Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mrs C Stevenson 29/11/2019 Mr G S Stevenson Mrs J M Stevenson 29/11/2019 Mr P A Stevenson 30/03/2007 Mr T S Stevenson 26/04/2004 Timothy Stewart Stevenson 29 November 2024 The principal activities of the company continued to be that of property development and letting. SC081498 2024-02-29 SC081498 bus:Director1 2024-02-29 SC081498 bus:Director3 2024-02-29 SC081498 bus:Director4 2024-02-29 SC081498 bus:Director5 2024-02-29 SC081498 2023-02-28 SC081498 core:CurrentFinancialInstruments 2024-02-29 SC081498 core:CurrentFinancialInstruments 2023-02-28 SC081498 core:Non-currentFinancialInstruments 2024-02-29 SC081498 core:Non-currentFinancialInstruments 2023-02-28 SC081498 core:ShareCapital 2024-02-29 SC081498 core:ShareCapital 2023-02-28 SC081498 core:RevaluationReserve 2024-02-29 SC081498 core:RevaluationReserve 2023-02-28 SC081498 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC081498 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC081498 core:LandBuildings 2023-02-28 SC081498 core:PlantMachinery 2023-02-28 SC081498 core:Vehicles 2023-02-28 SC081498 core:OfficeEquipment 2023-02-28 SC081498 core:LandBuildings 2024-02-29 SC081498 core:PlantMachinery 2024-02-29 SC081498 core:Vehicles 2024-02-29 SC081498 core:OfficeEquipment 2024-02-29 SC081498 core:CostValuation 2023-02-28 SC081498 core:DisposalsRepaymentsInvestments 2024-02-29 SC081498 core:CostValuation 2024-02-29 SC081498 bus:OrdinaryShareClass1 2024-02-29 SC081498 2023-03-01 2024-02-29 SC081498 bus:FilletedAccounts 2023-03-01 2024-02-29 SC081498 bus:SmallEntities 2023-03-01 2024-02-29 SC081498 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC081498 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC081498 bus:Director1 2023-03-01 2024-02-29 SC081498 bus:Director2 2023-03-01 2024-02-29 SC081498 bus:Director3 2023-03-01 2024-02-29 SC081498 bus:Director4 2023-03-01 2024-02-29 SC081498 bus:Director5 2023-03-01 2024-02-29 SC081498 bus:Director6 2023-03-01 2024-02-29 SC081498 core:PlantMachinery 2023-03-01 2024-02-29 SC081498 core:Vehicles core:TopRangeValue 2023-03-01 2024-02-29 SC081498 core:OfficeEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC081498 2022-03-01 2023-02-28 SC081498 core:LandBuildings 2023-03-01 2024-02-29 SC081498 core:Vehicles 2023-03-01 2024-02-29 SC081498 core:OfficeEquipment 2023-03-01 2024-02-29 SC081498 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 SC081498 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC081498 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC081498 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC081498 1 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC081498 (Scotland)

RIBNORT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

RIBNORT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

RIBNORT LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
RIBNORT LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 281,338 187,525
Investment property 4 12,097,149 14,584,884
Investments 5 825 1,376
12,379,312 14,773,785
Current assets
Stocks 2,638,796 2,638,796
Debtors 6 1,921,662 685,467
Cash at bank and in hand 3,350,716 3,982,577
7,911,174 7,306,840
Creditors: amounts falling due within one year 7 ( 742,465) ( 627,252)
Net current assets 7,168,709 6,679,588
Total assets less current liabilities 19,548,021 21,453,373
Creditors: amounts falling due after more than one year 8 ( 6,250,000) ( 7,450,000)
Provision for liabilities 9 ( 694,154) ( 660,263)
Net assets 12,603,867 13,343,110
Capital and reserves
Called-up share capital 10 1,000 1,000
Revaluation reserve 2,296,504 2,916,504
Profit and loss account 10,306,363 10,425,606
Total shareholders' funds 12,603,867 13,343,110

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ribnort Limited (registered number: SC081498) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Timothy Stewart Stevenson
Director
RIBNORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
RIBNORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ribnort Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is The Coachhouse, 29 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

Revenue from the sale of land and property is recognised when the significant risks and rewards of ownership of the land and property have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income is recognised in line with the lease agreements in place.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 16.67 % reducing balance
Vehicles 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Depreciation has not been charged on land and buildings. The directors believe this is necessary as charging depreciation would not represent a true and fair reflection of the current market value of land and buildings.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

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 the Profit and Loss Account as described below.

Investment property

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. The surplus or deficit on revaluation is recognised in the profit and loss account.

Fixed asset investments

Interests in subsidiaries 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price. 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 March 2023 154,169 30,915 56,965 0 242,049
Additions 0 0 125,995 1,221 127,216
At 29 February 2024 154,169 30,915 182,960 1,221 369,265
Accumulated depreciation
At 01 March 2023 0 29,213 25,311 0 54,524
Charge for the financial year 0 279 32,988 136 33,403
At 29 February 2024 0 29,492 58,299 136 87,927
Net book value
At 29 February 2024 154,169 1,423 124,661 1,085 281,338
At 28 February 2023 154,169 1,702 31,654 0 187,525

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 14,584,884
Additions 228,919
Fair value movement (956,120)
Disposals (1,760,534)
As at 29 February 2024 12,097,149

The directors consider the valuation of the investment properties to be a fair and true valuation of the properties as at 29 February 2024. This has taken into consideration a formal valuation undertaken on 29 February 2024 by Knight Frank LLP on an open market basis. The valuation carried out by Knight Frank LLP did not include one of the investment properties. This property is still valued at cost as the directors believe that this represents a fair and true valuation of the property.

The original cost of the investment properties was £9,887,620 (2023 - £11,419,235).

5. Fixed asset investments

Investments in joint ventures Other investments Total
£ £ £
Cost or valuation before impairment
At 01 March 2023 1 1,375 1,376
Disposals ( 1) ( 550) ( 551)
At 29 February 2024 0 825 825
Carrying value at 29 February 2024 0 825 825
Carrying value at 28 February 2023 1 1,375 1,376

6. Debtors

2024 2023
£ £
Trade debtors 223,796 179,212
Amounts owed by Group undertakings 249,925 250,695
Other debtors 1,447,941 255,560
1,921,662 685,467

Amounts owed by group undertakings are interest free and repayable on demand.

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 200,000 200,000
Trade creditors 61,523 15,051
Taxation and social security 161,065 166,876
Other creditors 319,877 245,325
742,465 627,252

The bank loan is secured by a bond and floating charge held over all the assets of the company plus a standard charge held over several of the investment properties held within the company's portfolio.

The aggregate amount of creditors due within one year for which security has been granted amounted to £200,000 (2023 - £200,000).

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,250,000 7,450,000

The bank loan is secured by a bond and floating charge held over all the assets of the company plus a standard charge held over several of the investment properties held within the company's portfolio.

The aggregate amount of creditors due after more than one year for which security has been granted amounted to £6,250,000 (2023 - £7,450,000).

9. Provision for liabilities

2024 2023
£ £
Deferred tax 694,154 660,263

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Dividends were paid in the year in respect of shares held by the company's directors. 270,000 225,000

Other related party transactions

2024 2023
£ £
Amounts due from related parties - Entities over which the entity has control, joint control or significant influence 249,925 250,695

12. Ultimate controlling party

The company is under the control of the directors.