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Company No: SC715545 (Scotland)

RSJL PROPERTY SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

RSJL PROPERTY SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

RSJL PROPERTY SERVICES LIMITED

BALANCE SHEET

As at 30 November 2023
RSJL PROPERTY SERVICES LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 30.11.2023 30.11.2022
£ £
Restated
Fixed assets
Tangible assets 3 1,674,788 0
Investments 4 18 18
1,674,806 18
Current assets
Debtors 5 3,633 564
Cash at bank and in hand 250,000 0
253,633 564
Creditors: amounts falling due within one year 6 ( 1,697,560) ( 5,474)
Net current liabilities (1,443,927) (4,910)
Total assets less current liabilities 230,879 (4,892)
Net assets/(liabilities) 230,879 ( 4,892)
Capital and reserves
Called-up share capital 7 36 36
Profit and loss account 230,843 ( 4,928 )
Total shareholders' funds/(deficit) 230,879 ( 4,892)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of RSJL Property Services Limited (registered number: SC715545) were approved and authorised for issue by the Board of Directors on 12 August 2024. They were signed on its behalf by:

Linda Barclay
Director
RSJL PROPERTY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
RSJL PROPERTY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

RSJL Property Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Evolve Training & Conference Centre Wellheads Crescent, Wellheads Industrial Estate,Dyce, Aberdeen, AB21 7GA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Prior year adjustment

Following submission of the prior period financial statements it was subsequently determined that the carrying value of investments in subsidiaries was overstated by £18.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
30.11.2023
Period from
19.11.2021 to
30.11.2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 4

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 December 2022 0 0
Additions 1,683,239 1,683,239
At 30 November 2023 1,683,239 1,683,239
Accumulated depreciation
At 01 December 2022 0 0
Charge for the financial year 8,451 8,451
At 30 November 2023 8,451 8,451
Net book value
At 30 November 2023 1,674,788 1,674,788
At 30 November 2022 0 0

4. Fixed asset investments

Investments in subsidiaries

30.11.2023
£
Cost
At 01 December 2022 18
At 30 November 2023 18
Carrying value at 30 November 2023 18
Carrying value at 30 November 2022 18

5. Debtors

30.11.2023 30.11.2022
£ £
Other debtors 3,633 564

6. Creditors: amounts falling due within one year

30.11.2023 30.11.2022
£ £
Amounts owed to parent undertakings 1,695,060 3,274
Other creditors 2,500 2,200
1,697,560 5,474

7. Called-up share capital

30.11.2023 30.11.2022
£ £
Allotted, called-up and fully-paid
20 A ordinary shares of £ 1.00 each 20 20
16 B ordinary shares of £ 1.00 each 16 16
36 36

Both classes of share rank pari passu.