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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,120,104
216,594
1,336,698
110,000
1,226,698
1,010,104
xbrli:pure
xbrli:shares
iso4217:GBP
SC539070
2022-07-01
2023-12-31
SC539070
2023-12-31
SC539070
2022-06-30
SC539070
2021-07-01
2022-06-30
SC539070
2022-06-30
SC539070
2021-06-30
SC539070
core:LandBuildings
2022-07-01
2023-12-31
SC539070
bus:Director2
2022-07-01
2023-12-31
SC539070
core:LandBuildings
2023-12-31
SC539070
core:WithinOneYear
2023-12-31
SC539070
core:WithinOneYear
2022-06-30
SC539070
core:AfterOneYear
2023-12-31
SC539070
core:AfterOneYear
2022-06-30
SC539070
core:ShareCapital
2023-12-31
SC539070
core:ShareCapital
2022-06-30
SC539070
core:RetainedEarningsAccumulatedLosses
2023-12-31
SC539070
core:RetainedEarningsAccumulatedLosses
2022-06-30
SC539070
core:LandBuildings
2022-06-30
SC539070
core:LandBuildings
2022-06-30
SC539070
bus:SmallEntities
2022-07-01
2023-12-31
SC539070
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-12-31
SC539070
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-12-31
SC539070
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-12-31
SC539070
bus:FullAccounts
2022-07-01
2023-12-31
COMPANY REGISTRATION NUMBER:
SC539070
Russell-Propertiestech Ltd |
|
Filleted Unaudited Financial Statements |
|
Russell-Propertiestech Ltd |
|
Period from 1 July 2022 to 31 December 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Russell-Propertiestech Ltd |
|
Statement of Financial Position |
|
31 December 2023
|
31 Dec 23 |
30 Jun 22 |
Note |
£ |
£ |
|
|
|
Fixed assets
Tangible assets |
4 |
1,226,698 |
1,010,104 |
|
|
|
|
Current assets
Debtors |
5 |
344,644 |
135,000 |
Cash at bank and in hand |
15,422 |
134,717 |
|
--------- |
--------- |
|
360,066 |
269,717 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
295,314 |
289,222 |
|
--------- |
--------- |
Net current assets/(liabilities) |
64,752 |
(
19,505) |
|
------------ |
------------ |
Total assets less current liabilities |
1,291,450 |
990,599 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
317,217 |
357,968 |
|
------------ |
--------- |
Net assets |
974,233 |
632,631 |
|
------------ |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
974,133 |
632,531 |
|
--------- |
--------- |
Shareholders funds |
974,233 |
632,631 |
|
--------- |
--------- |
|
|
|
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 income and retained earnings has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Russell-Propertiestech Ltd |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
30 August 2024
, and are signed on behalf of the board by:
Company registration number:
SC539070
Russell-Propertiestech Ltd |
|
Notes to the Financial Statements |
|
Period from 1 July 2022 to 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 8 Dilwara Avenue, Glasgow, G14 OQS.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental of properties.
Taxation
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land and buildings |
- |
2% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Investment properties |
|
£ |
Cost |
|
At 1 July 2022 |
1,120,104 |
Additions |
216,594 |
|
------------ |
At 31 December 2023 |
1,336,698 |
|
------------ |
Depreciation |
|
At 1 July 2022 and 31 December 2023 |
110,000 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
1,226,698 |
|
------------ |
At 30 June 2022 |
1,010,104 |
|
------------ |
|
|
The investment property is valued at cost less £110,000 impairment charge made against the carrying value of the properties in 2021. The property values will be reviewed, in line with market rates of similar properties, at the end of each reporting period. The Directors do not consider that any further change to the carrying value of properties is appropriate at 31st December 2023.
5.
Debtors
|
31 Dec 23 |
30 Jun 22 |
|
£ |
£ |
Trade debtors |
81,000 |
– |
Other debtors |
263,644 |
135,000 |
|
--------- |
--------- |
|
344,644 |
135,000 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
30 Jun 22 |
|
£ |
£ |
Bank loans and overdrafts |
36,667 |
35,934 |
Corporation tax |
90,864 |
78,622 |
Other creditors |
167,783 |
174,666 |
|
--------- |
--------- |
|
295,314 |
289,222 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
31 Dec 23 |
30 Jun 22 |
|
£ |
£ |
Bank loans and overdrafts |
317,217 |
357,968 |
|
--------- |
--------- |
|
|
|
8.
Charges on assets
Creditors include bank loans which are secured of £353,874 (2022 - £393,901).
9.
Director's advances, credits and guarantees
The Company has advanced a loan of £128,644 to a Director of the company during the year. This loan will be repaid in the year to 31st December 2024 and interest will be charged on the outstanding balance.