 payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2022:
8
).
Staff are employed directly by The Royal Incorporation of Architects in Scotland then recharged to the company.
4.
Covenanted donation / gift aid and taxation
Under the terms of a deed of covenant the annual distributable profits of the company are payable to the Royal Incorporation of Architects in Scotland, the parent body. Under section 191 of the Corporation Taxes Act 2010, distributions to the parent body qualify as gift aid payments.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
19,547 |
51,770 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
46,607 |
38,462 |
Other debtors |
35,922 |
32,377 |
|
--------- |
--------- |
|
102,076 |
122,609 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
1,501 |
18,051 |
Social security and other taxes |
23,625 |
28,686 |
Other creditors |
169,402 |
162,052 |
|
--------- |
--------- |
|
194,528 |
208,789 |
|
--------- |
--------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
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|
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8.
Summary audit opinion
The auditor's report dated
22 May 2024
was
unqualified
.
The senior statutory auditor was
Kevin Cattanach
, for and on behalf of
Whitelaw Wells
.
9.
Related party transactions
During the year consultancy fees of £6,106 (2022: £4,599) were paid to Gordon Murray Consultancy Limited, a company which Gordon Murray is also a director. At the year end there was no outstanding amount.
10.
Controlling party
The immediate and ultimate parent undertaking is The Royal Incorporation of Architects in Scotland. The Royal Incorporation of Architects in Scotland is registered at 15 Rutland Square, Edinburgh, EH1 2BE.