Company registration number SC135434 (Scotland)
RESTBITE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RESTBITE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
RESTBITE LIMITED
COMPANY INFORMATION
- 1 -
Director
M A Donaghy
Secretary
Mrs D C Haggerty
Company number
SC135434
Registered office
Monadh Ruadh
Avielochan
Aviemore
Inverness-shire
Scotland
PH22 1QD
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
RESTBITE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
220,000
220,000
Investments
4
209,660
188,858
429,660
408,858
Current assets
Debtors
5
13,495
47,131
Cash at bank and in hand
1,993
12,677
15,488
59,808
Creditors: amounts falling due within one year
6
(56,364)
(76,995)
Net current liabilities
(40,876)
(17,187)
Total assets less current liabilities
388,784
391,671
Capital and reserves
Called up share capital
7
20
20
Revaluation reserve
70,181
53,370
Other reserves
77,317
77,317
Profit and loss reserves
241,266
260,964
Total equity
388,784
391,671
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 August 2024
M A Donaghy
Director
Company Registration No. SC135434
RESTBITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Restbite Limited is a private company limited by shares incorporated in Scotland. The registered office is Monadh Ruadh, Avielochan, Aviemore, Inverness-shire, Scotland, PH22 1QD. The company's registration number is SC135434.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in the statement of comprehensive income.
1.3
Fixed asset investments
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Listed investments are stated at fair value. Unrealised gains and losses are recognised in the statement of comprehensive income.
Unlisted investments are stated at fair value unless those fair values cannot be measured reliably, in which case they are stated at cost less provision for any impairment.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
RESTBITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income 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 statement of comprehensive income, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
3
Investment properties
2024
£
Fair value
At 1 April 2023 and 31 March 2024
220,000
RESTBITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
209,660
188,858
Fixed asset investments revalued
If investments were stated on a historical cost basis rather than a fair value basis, the amounts would have been included at a historical cost of £139,478 (2023: £135,487)
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
188,858
Valuation changes
20,802
At 31 March 2024
209,660
Carrying amount
At 31 March 2024
209,660
At 31 March 2023
188,858
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
13,495
47,131
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,480
1,702
Other creditors
54,884
75,293
56,364
76,995
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary shares of £1
20
20
RESTBITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
£
£
Amounts owed to director
53,004
73,017
The loan due to the director is unsecured, interest free and repayable on demand.
During the year, the company operated a loan account with Packdraft Limited, a company under common control. Interest of £1,364 (2023 - £2,244) was charged on the outstanding loan balance. This loan is unsecured and repayable on demand.
No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".