Company registration number SC552488 (Scotland)
THE RISSCO COLLECTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
THE RISSCO COLLECTION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
THE RISSCO COLLECTION LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr H H Rissmann
Secretary
Turcan Connell Company Secretaries Limited
Company number
SC552488
Registered office
Strathaven Hotel
Hamilton Road
Strathaven
Scotland
ML10 6SZ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
THE RISSCO COLLECTION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
33,259
44,347
Tangible assets
4
1,526,713
1,466,120
1,559,972
1,510,467
Current assets
Stocks
23,815
21,714
Debtors
5
40,169
80,569
Cash at bank and in hand
438,901
667,929
502,885
770,212
Creditors: amounts falling due within one year
6
(475,322)
(466,432)
Net current assets
27,563
303,780
Total assets less current liabilities
1,587,535
1,814,247
Creditors: amounts falling due after more than one year
7
(1,478,104)
(1,771,897)
Provisions for liabilities
8
(62,317)
(36,088)
Net assets
47,114
6,262
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
47,014
6,162
Total equity
47,114
6,262
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 January 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 RISSCO COLLECTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 12 July 2024
Mr H H Rissmann
Director
Company Registration No. SC552488
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
The Rissco Collection Limited is a private company limited by shares incorporated in Scotland. The registered office is Strathaven Hotel, Hamilton Road, Strathaven, Scotland, ML10 6SZ. The company's registration number is SC552488.
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
The turnover shown in the profit and loss account represents the value of all hotel services delivered during the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.
1.4
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:
Freehold property
2% straight line
Fixtures and fittings
15% reducing balance
Computer Equipment
33% straight line
Motor vehicles
25% reducing balance
With effect from 1 February 2023, the company changed the method of depreciating its fixtures and fittings from 15% on a straight-line basis to 15% on a reducing balance basis. This revised method better reflects the company’s consumption of the fixtures and fittings over their useful lives and is consistent with the company’s replacement cycle.
The change in depreciation method is a change in accounting estimate and is accounted for in the year of the change and in subsequent periods.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is the purchase price of food and beverages calculated using the first-in first-out method.
1.7
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.
1.8
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.
1.9
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.
1.10
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 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.
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
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 profit and loss account, 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.
1.11
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
56
53
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
110,869
Amortisation and impairment
At 1 February 2023
66,522
Amortisation charged for the year
11,088
At 31 January 2024
77,610
Carrying amount
At 31 January 2024
33,259
At 31 January 2023
44,347
4
Tangible fixed assets
Freehold property
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
1,432,046
699,817
2,811
2,134,674
Additions
32,293
1,508
98,500
132,301
At 31 January 2024
1,432,046
732,110
4,319
98,500
2,266,975
Depreciation and impairment
At 1 February 2023
197,391
469,995
1,168
668,554
Depreciation charged in the year
28,641
37,684
1,279
4,104
71,708
At 31 January 2024
226,032
507,679
2,447
4,104
740,262
Carrying amount
At 31 January 2024
1,206,014
224,431
1,872
94,396
1,526,713
At 31 January 2023
1,234,655
229,822
1,643
1,466,120
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,462
54,905
Other debtors
13,707
25,664
40,169
80,569
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
59,330
87,980
Trade creditors
37,192
58,347
Taxation and social security
131,843
135,287
Other creditors
246,957
184,818
475,322
466,432
Bank borrowings are secured by way of a bond and floating charge over the whole assets of the company and a standard security over the company's heritable property.
Included within other creditors are amounts totalling £10,450 (2023 - £nil) relating to hire purchase contracts which are secured over the assets to which they relate.
Also included within other creditors are amounts totalling £nil (2023 - £868) relating to a loan which is secured over the asset to which it relates.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
548,446
672,397
Other creditors
929,658
1,099,500
1,478,104
1,771,897
Bank borrowings are secured by way of a bond and floating charge over the whole assets of the company and a standard security over the company's heritable property.
Included within other creditors are amounts totalling £30,158 (2023 - £nil) relating to hire purchase contracts which are secured over the assets to which they relate.
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
293,813
348,558
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
62,317
36,088
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
62,317
36,088
2024
Movements in the year:
£
Liability at 1 February 2023
36,088
Charge to profit or loss
26,229
Liability at 31 January 2024
62,317
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 A Ordinary of £50
50
50
1 B Ordinary of £50
50
50
100
100
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Called up share capital
(Continued)
- 10 -
Ordinary shares
A Ordinary and B Ordinary shares confer full voting rights.
The shares confer the right to receive dividends once the preference shares have been redeemed and all loans are fully repaid. The A ordinary shares shall rank pari passu with the B Ordinary shares in respect of any such distribution.
On a return of assets on liquidation, and once the preference shares have been repaid, the shares confer the right to receive an amount equivalent to the original subscription price per share and a distribution of the surplus assets of the company in proportion to the number of shares held. The A ordinary shares shall rank pari passu with the B Ordinary shares in respect of any such distribution. In the event of a share sale, the shares confer ( once the preference shares have been repaid) a right to a distribution of the proceeds of the sale in proportion to the number of shares held. The A ordinary shares shall rank pari passu with the B Ordinary shares in respect of any such distribution. In the event of an asset sale, the shares confer (once the preference shares have been repaid) a right to a distribution of the surplus assets of the company in proportion to the number of shares held. The A ordinary shares shall rank pari passu with the B Ordinary shares in respect of any such distribution.
The shares are not redeemable.
Preference shares
Preference shares have no voting rights attached to them.
The shares confer the right to receive an annual fixed dividend. From 1 April 2022 until 31 March 2023 the annual rate was 2.5%. From and including 1 April 2023 until the Preference Shares are redeemed in full the annual rate will be 1% above the base rate of The Royal Bank of Scotland Plc, subject to a minimum annual rate of 2.5%.
On a return of assets on liquidation or in the event of a share or asset sale, the shares confer the right to repayment of an amount equivalent to the original subscription price per preference share in priority to all other share classes.
On 6 April 2023 200,000 Preference shares of £1 each were redeemed at par for cash.
At any time after the tenth anniversary of the date of the company's adoption of the relevant Articles of Association, the shareholders are to use all reasonable endeavours to procure alternative funding to be obtained by the company to allow the Preference shares to be redeemed within 1 year. Subject to the foregoing, the director of the company shall determine the terms, conditions and manner of redemption of the Preference shares.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
3,667
3,874
THE RISSCO COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
12
Related party transactions
As at 31 January 2024 amounts totalling £529,500 (2023 - £499,500) were due to the director, Mr H H Rissman. The director's current account is unsecured and non-interest bearing.
No further 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".
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