Company registration number SC283239 (Scotland)
RJB (Scotland) Ltd.
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with registrar
RJB (Scotland) Ltd.
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of RJB (Scotland) Ltd.
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RJB (Scotland) Ltd. for the year ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of RJB (Scotland) Ltd., as a body, in accordance with the terms of our engagement letter dated 27 March 2008. Our work has been undertaken solely to prepare for your approval the financial statements of RJB (Scotland) Ltd. and state those matters that we have agreed to state to the board of directors of RJB (Scotland) Ltd., as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RJB (Scotland) Ltd. and its board of directors as a body, for our work or for this report.
It is your duty to ensure that RJB (Scotland) Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of RJB (Scotland) Ltd.. You consider that RJB (Scotland) Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of RJB (Scotland) Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
27 January 2025
RJB (Scotland) Ltd.
Statement of financial position
as at 30 April 2024
30 April 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,410
11,709
Current assets
Debtors
4
76,883
99,988
Cash at bank and in hand
269
3,633
77,152
103,621
Creditors: amounts falling due within one year
5
(28,332)
(52,448)
Net current assets
48,820
51,173
Net assets
59,230
62,882
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
59,130
62,782
Total equity
59,230
62,882
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Lynsey Baxter
Director
Company registration number SC283239 (Scotland)
RJB (Scotland) Ltd.
Notes to the financial statements
for the year ended 30 April 2024
3
1
Accounting policies
Company information
RJB (Scotland) Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Troup Home Farm, Gamrie, Banffshire, AB45 3JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
10% reducing balance
Plant and equipment
20% reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
RJB (Scotland) Ltd.
Notes to the financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
4
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
RJB (Scotland) Ltd.
Notes to the financial statements (continued)
for the year ended 30 April 2024
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
12,446
2,000
14,446
Depreciation and impairment
At 1 May 2023
2,017
720
2,737
Depreciation charged in the year
1,043
256
1,299
At 30 April 2024
3,060
976
4,036
Carrying amount
At 30 April 2024
9,386
1,024
10,410
At 30 April 2023
10,429
1,280
11,709
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,854
54,798
Corporation tax recoverable
15,029
15,029
Other debtors
15,000
30,161
76,883
99,988
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,966
35,392
Corporation tax
15,029
Other creditors
1,366
2,027
28,332
52,448
6
Related party transactions
At the year end, £34,889 ((2023: £49,406) was due to be repaid from iBax Farms in respect of trade and loan balances. £14,517 was repaid during the year. Lynsey Baxter, director is married to John Baxter director, who is also the proprietor of iBax Farms.
RJB (Scotland) Ltd.
Notes to the financial statements (continued)
for the year ended 30 April 2024
6
7
Directors' transactions
During the year the directors entered into the following advances and credits with the company:
Description
Opening debit balance
Amounts advanced
Amounts repaid
Closing debit/(credit) balance
£
£
£
£
iBax farms - Loan
30,000
-
(15,000)
15,000
iBax farms - Trade balances
19,406
482
-
19,888
Lynsey Baxter - Director's loan
161
115
(358)
(82)
49,567
597
(15,358)
34,806