Silverfin false false 29/02/2024 01/03/2023 29/02/2024 A Templeton 21/09/2018 L Templeton 28/09/2020 J White 29/09/2018 R White 28/09/2020 29 November 2024 The principal activity of the Company during the financial year continued to be that of asset management. SC608736 2024-02-29 SC608736 bus:Director1 2024-02-29 SC608736 bus:Director2 2024-02-29 SC608736 bus:Director3 2024-02-29 SC608736 bus:Director4 2024-02-29 SC608736 core:CurrentFinancialInstruments 2024-02-29 SC608736 core:CurrentFinancialInstruments 2023-02-28 SC608736 2023-02-28 SC608736 core:Non-currentFinancialInstruments 2024-02-29 SC608736 core:Non-currentFinancialInstruments 2023-02-28 SC608736 core:ShareCapital 2024-02-29 SC608736 core:ShareCapital 2023-02-28 SC608736 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC608736 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC608736 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-02-29 SC608736 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-02-28 SC608736 bus:OrdinaryShareClass1 2024-02-29 SC608736 2023-03-01 2024-02-29 SC608736 bus:FilletedAccounts 2023-03-01 2024-02-29 SC608736 bus:SmallEntities 2023-03-01 2024-02-29 SC608736 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC608736 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC608736 bus:Director1 2023-03-01 2024-02-29 SC608736 bus:Director2 2023-03-01 2024-02-29 SC608736 bus:Director3 2023-03-01 2024-02-29 SC608736 bus:Director4 2023-03-01 2024-02-29 SC608736 2022-03-01 2023-02-28 SC608736 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC608736 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC608736 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC608736 (Scotland)

REY (SCOTLAND) LIMITED

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

REY (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

REY (SCOTLAND) LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
REY (SCOTLAND) LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Current assets
Debtors 3 99,654 56,739
Cash at bank and in hand 3,790 5,873
103,444 62,612
Creditors: amounts falling due within one year 4 ( 46,098) ( 41,133)
Net current assets 57,346 21,479
Total assets less current liabilities 57,346 21,479
Creditors: amounts falling due after more than one year 5 ( 2,833) ( 5,400)
Net assets 54,513 16,079
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 54,511 16,077
Total shareholders' funds 54,513 16,079

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 REY (Scotland) Limited (registered number: SC608736) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

J White
Director
REY (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
REY (SCOTLAND) 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

REY (Scotland) 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 C/O Johnston Carmichael Llp, 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT.

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.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.

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.

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 4 4

3. Debtors

2024 2023
£ £
Amounts owed by related parties 185 19,285
Corporation tax 9,795 9,795
Other debtors 89,674 27,659
99,654 56,739

4. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 2,400 2,400
Amounts owed to related parties 22,358 24,416
Taxation and social security 15,582 9,681
Other creditors 5,758 4,636
46,098 41,133

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

2024 2023
£ £
Bank loans 2,833 5,400

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 0.01 each 2 2

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 72,290 21,979

Other related party transactions

2024 2023
£ £
Amounts owed to related parties. 22,358 24,416

These loans are non-interest bearing, and have no fixed repayment terms.