Company registration number SC441730 (Scotland)
RUTHVEN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
RUTHVEN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RUTHVEN PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
90,344
84,385
Investment properties
4
11,309,651
10,786,150
11,399,995
10,870,535
Current assets
Debtors
5
574,483
817,640
Cash at bank and in hand
413,346
512,024
987,829
1,329,664
Creditors: amounts falling due within one year
6
(1,011,238)
(1,004,089)
Net current (liabilities)/assets
(23,409)
325,575
Total assets less current liabilities
11,376,586
11,196,110
Creditors: amounts falling due after more than one year
7
(7,619,908)
(7,260,335)
Provisions for liabilities
(285,564)
(285,564)
Net assets
3,471,114
3,650,211
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,471,014
3,650,111
Total equity
3,471,114
3,650,211
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
RUTHVEN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
M ROSS
M Ross
Director
Company Registration No. SC441730
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Ruthven Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.
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, modified to include the revaluation investment property at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Rental income is recognised for the period to which it relates to. Any rentals invoiced in advance are deferred accordingly over the year end.
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:
Plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line
Motor vehicles
5 years straight line
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 profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Financial instruments
The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and 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 in the Statement of comprehensive income.
1.8
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.
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.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
5,843
29,628
125,424
160,895
Additions
32,500
54,089
86,589
Disposals
(54,089)
(54,089)
At 28 February 2024
5,843
62,128
125,424
193,395
Depreciation and impairment
At 1 March 2023
4,889
29,027
42,594
76,510
Depreciation charged in the year
238
6,018
20,285
26,541
At 28 February 2024
5,127
35,045
62,879
103,051
Carrying amount
At 28 February 2024
716
27,083
62,545
90,344
At 28 February 2023
954
601
82,830
84,385
4
Investment property
2024
£
Fair value
At 1 March 2023
10,786,150
Additions
1,133,501
Revaluations
(610,000)
At 28 February 2024
11,309,651
The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors. The directors have made reference to market evidence of transaction prices for similar properties at the year end and believe the fair value of the investment properties to be £11,309,651 at the balance sheet date.
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,258
Other debtors
515,400
809,382
515,400
817,640
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
59,083
Total debtors
574,483
817,640
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
406,972
323,747
Trade creditors
28,123
3,521
Corporation tax
207,874
322,797
Other taxation and social security
50,870
46,374
Other creditors
317,399
307,650
1,011,238
1,004,089
Included within other creditors are obligations under finance leases of £7,649 (2023 - £7,649) which are secured against the asset to which they relate.
One of the bank loans is secured by a standard security over property of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,115,642
3,842,490
Other creditors
3,504,266
3,417,845
7,619,908
7,260,335
Included within other creditors are obligations under finance leases of £54,745 (2023 - £62,394) which are secured against the asset to which they relate.
One of the bank loans is secured by a standard security over property of the company.
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
4,522,614
4,166,237
Payable within one year
406,972
323,747
Payable after one year
4,115,642
3,842,490
The loans are secured by standard security over the investment properties. There are no fixed charges, fixed securities or floating charges on this property.
9
Related party transactions
During the year, the company received rental income of £208,668 (2023 - £208,668) and paid management charges of £12,000 (2023 - £12,000) to companies with a common director. At the year end date, there is an outstanding loan balance of £456,250 (2023 - £691,250) due to the company.
During the year the company made advances to a directors of £1,272,802 and credits were received by the company of £1,178,732 resulting in a loan due to the director from the company of £3,449,521 (2023 - 3,355,451).
The outstanding loans are interest free and repayable on demand.