REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
RKJ Property Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
RKJ Property Ltd |
RKJ Property Ltd (Registered number: SC655341) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
RKJ Property Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
St James Business Centre |
Linwood Road |
Paisley |
Renfrewshire |
PA3 3AT |
RKJ Property Ltd (Registered number: SC655341) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves | 8 |
Retained earnings | (2,834 | ) | (3,594 | ) |
The director acknowledges his 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. |
RKJ Property Ltd (Registered number: SC655341) |
Balance Sheet - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
RKJ Property Ltd (Registered number: SC655341) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
RKJ Property Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates of judgements used in the preparation of these financial statements. |
Turnover |
Turnover is measured at the fair value of the rents received or receivable in a period excluding any tenant deposits, value added tax or other associated taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. |
Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit and loss. |
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were sold at the balance sheet date. |
RKJ Property Ltd (Registered number: SC655341) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
As at the balance sheet date, investment property is recognised initially at cost including its purchase price, and directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transition costs. |
In subsequent years, the investment property shall be measured at fair value at each reporting date with changes in fair value recognised in the profit or loss. |
The investment property, which has been acquired through mortgage finance, has a capital balance to be settled at the end of the 25 year term time of £67,9852 and is duly noted in long-term liabilities. The mortgage finance is a fixed rate interest agreement reverting to a standard variable rate on 30th June 2024, with refinance options available after this date. The loan facilities utilised by the Company are secured with a charge over on the investment property, in favour of The Mortgage Works UK PLC. |
Cost or valuation at 29 February 2024 is represented by: |
£ |
Valuation in 2024 | 119,087 |
Total |
£ |
COST OR VALUATION |
At 1 March 2023 |
and 29 February 2024 | 119,087 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
RKJ Property Ltd (Registered number: SC655341) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Directors' current accounts | 38,042 | 38,042 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans more 5 yrs non-inst | 67,985 | 67,985 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | RESERVES |
Non-distrib |
reserves |
£ |
At 1 March 2023 |
and 29 February 2024 |
9. | OTHER FINANCIAL COMMITMENTS |
After the balance sheet date, the company released equity from the investment asset thus increasing the mortgage value attached to the investment asset by the value of £20,000. |
10. | RELATED PARTY DISCLOSURES |
In the year, the director operated a loan account. As at the balance sheet date, the company owed the director £38,042 [2023 - £38,042] which is duly included within Other creditors. The loan is interest free with no fixed term. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is P Monteith. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
RKJ Property Ltd |
The following reproduces the text of the report prepared for the director 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 Director 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 RKJ Property Ltd for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 director of RKJ Property Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of RKJ Property Ltd and state those matters that we have agreed to state to the director of RKJ Property Ltd 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 director for our work or for this report. |
It is your duty to ensure that RKJ Property Ltd 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 RKJ Property Ltd. You consider that RKJ Property Ltd 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 RKJ Property Ltd. 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. |
St James Business Centre |
Linwood Road |
Paisley |
Renfrewshire |
PA3 3AT |