Registered number
SC657815
Rossco Properties (Blackgrange) Limited
Report and Financial Statements
31 March 2024
Rossco Properties (Blackgrange) Limited
Registered number: SC657815
Director's Report
The director presents his report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be the construction of bonded warehousing.
Future developments
The directors intend to keep implementing the same policies that have provided the profitability of the business.
Dividends
The directors do not recommend the payment of a dividend at this time.
Directors
The following persons served as directors during the year:
Simon Howie
Karen Howie (appointed 16 October 2023)
Ross Howie (appointed 16 October 2023)
Lynne Tree (appointed 16 October 2023)
Director's responsibilities
The director is responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
The director confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 14 August 2024 and signed on its behalf.
Simon Howie
Director
Rossco Properties (Blackgrange) Limited
Strategic Report
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The directors review is consistent with the size and non-complex nature of the business, and is written in the context of the risks and uncertainties faced.
The business concentrates on commercial property development throughout mainland UK. A number of large buildings are under construction and the company is focused on buying, developing and leasing sites of varying sizes and geographic locations.
There was a significant increase in turnover from the previous year, up £32,630,138. Just as important was increasing gross profit from 10% to 14% (£2,200,596 to £7,384,815) resulting in an increase in operating profit from £2,030,919 to £7,083,709. After taxation, £5,278,092 has been added to the reserves. Return on capital employed was 76% (2023: 94%). This is calculated as profit after tax divided by net assets. These results reflect that the company is increasingly profitable and is retaining funds to maintain cashflow. Turnover is envisaged to reduce in 2024/25 as several projects moves to completion and new projects are sought.
The risks facing the company are those for the construction industry generally, including rises in costs of building materials, wages and fuel.
The directors consider that the financial position of the company at the year end is healthy, the balance sheet has strengthened and short term prospects remain positive.
This report was approved by the board on 14 August 2024 and signed on its behalf.
Simon Howie
Director
Rossco Properties (Blackgrange) Limited
Independent auditor's report
to the members of Rossco Properties (Blackgrange) Limited
Opinion
We have audited the financial statements of Rossco Properties (Blackgrange) Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the ability to operate or to avoid a material penalty. The laws and regulations we considered in this context were General Data Protection Regulation (GDPR) and taxation legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud to be within judgements and estimates, and the override of controls by management. Our audit procedures to respond to these risks include enquiries of management about their own identification and assessment of the risks of irregularities, full testing of journals and reviewing accounting estimates for biases.
Owing to the inherent limitations of an audit, there is the unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional ommissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alexander Gillespie MA ACA ATII
(Senior Statutory Auditor)
for and on behalf of 33 Leslie Street
Gillespie Inverarity & Co Limited Blairgowrie
Statutory Auditor Perthshire
24 October 2024 PH10 6AW
Rossco Properties (Blackgrange) Limited
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 2 57,304,036 21,750,828
Cost of sales (47,415,538) (19,550,232)
Gross profit 9,888,498 2,200,596
Administrative expenses (301,106) (169,677)
Operating profit 3 9,587,392 2,030,919
Interest receivable 24,746 -
Interest payable 5 (70,999) (53,610)
Profit on ordinary activities before taxation 9,541,139 1,977,309
Tax on profit on ordinary activities 6 (2,385,285) (375,689)
Profit for the financial year 7,155,854 1,601,620
Rossco Properties (Blackgrange) Limited
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Stocks 7 2,923,070 229,681
Debtors 8 10,544,451 13,844,426
Cash at bank and in hand 130,936 20,998
13,598,457 14,095,105
Creditors: amounts falling due within one year 9 (4,739,194) (12,391,696)
Net current assets 8,859,263 1,703,409
Net assets 8,859,263 1,703,409
Capital and reserves
Called up share capital 10 4 4
Profit and loss account 11 8,859,259 1,703,405
Total equity 8,859,263 1,703,409
Simon Howie
Director
Approved by the board on 14 August 2024
Rossco Properties (Blackgrange) Limited
Statement of Changes in Equity
for the year ended 31 March 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 April 2022 4 - - 101,785 101,789
Profit for the financial year 1,601,620 1,601,620
At 31 March 2023 4 - - 1,703,405 1,703,409
At 1 April 2023 4 - - 1,703,405 1,703,409
Profit for the financial year 7,155,854 7,155,854
At 31 March 2024 4 - - 8,859,259 8,859,263
Rossco Properties (Blackgrange) Limited
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 7,155,854 1,601,620
Adjustments for:
Interest receivable (24,746) -
Interest payable 70,999 53,610
Tax on profit on ordinary activities 2,385,285 375,689
Increase in stocks (2,693,389) (25,836)
Decrease/(increase) in debtors 3,299,975 (13,693,634)
(Decrease)/increase in creditors (9,462,098) 11,781,502
731,880 92,951
Interest received 24,746 -
Interest paid (70,999) (53,610)
Corporation tax paid (575,689) (23,875)
Cash generated by operating activities 109,938 15,466
Net cash generated
Cash generated by operating activities 109,938 15,466
Net cash generated 109,938 15,466
Cash and cash equivalents at 1 April 20,998 5,532
Cash and cash equivalents at 31 March 130,936 20,998
Cash and cash equivalents comprise:
Cash at bank 130,936 20,998
Rossco Properties (Blackgrange) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Analysis of turnover 2024 2023
£ £
Revenue from construction contracts 57,304,036 21,750,828
By geographical market:
UK 57,304,036 21,750,828
3 Operating profit 2024 2023
£ £
This is stated after charging:
Auditors' remuneration for audit services 4,000 -
Carrying amount of stock sold - 2,455,896
4 Staff costs 2024 2023
£ £
Wages and salaries - -
Social security costs - -
Other pension costs - -
- -
Average number of employees during the year Number Number
- -
5 Interest payable 2024 2023
£ £
Other loans 70,999 53,610
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 2,385,285 375,689
Tax on profit on ordinary activities 2,385,285 375,689
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 9,541,139 1,977,309
Standard rate of corporation tax in the UK 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 2,385,285 375,689
Effects of:
Current tax charge for period 2,385,285 375,689
Factors that may affect future tax charges
There are no particular factors expected to affect future tax charges.
7 Stocks 2024 2023
£ £
Work in progress 2,923,070 229,681
8 Debtors 2024 2023
£ £
Trade debtors 6,606,764 11,844,426
Other debtors 3,937,687 2,000,000
10,544,451 13,844,426
9 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,961,976 4,124,461
Corporation tax 2,185,285 375,689
Other taxes and social security costs 168,546 2,359,110
Other creditors - 5,532,436
Accruals and deferred income 423,387 -
4,739,194 12,391,696
10 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 4 4
11 Profit and loss account 2024 2023
£ £
At 1 April 1,703,405 101,785
Profit for the financial year 7,155,854 1,601,620
At 31 March 8,859,259 1,703,405
12 Related party transactions
Included within Debtors is an amount of £3,937,687 in relation to a loan given to Great Interest Limited a company of which the Director, Simon Howie is also a director and shareholder.
13 Presentation currency
The financial statements are presented in Sterling rounded to the nearest £.
14 Legal form of entity and country of incorporation
Rossco Properties (Blackgrange) Limited is a private company limited by shares and incorporated in Scotland.
15 Principal place of business
The address of the company's principal place of business and registered office is:
Findony
Muckhart Road
Dunning
Perthshire
PH1 1NQ
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