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REGISTERED NUMBER: SC094653 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RICE PROPERTIES LIMITED

RICE PROPERTIES LIMITED (REGISTERED NUMBER: SC094653)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


RICE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr R W Rice
Mrs B A Rice



SECRETARY: Masson Glennie LLP



REGISTERED OFFICE: Broad House
Broad Street
Peterhead
Aberdeenshire
AB42 1HY



REGISTERED NUMBER: SC094653 (Scotland)



ACCOUNTANTS: Bain Henry Reid
Chartered Accountants
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY



BANKERS: The Royal Bank of Scotland plc
10 Marischal Street
Peterhead
Aberdeenshire
AB42 1HS



SOLICITORS: Masson & Glennie LLP
Broad House
Broad Street
Peterhead
Aberdeenshire
AB42 1HY

RICE PROPERTIES LIMITED (REGISTERED NUMBER: SC094653)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 678 2,274
Cash at bank 577,284 659,749
577,962 662,023
CREDITORS
Amounts falling due within one year 6 103,488 123,214
NET CURRENT ASSETS 474,474 538,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

474,474

538,809

CAPITAL AND RESERVES
Called up share capital 44,000 44,000
Retained earnings 430,474 494,809
SHAREHOLDERS' FUNDS 474,474 538,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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:





Mrs B A Rice - Director


RICE PROPERTIES LIMITED (REGISTERED NUMBER: SC094653)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Rice Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

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 operation for the foreseeable future, and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

RICE PROPERTIES LIMITED (REGISTERED NUMBER: SC094653)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 10,443
DEPRECIATION
At 1 April 2023
and 31 March 2024 10,443
NET BOOK VALUE
At 31 March 2024 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 678 2,274

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 8,007
Social security and other taxes - 332
Directors' current accounts 102,038 113,331
Accruals 1,450 1,544
103,488 123,214

7. DIRECTORS LOANS

The following advances and credits from directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr R W Rice and Mrs B A Rice
Balance outstanding at start of year 113,331 74,842
Amounts advanced - 38,489
Amounts repaid (11,293 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 102,038 113,331

8. DIVIDENDS PAID TO DIRECTORS

Ordinary dividends paid to directors in their capacity as shareholders during the year included £34,000 to Mr R W Rice (2023 - £29,000) and £34,000 to Mrs B A Rice (2023 - £29,000).

9. ULTIMATE CONTROLLING PARTY

Mr & Mrs Rice, directors, control the company by a virtue of a 100% controlling interest in issued share capital of the company.