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REGISTERED NUMBER: SC189002 (Scotland)




















Red Swallow Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024






Red Swallow Limited (Registered number: SC189002)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Red Swallow Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr B W S Fong
Mrs A Fong



SECRETARY: Mrs A Fong



REGISTERED OFFICE: 22 Mortonhall Park Gardens
Edinburgh
EH17 8SR



REGISTERED NUMBER: SC189002 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Co-operative Bank
1 Balloon Street
Manchester
Cheshire
M60 4EP

Red Swallow Limited (Registered number: SC189002)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 180,000 180,000

CURRENT ASSETS
Debtors 5 - 1,816
Cash at bank 22,172 13,003
22,172 14,819
CREDITORS
Amounts falling due within one year 6 6,216 1,092
NET CURRENT ASSETS 15,956 13,727
TOTAL ASSETS LESS CURRENT LIABILITIES 195,956 193,727

PROVISIONS FOR LIABILITIES 2,271 -
NET ASSETS 193,685 193,727

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 7 47,868 47,868
Retained earnings 7 145,815 145,857
SHAREHOLDERS' FUNDS 193,685 193,727

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Red Swallow Limited (Registered number: SC189002)

Balance Sheet - continued
30 September 2024


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 12 February 2025 and were signed on its behalf by:





Mr B W S Fong - Director


Red Swallow Limited (Registered number: SC189002)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Red Swallow 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.

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
Turnover represents gross rents received for the investment properties.

Revenue is recognised in accordance with the terms of the lease agreement.

Investment property
Investment properties are shown at their fair value. Any 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 the fluctuation in the property market conditions is not considered to be permanent.

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 with the relevant change in fair value.

Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS 102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost compromise bank and trade debtors. Financial liabilities compromise accruals and other creditors.


Red Swallow Limited (Registered number: SC189002)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligation, and a reliable estimate can be made of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 180,000
NET BOOK VALUE
At 30 September 2024 180,000
At 30 September 2023 180,000

Red Swallow Limited (Registered number: SC189002)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. INVESTMENT PROPERTY - continued

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2009 3,316
Valuation in 2011 (10,000 )
Valuation in 2014 20,000
Valuation in 2019 5,000
Valuation in 2021 (10,000 )
Valuation in 2022 10,000
Valuation in 2023 30,000
Cost 131,684
180,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 131,684 131,684

In September 2024 the investment property was valued by the directors on an open market basis at
£180,000. The directors are not professional valuers.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 1,816

Included within other debtors is a loan to the directors, which is unsecured and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 50 -
Other creditors 6,166 1,092
6,216 1,092

Red Swallow Limited (Registered number: SC189002)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

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

At 1 October 2023 145,857 47,868 193,725
Profit for the year 958 958
Dividends (1,000 ) (1,000 )
At 30 September 2024 145,815 47,868 193,683

The fair value reserve represents the net revaluation surplus that is not readily distributable as realised earnings.