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REGISTERED NUMBER: SC503797 (Scotland)



















READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024






READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Ms Shanshan Lin





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC503797 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,981 2,752
Investment property 5 935,000 935,000
936,981 937,752

CURRENT ASSETS
Debtors 6 16,529 3,589
Cash at bank 5,632 25,457
22,161 29,046
CREDITORS
Amounts falling due within one year 7 283,714 300,682
NET CURRENT LIABILITIES (261,553 ) (271,636 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

675,428

666,116

CREDITORS
Amounts falling due after more than one
year

8

(221,110

)

(229,912

)

PROVISIONS FOR LIABILITIES (60,503 ) (60,592 )
NET ASSETS 393,815 375,612

READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

BALANCE SHEET - continued
30 APRIL 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 257,313 257,313
Retained earnings 12 136,402 118,199
SHAREHOLDERS' FUNDS 393,815 375,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 29 January 2025 and were signed by:





Ms Shanshan Lin - Director


READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Read Pounds Estate Investment and Management Ltd. 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.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.


READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment .

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 May 2023
and 30 April 2024 5,161
DEPRECIATION
At 1 May 2023 2,409
Charge for year 771
At 30 April 2024 3,180
NET BOOK VALUE
At 30 April 2024 1,981
At 30 April 2023 2,752

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 935,000
NET BOOK VALUE
At 30 April 2024 935,000
At 30 April 2023 935,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2018 36,086
Valuation in 2021 188,454
Valuation in 2022 93,130
Cost 617,330
935,000

READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. INVESTMENT PROPERTY - continued

The investment properties were revalued on an open market basis by the director on 30 April 2022. The director's valuation at 30 April 2024 remains unchanged.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Loans to related companies 816 171
Other debtors 14,000 -
Prepayments and accrued income 1,713 3,418
16,529 3,589

The loans to related companies and other debtors is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 8,803 8,591
Corporation Tax 4,430 7,523
Social security and other taxes - 219
Other creditors 240,606 239,606
Director's current accounts 21,176 20,636
Accruals and prepaid income 8,699 24,107
283,714 300,682

The director's loan is interest free and repayable on demand.

The loan from other creditors is repayable on demand and interest of £1000 is charged for the year.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 221,110 229,912

READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 191,280 197,685

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 8,803 8,591

Amounts falling due between one and two years:
Bank loans 9,020 14,045

Amounts falling due between two and five years:
Bank loans 20,810 18,182

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 191,280 197,685

10. SECURED DEBTS

The property loans are secured by standard security over the company's investment properties.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

READ POUNDS ESTATE INVESTMENT AND
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2023 118,199 257,313 375,512
Profit for the year 18,203 18,203
At 30 April 2024 136,402 257,313 393,715

13. RELATED PARTY DISCLOSURES

The loan balance due to the director amounted to £21,176 (2023 : £20,636) at the year end.

Included within creditors is a loan balance due to a former director of £240,606 (2023 : £239,606).