0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,990,000 1,183 178,817 2,170,000 2,170,000 1,990,000 xbrli:pure xbrli:shares iso4217:GBP SC128837 2023-01-01 2023-12-31 SC128837 2023-12-31 SC128837 2022-12-31 SC128837 2022-01-01 2022-12-31 SC128837 2022-12-31 SC128837 2021-12-31 SC128837 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 SC128837 bus:Director3 2023-01-01 2023-12-31 SC128837 bus:Director4 2023-01-01 2023-12-31 SC128837 core:WithinOneYear 2023-12-31 SC128837 core:WithinOneYear 2022-12-31 SC128837 core:ShareCapital 2023-12-31 SC128837 core:ShareCapital 2022-12-31 SC128837 core:RevaluationReserve 2023-12-31 SC128837 core:RevaluationReserve 2022-12-31 SC128837 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC128837 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC128837 bus:SmallEntities 2023-01-01 2023-12-31 SC128837 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC128837 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC128837 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC128837 bus:FullAccounts 2023-01-01 2023-12-31 SC128837 core:LandBuildings 2022-12-31 SC128837 core:LandBuildings 2023-01-01 2023-12-31 SC128837 core:LandBuildings 2023-12-31
COMPANY REGISTRATION NUMBER: SC128837
R.D.M. Property Company Limited
Filleted Unaudited Financial Statements
31 December 2023
R.D.M. Property Company Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
R.D.M. Property Company Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of R.D.M. Property Company Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R.D.M. Property Company Limited for the year ended 31 December 2023, which comprise the statement of financial position 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of R.D.M. Property Company Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of R.D.M. Property Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.D.M. Property Company Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that R.D.M. Property Company 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 R.D.M. Property Company Limited. You consider that R.D.M. Property Company 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 R.D.M. Property Company 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
11 September 2024
R.D.M. Property Company Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
2,170,000
1,990,000
Current assets
Debtors
5
17,859
12,273
Cash at bank and in hand
45,045
48,921
--------
--------
62,904
61,194
Creditors: amounts falling due within one year
6
661,073
729,731
---------
---------
Net current liabilities
598,169
668,537
------------
------------
Total assets less current liabilities
1,571,831
1,321,463
------------
------------
Net assets
1,571,831
1,321,463
------------
------------
Capital and reserves
Called up share capital
100
100
Non-distributable reserves
190,866
12,049
Profit and loss account
1,380,865
1,309,314
------------
------------
Shareholders funds
1,571,831
1,321,463
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
A J R Stewart
E Cartwright
Director
Director
Company registration number: SC128837
R.D.M. Property Company Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash & cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent of properties and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment properties are included in the financial statements at Director's valuation which is based on estimated fair value. Professional valuations are carried out periodically to support these figures.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Investment Properties
Total
£
£
Cost or valuation
At 1 January 2023
1,990,000
1,990,000
Additions
1,183
1,183
Revaluations
178,817
178,817
------------
------------
At 31 December 2023
2,170,000
2,170,000
------------
------------
Depreciation
At 1 January 2023 and 31 December 2023
------------
------------
Carrying amount
At 31 December 2023
2,170,000
2,170,000
------------
------------
At 31 December 2022
1,990,000
1,990,000
------------
------------
The investment properties were valued by the Directors, on an open market basis, as at 31st December 2023 at £2,170,000 (2022: £1,990,000). If the properties had not been revalued they would have been stated at an historical cost of £1,977,949. (2022: £1,977,949).
5. Debtors
2023
2022
£
£
Trade debtors
15,220
6,374
Prepayments and accrued income
2,639
5,899
--------
--------
17,859
12,273
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
574,228
658,736
Accruals and deferred income
51,412
43,509
Corporation tax
22,608
18,929
Social security and other taxes
12,825
6,558
Other creditors - Deposit
1,999
---------
---------
661,073
729,731
---------
---------
The bank loans are secured by standard securities over the company's properties and a bond and floating charge over its whole property and undertakings.
7. Related party transactions
During the year the company paid management fees of £6,000 to Doune Limited, a company under the control of A J R Stewart , director. (2022: £6,000). The company also paid management fees of £3,000 to Sanders Cartwright Limited, a company under the control of G J Sanders (2022:£3,000), director and management fees of £6,000 to Saligo Real Estate Ltd, a company under the control of E A Cartwright, director (2022: £7,000).