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REGISTERED NUMBER: SC648342 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

ROYAL MILE APARTMENTS LIMITED

ROYAL MILE APARTMENTS LIMITED (REGISTERED NUMBER: SC648342)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROYAL MILE APARTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Isaac Saina
Derek Murdoch Stuart





SECRETARY: Isaac Saina





REGISTERED OFFICE: Flat 2F1
42 York Place
Edinburgh
EH1 3HU





REGISTERED NUMBER: SC648342 (Scotland)





ACCOUNTANTS: Stewart Gilmour & Co.
3rd Floor
St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH

ROYAL MILE APARTMENTS LIMITED (REGISTERED NUMBER: SC648342)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,177 7,277
Investment property 5 294,292 294,292
299,469 301,569

CURRENT ASSETS
Cash at bank 55,820 25,937

CREDITORS
Amounts falling due within one year 6 143,987 127,451
NET CURRENT LIABILITIES (88,167 ) (101,514 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,302

200,055

CREDITORS
Amounts falling due after more than one
year

7

289,252

297,673
NET LIABILITIES (77,950 ) (97,618 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (78,050 ) (97,718 )
SHAREHOLDERS' FUNDS (77,950 ) (97,618 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ROYAL MILE APARTMENTS LIMITED (REGISTERED NUMBER: SC648342)

BALANCE SHEET - continued
30 NOVEMBER 2023


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 Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





Derek Murdoch Stuart - Director


ROYAL MILE APARTMENTS LIMITED (REGISTERED NUMBER: SC648342)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Royal Mile Apartments Limited 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.

Going concern
The financial statements have been prepared on the going concern basis which assumes the company will continue in operational existence for the foreseeable future. At 30 November 2023 the company's current liabilities, including £127,582 owed to the directors and their associated companies, exceeded its current assets by £88,167. The company is thus dependent on the continuing support of its directors and other creditors. The directors are confident of this continuing support and of the company's long-term trading prospects and on this basis consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result from the withdrawal of financial support.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Investment property
In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the Generally Accepted Accounting Principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net loss for the financial year would have been increased by additional depreciation charges of £5,885.

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.


ROYAL MILE APARTMENTS LIMITED (REGISTERED NUMBER: SC648342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

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 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 December 2022
and 30 November 2023 12,443
DEPRECIATION
At 1 December 2022 5,166
Charge for year 2,100
At 30 November 2023 7,266
NET BOOK VALUE
At 30 November 2023 5,177
At 30 November 2022 7,277

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 294,292
NET BOOK VALUE
At 30 November 2023 294,292
At 30 November 2022 294,292

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 294,292

ROYAL MILE APARTMENTS LIMITED (REGISTERED NUMBER: SC648342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. INVESTMENT PROPERTY - continued

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

2023 2022
£    £   
Cost 294,292 294,292
Aggregate depreciation (23,544 ) (17,658 )

The investment property was valued on an open market basis basis on 30 November 2023 by the directors .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,272 12,166
Amounts owed to associates 36,720 36,720
Other creditors 93,995 78,565
143,987 127,451

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 289,252 297,673

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 249,436 261,176

8. SECURED DEBTS

The company's bank loan is secured over its investment property.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary £1 50 50
50 Ordinary 'A' £1 50 50
100 100