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REGISTERED NUMBER: SC050072 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

J G RAE LIMITED

J G RAE LIMITED (REGISTERED NUMBER: SC050072)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

J G RAE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTOR: S L Whitehead-Robertson





SECRETARY:





REGISTERED OFFICE: 92 Commercial Street
Lerwick
Shetland
ZE1 0EX





REGISTERED NUMBER: SC050072 (Scotland)





ACCOUNTANTS: Goldwells Ltd
Goldwells House
Grange Road
Peterhead
aberdeenshire
AB42 1WN

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

BALANCE SHEET
29TH FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 188,578 184,753

CURRENT ASSETS
Stocks 103,719 96,721
Debtors 6 5,150 36,447
Cash at bank and in hand 40,995 110,856
149,864 244,024
CREDITORS
Amounts falling due within one year 7 52,479 32,567
NET CURRENT ASSETS 97,385 211,457
TOTAL ASSETS LESS CURRENT
LIABILITIES

285,963

396,210

PROVISIONS FOR LIABILITIES 8,690 8,344
NET ASSETS 277,273 387,866

CAPITAL AND RESERVES
Called up share capital 2 13,661
Revaluation reserve 8 176,460 176,460
Retained earnings 100,811 197,745
SHAREHOLDERS' FUNDS 277,273 387,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

BALANCE SHEET - continued
29TH FEBRUARY 2024


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 29th July 2024 and were signed by:





S L Whitehead-Robertson - Director


J G RAE LIMITED (REGISTERED NUMBER: SC050072)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

1. STATUTORY INFORMATION

J G Rae 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency is sterling.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 18 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st March 2023 156,000 146,613 1,174 303,787
Additions - 9,129 - 9,129
At 29th February 2024 156,000 155,742 1,174 312,916
DEPRECIATION
At 1st March 2023 - 118,060 974 119,034
Charge for year - 5,274 30 5,304
At 29th February 2024 - 123,334 1,004 124,338
NET BOOK VALUE
At 29th February 2024 156,000 32,408 170 188,578
At 28th February 2023 156,000 28,553 200 184,753

Cost or valuation at 29th February 2024 is represented by:

Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
Valuation in 2016 156,000 - - 156,000
Cost - 155,742 1,174 156,916
156,000 155,742 1,174 312,916

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,220 22,406
Other debtors 261 11,990
Prepayments and accrued income 1,669 2,051
5,150 36,447

The loan to the director is interest free with no fixed terms of repayment.

J G RAE LIMITED (REGISTERED NUMBER: SC050072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,015 20,182
Corporation Tax 7,882 3,911
Social security and other taxes 10,669 5,799
Other creditors 15,238 -
Accrued expenses 2,675 2,675
52,479 32,567

8. RESERVES
Revaluation
reserve
£   
At 1st March 2023
and 29th February 2024 176,460

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
J G RAE LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J G Rae Limited for the year ended 29th February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of J G Rae Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J G Rae Limited and state those matters that we have agreed to state to the director of J G Rae Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that J G Rae Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J G Rae Limited. You consider that J G Rae Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J G Rae Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Goldwells Ltd
Goldwells House
Grange Road
Peterhead
aberdeenshire
AB42 1WN


29th July 2024