Company Registration No. SC232862 (Scotland)
RUTTERFORD (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RUTTERFORD (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RUTTERFORD (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
17,319,248
18,212,636
Current assets
Debtors
4
1,427,347
1,492,856
Cash at bank and in hand
1,824,266
3,054,942
3,251,613
4,547,798
Creditors: amounts falling due within one year
5
(3,652,622)
(6,404,851)
Net current liabilities
(401,009)
(1,857,053)
Total assets less current liabilities
16,918,239
16,355,583
Creditors: amounts falling due after more than one year
6
(79,000)
(79,000)
Net assets
16,839,239
16,276,583
Capital and reserves
Called up share capital
7
1,000
1,000
Revaluation reserve
8
10,055,373
10,487,200
Profit and loss reserves
6,782,866
5,788,383
Total equity
16,839,239
16,276,583

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 31 March 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.

RUTTERFORD (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
E M Young
Director
Company Registration No. SC232862
RUTTERFORD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Rutterford (Holdings) Limited is a private company limited by shares incorporated in Scotland. The registered office is 19 Rutland Square, Edinburgh, EH1 2BB.

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 of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash at bank and in hand

Cash at bank and in hand 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.

1.4
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.

RUTTERFORD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

1.6
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.7
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.

RUTTERFORD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes.  In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.  However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.  In accordance with FRS19, deferred tax is not recognised on revaluation gains.  Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the years in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).

3
Fixed asset investments
2024
2023
£
£
Investments
17,319,248
18,212,636
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 April 2023
13,647,815
4,564,821
18,212,636
Additions
-
523,705
523,705
Valuation changes
(167,691)
140,723
(26,968)
Amounts written off
(40,000)
(17,260)
(57,260)
Disposals
-
(1,332,865)
(1,332,865)
At 31 March 2024
13,440,124
3,879,124
17,319,248
Carrying amount
At 31 March 2024
13,440,124
3,879,124
17,319,248
At 31 March 2023
13,647,815
4,564,821
18,212,636
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
75,157
649,134
RUTTERFORD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
1,352,190
843,722
Total debtors
1,427,347
1,492,856
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,895
30,000
Amounts owed to group undertakings
3,565,478
6,372,687
Corporation tax
8,948
2,164
Other creditors
76,301
-
0
3,652,622
6,404,851
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
79,000
79,000
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
500 Ordinary 'A' Shares of £1 each
500
500
500 Ordinary 'B' Shares of £1 each
500
500
1,000
1,000
RUTTERFORD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Revaluation reserve
2024
2023
£
£
At beginning of year
10,487,200
10,233,085
Revaluation (deficit)/surplus arising in the year
-
0
271,657
Other movements
(431,827)
(17,542)
At end of year
10,055,373
10,487,200
9
Related party transactions

At 31 March 2024 the following related parties owed/(were due) the following sums:-

 

Rutterford Limited - Subsidiary - (£6,332,687) (2023 - (£6,332,687))

 

Majestic Belford Limited - Joint Venture - £422,552 (2023 - £422,552)

 

Lothian Park Limited - Subsidiary - £81,995 (2023 - £nil)

 

Canal Court Pavilions Limited - Directors M D Rutterford and E M Young are directors - £nil (2023 - £383,491)

 

In addition, Airds Capital Limited, a company owned and controlled by the director E M Young was paid dividends of £500,000 (2023 - £450,000) during the year and at the year end was due £72,334 to Rutterford (Holdings) Limited (2023 - £431,659).

10
Directors' transactions

At the year end, included in other creditors was a director's loan account in respect of Dr M D Rutterford in the sum of £26,227 (2023 - debtor of £216,527).

 

Dividends totalling £500,000 (2023 - £450,000) were payable to the director Dr M D Rutterford during the year.

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