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Registered number: 02095986
Rannock Properties Limited
Financial Statements
For The Year Ended 30 November 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 02095986
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 316,447 292,760
316,447 292,760
CURRENT ASSETS
Stocks 5 531,048 566,555
Debtors 6 149,799 147,326
Cash at bank and in hand 17,649 16,196
698,496 730,077
Creditors: Amounts Falling Due Within One Year 7 (11,514 ) (3,600 )
NET CURRENT ASSETS (LIABILITIES) 686,982 726,477
TOTAL ASSETS LESS CURRENT LIABILITIES 1,003,429 1,019,237
NET ASSETS 1,003,429 1,019,237
CAPITAL AND RESERVES
Called up share capital 8 30,000 30,000
Profit and Loss Account 973,429 989,237
SHAREHOLDERS' FUNDS 1,003,429 1,019,237
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Barnes
Director
7th August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rannock Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02095986 . The registered office is High Holbourn Lodge, Fotheringay, Peterborough, PE8 5HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not Depreciated
Plant & Machinery 25% Reducing Balance Basis
Fixtures & Fittings 25% Reducing Balance Basis
Computer Equipment 25% Reducing Balance Basis
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 290,303 3,072 293,375
Additions 21,156 3,774 24,930
As at 30 November 2023 311,459 6,846 318,305
...CONTINUED
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Depreciation
As at 1 December 2022 - 615 615
Provided during the period - 1,243 1,243
As at 30 November 2023 - 1,858 1,858
Net Book Value
As at 30 November 2023 311,459 4,988 316,447
As at 1 December 2022 290,303 2,457 292,760
5. Stocks
2023 2022
£ £
Stock 531,048 566,555
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 9,955 12,355
Other debtors 139,844 95,371
Director's loan account - 39,600
149,799 147,326
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,600 3,600
Director's loan account 7,914 -
11,514 3,600
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 30,000 30,000
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Andrew Barnes 39,600 - 39,600 - -
The above loan is unsecured, interest free and repayable on demand.
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