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REGISTERED NUMBER: SC414819 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 January 2024

for

Residence Estate Agents Limited

Residence Estate Agents Limited (Registered number: SC414819)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Residence Estate Agents Limited

Company Information
For The Year Ended 31 January 2024







DIRECTORS: K McAllister
A Watt





REGISTERED OFFICE: 34 Cadzow Street
Hamilton
Lanarkshire
ML3 6DG





REGISTERED NUMBER: SC414819 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Residence Estate Agents Limited

The following reproduces the text of the report prepared for the directors 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 Directors 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 Residence Estate Agents Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Residence Estate Agents Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Residence Estate Agents Limited and state those matters that we have agreed to state to the Board of Directors of Residence Estate Agents Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Residence Estate Agents 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 loss of Residence Estate Agents Limited. You consider that Residence Estate Agents 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 Residence Estate Agents 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.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


12 September 2024

Residence Estate Agents Limited (Registered number: SC414819)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 447,379 436,212

CURRENT ASSETS
Debtors 5 265,967 234,916
Cash at bank and in hand 291,124 474,034
557,091 708,950
CREDITORS
Amounts falling due within one year 6 280,595 207,255
NET CURRENT ASSETS 276,496 501,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

723,875

937,907

CREDITORS
Amounts falling due after more than one
year

7

(196,178

)

(207,264

)

PROVISIONS FOR LIABILITIES 9 - (14,224 )
NET ASSETS 527,697 716,419

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 527,597 716,319
SHAREHOLDERS' FUNDS 527,697 716,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Residence Estate Agents Limited (Registered number: SC414819)

Balance Sheet - continued
31 January 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 Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




A Watt - Director



K McAllister - Director


Residence Estate Agents Limited (Registered number: SC414819)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

Residence Estate Agents 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Computer equipment - 33% on cost

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.


Residence Estate Agents Limited (Registered number: SC414819)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 387,764 140,315 81,740 34,014 643,833
Additions - 414 43,558 11,637 55,609
Disposals - - - (23,243 ) (23,243 )
At 31 January 2024 387,764 140,729 125,298 22,408 676,199
DEPRECIATION
At 1 February 2023 39,766 111,941 24,996 30,918 207,621
Charge for year 7,755 5,757 25,075 5,855 44,442
Eliminated on disposal - - - (23,243 ) (23,243 )
At 31 January 2024 47,521 117,698 50,071 13,530 228,820
NET BOOK VALUE
At 31 January 2024 340,243 23,031 75,227 8,878 447,379
At 31 January 2023 347,998 28,374 56,744 3,096 436,212

Residence Estate Agents Limited (Registered number: SC414819)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 55,254 92,166
Other debtors 210,713 142,750
265,967 234,916

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 24,665 24,414
Hire purchase contracts and finance leases 25,536 14,678
Trade creditors 4,367 3,589
Taxation and social security 52,306 48,692
Other creditors 173,721 115,882
280,595 207,255

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 143,293 160,164
Hire purchase contracts and finance leases 52,885 47,100
196,178 207,264

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loan 143,847 -

All and whole the office premises forming 30,32, 34 and 34A Cadzow Street, Hamilton being the whole subjects registered in the land register of Scotland under title number LAN1241.
61 & 63 Main Street, Uddingston LAN11134. Notification of addition to or amendment of charge.
Floating charge covers all the property or undertaking of the company.

9. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax - 14,224

Residence Estate Agents Limited (Registered number: SC414819)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 14,224
Provided during year (14,224 )
Balance at 31 January 2024 -

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
K McAllister
Balance outstanding at start of year 42,502 70,853
Amounts repaid - (86,377 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 41,944 42,502

A Watt
Balance outstanding at start of year 17,182 10,895
Amounts repaid - (60,867 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,210 17,182

11. RELATED PARTY DISCLOSURES

During the year a loan was provided to Residence Property Letting Ltd, a company owned by the directors. At the year end, the loan balance was £32,469. This loan is interest free and has no fixed repayment terms.
As at 31/01/2024, Residence Estate Agents was owed £56,558 by 23MM Ltd. These companies have directors in common. This loan is interest free and has no fixed repayment terms.
As at 31/01/2024, Residence Estate Agents was owed £36,225 by Bear 5 Ltd. These companies have directors in common. This loan is interest free and has no fixed repayment terms.