IRIS Accounts Production v24.2.0.383 SC722053 director 1.3.23 29.2.24 29.2.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC7220532023-02-28SC7220532024-02-29SC7220532023-03-012024-02-29SC7220532022-02-03SC7220532022-02-042023-02-28SC7220532023-02-28SC722053ns15:Scotland2023-03-012024-02-29SC722053ns14:PoundSterling2023-03-012024-02-29SC722053ns10:Director12023-03-012024-02-29SC722053ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC722053ns10:SmallEntities2023-03-012024-02-29SC722053ns10:AuditExemptWithAccountantsReport2023-03-012024-02-29SC722053ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC722053ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC722053ns10:FullAccounts2023-03-012024-02-29SC722053ns10:RegisteredOffice2023-03-012024-02-29SC722053ns5:CurrentFinancialInstruments2024-02-29SC722053ns5:CurrentFinancialInstruments2023-02-28SC722053ns5:Non-currentFinancialInstruments2024-02-29SC722053ns5:Non-currentFinancialInstruments2023-02-28SC722053ns5:ShareCapital2024-02-29SC722053ns5:ShareCapital2023-02-28SC722053ns5:FurtherSpecificReserve3ComponentTotalEquity2024-02-29SC722053ns5:FurtherSpecificReserve3ComponentTotalEquity2023-02-28SC722053ns5:RetainedEarningsAccumulatedLosses2024-02-29SC722053ns5:RetainedEarningsAccumulatedLosses2023-02-28SC722053ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC722053ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC722053ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-02-29SC722053ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-02-28SC722053ns5:Secured2024-02-29SC722053ns5:Secured2023-02-28
REGISTERED NUMBER: SC722053 (Scotland)





















Unaudited Financial Statements

For The Year Ended 29 February 2024

for

Ruro Property Ltd

Ruro Property Ltd (Registered number: SC722053)






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

Ruro Property Ltd

Company Information
For The Year Ended 29 February 2024







DIRECTOR: R Findlay





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC722053 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Ruro Property Ltd (Registered number: SC722053)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 988,611 756,611

CURRENT ASSETS
Debtors 5 - 2,459
Cash at bank 84,366 119,454
84,366 121,913
CREDITORS
Amounts falling due within one year 6 354,165 339,001
NET CURRENT LIABILITIES (269,799 ) (217,088 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

718,812

539,523

CREDITORS
Amounts falling due after more than one
year

7

731,256

551,936
NET LIABILITIES (12,444 ) (12,413 )

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 9 33,590 -
Retained earnings (46,035 ) (12,414 )
SHAREHOLDERS' FUNDS (12,444 ) (12,413 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Ruro Property Ltd (Registered number: SC722053)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 October 2024 and were signed by:





R Findlay - Director


Ruro Property Ltd (Registered number: SC722053)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Ruro Property Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These accounts have been prepared on the going concern basis on the understanding that the bank and director will continue to financially support the company during this uncertain period.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales 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
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Ruro Property Ltd (Registered number: SC722053)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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 2 (2023 - NIL ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 756,611
Additions 198,410
Revaluations 33,590
At 29 February 2024 988,611
NET BOOK VALUE
At 29 February 2024 988,611
At 28 February 2023 756,611

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2024 988,611

If investment property had not been revalued it would have been included at the following historical cost:

29.2.24 28.2.23
£    £   
Cost 951,401 -

Investment property was valued on an open market basis on 29 February 2024 by the director. .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors - 2,459

Ruro Property Ltd (Registered number: SC722053)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other creditors 354,165 339,001

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 731,256 551,936

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 731,256 551,936

8. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 731,256 551,936

Aldermore Bank PLC, hold a standard security over the investment properties held at:

- Flat 1/1, 76 Main Street, Rutherglen
- G/2, 56 Orchard Court, Thornliebank
- 2/3, 29 Kirkwood Street, Rutherglen
- Flat 11, 7 Burnhill Quadrant, Rutherglen
- 48 Martyn Grove, Cambuslang
- 21 East Greenlees Gardens, Cambuslang
- 75B, Stonelaw Road, Rutherglen

Paragon Bank PLC, hold standard securities over the investment properties held at:

- 27 Silverbanks Road, Cambuslang
- 35 Silverbanks Road,Cambuslang

9. RESERVES
Fair
value
reserve
£   
Transfer to fair value reserve 33,590

At 29 February 2024 33,590

10. RELATED PARTY DISCLOSURES

At 29/02/2024, Ruro Property Ltd owed £10,353 to Winzac Ltd. The companies share directors.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Ruro 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 Ruro Property Ltd for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Ruro Property Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ruro Property Ltd and state those matters that we have agreed to state to the director of Ruro 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 Ruro 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 loss of Ruro Property Ltd. You consider that Ruro 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 Ruro 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.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


10 October 2024