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REGISTERED NUMBER: SC542442 (Scotland)











REEKIE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






REEKIE LTD (REGISTERED NUMBER: SC542442)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


REEKIE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Eric Hay Macleod Gardiner
Jamie Hay Macleod Gardiner



SECRETARY: Jamie Hay Macleod Gardiner



REGISTERED OFFICE: 171 St. Leonard Street
Lanark
Lanarkshire
ML11 7DZ



REGISTERED NUMBER: SC542442 (Scotland)



AUDITORS: Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Clydesdale Bank PLC
Dunn Square
1 Causeyside Street
Paisley
Renfrewshire
PA1 1BH

REEKIE LTD (REGISTERED NUMBER: SC542442)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 1,389,794 1,391,994

CREDITORS
Amounts falling due within one year 5 365,611 367,811
NET CURRENT ASSETS 1,024,183 1,024,183
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,024,183

1,024,183

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 1,024,083 1,024,083
SHAREHOLDERS' FUNDS 1,024,183 1,024,183

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Eric Hay Macleod Gardiner - Director


REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Reekie Ltd is a private company, limited by shares, registered in Scotland. The Company’s registered number is SC542442 and registered office address is 171 St. Leonard Street, Lanark, Lanarkshire, ML11 7DZ.

The nature of the company's operations and its principal activities was that of the distribution, sale, and repair of agricultural and industrial machinery.

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.

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 £.

Going concern
At 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.

Critical accounting judgements & key sources of estimation uncertainty
In preparing these financial statements, the directors have not made any critical accounting judgements or used any key sources of estimation uncertainty.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,389,794 1,389,794
VAT - 2,200
1,389,794 1,391,994

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 365,611 367,811

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 365,611 367,811

The bank overdraft facility and bank loan are secured by a supported guarantee held by Daniel Ross (Engineers) Limited, Hamilton Bros. (Engineering) Limited, Reekie Ltd and Hamilton Ross Group Limited, a floating charge over company assets and a legal first charge over property specified freehold property.

7. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2024 2023
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 1,389,794 1,391,994
Cash and cash equivalents - -
1,389,794 1,391,994
Financial liabilities
Financial liabilities measured at amortised cost 365,611 367,811

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 March 2023 1,024,083
Profit for the year -
At 29 February 2024 1,024,083

Retained earnings
Includes all current and prior year retained profits and losses less dividends.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kirsty Mackie BAcc CA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services

REEKIE LTD (REGISTERED NUMBER: SC542442)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

11. CONTINGENT LIABILITIES

Bank Guarantees
Cross bank guarantees exist between all group companies. The gross bank borrowing at 29 February 2024 amounted to £373,300 (2023 - £444,571).

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The share capital of the company's ultimate parent company, Daniel Ross (Channel Islands) Limited, is held in trust and no individual is considered by the directors to be the ultimate controlling party.