JOHN RAE ARCHITECTURE AND DESIGN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company registration number SC412488 (Scotland)
PAGES FOR FILING WITH REGISTRAR
JOHN RAE ARCHITECTURE AND DESIGN LTD
COMPANY INFORMATION
Director
Mr John Rae
Company number
SC412488
Registered office
3 Graffham Avenue
Giffnock
Glasgow
Strathclyde
Scotland
G46 6EL
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
JOHN RAE ARCHITECTURE AND DESIGN LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JOHN RAE ARCHITECTURE AND DESIGN LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2
2
Current assets
Debtors
4
1,680
Cash at bank and in hand
70,185
58,464
70,185
60,144
Creditors: amounts falling due within one year
5
(39,953)
(39,941)
Net current assets
30,232
20,203
Net assets
30,234
20,205
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
30,232
20,203
Total equity
30,234
20,205
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 December 2023 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 member has 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 16 September 2024
Mr John Rae
Director
Company registration number SC412488 (Scotland)
JOHN RAE ARCHITECTURE AND DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
John Rae Architecture And Design Ltd is a private company limited by shares incorporated in Scotland. The registered office is 3 Graffham Avenue, Giffnock, Glasgow, Strathclyde, Scotland, G46 6EL.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover relates to the provision of architectural and related design services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20%
Computers
20%
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
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.
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
JOHN RAE ARCHITECTURE AND DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
1,778
Depreciation and impairment
At 1 January 2023 and 31 December 2023
1,776
Carrying amount
At 31 December 2023
2
At 31 December 2022
2
JOHN RAE ARCHITECTURE AND DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,680
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,587
3,688
Other creditors
37,366
36,253
39,953
39,941
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Directors' transactions
Dividends totalling £1,000 (2022 - £35,362) were paid in the year in respect of shares held by the company's directors.
During the year the director loaned the company £1,312 and withdrew £199. The total amount owed at 31 December 2023 is £36,608 (2022 - £35,495).
The director is also owed £758 from December salary.
The director does not seek repayment of this amount within any specific time period and will only request settlement when the company is able to meet these obligations.