Registered number
SC032301
R G Bain Limited
Financial Statements
31 May 2024
PAGES FOR FILING WITH REGISTRAR
R G Bain Limited
Registered number: SC032301
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 506,359 537,435
Investments 4 781,142 781,142
1,287,501 1,318,577
Current assets
Stocks 144,119 184,768
Debtors 5 30,209 13,918
Cash at bank and in hand 263,011 149,747
437,339 348,433
Creditors: amounts falling due within one year 6 (102,737) (117,639)
Net current assets 334,602 230,794
Total assets less current liabilities 1,622,103 1,549,371
Provisions for liabilities 7 (39,062) (28,754)
Accruals and deferred income 8 (13,416) (17,476)
Net assets 1,569,625 1,503,141
Capital and reserves
Called up share capital 7,900 7,900
Capital redemption reserve 44,268 44,268
Fair value reserve 445,541 445,541
Profit and loss account 1,071,916 1,005,432
Shareholder's funds 1,569,625 1,503,141
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M R Bain
Director
Approved by the board on 20 January 2025
R G Bain Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The presentation currency is £ sterling.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tractors and vehicles 12.5% to 25% reducing balance
Other equipment 5% to 15% reducing balance
Heritable property is not depreciated as properties are maintained to ensure that their value does not diminish over time.
Investments
Investment property, which is property held to earn rental income and/or capital appreciation, is measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are recognised in the profit and loss account.
Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks (including livestock) 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.
Leased assets
Assets held under hire purchase contracts are classified as tangible fixed assets. The assets are depreciated in accordance with the company's policy for tangible fixed assets. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.

Rentals payable under an operating lease are recognised as an expense on a straight line basis over the lease term.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
Government Grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the related assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 312,171 537,363 849,534
Additions - 2,250 2,250
Disposals - (474) (474)
At 31 May 2024 312,171 539,139 851,310
Depreciation
At 1 June 2023 - 312,099 312,099
Charge for the year - 33,147 33,147
On disposals - (295) (295)
At 31 May 2024 - 344,951 344,951
Net book value
At 31 May 2024 312,171 194,188 506,359
At 31 May 2023 312,171 225,264 537,435
4 Investments
Investment Other
properties investments Total
£ £ £
Cost or fair value
At 1 June 2023 780,000 1,142 781,142
At 31 May 2024 780,000 1,142 781,142
Historical cost
At 1 June 2023 334,459 1,142
At 31 May 2024 334,459 1,142
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
5 Debtors 2024 2023
£ £
Trade debtors 12,458 5,637
Other debtors 17,751 8,281
30,209 13,918
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 15,508
Trade creditors 7,297 8,883
Taxation and social security costs 16,254 1,039
Other creditors 79,186 92,209
102,737 117,639
7 Provisions for liabilities 2024 2023
£ £
Deferred taxation liabilities 39,062 28,754
8 Accruals and deferred income
Government grants: £
At 1 June 17,476
Amortisation in year (4,060)
At 31 May 13,416
9 Other information
R G Bain Limited is a private company limited by shares and incorporated in Scotland. The registered office is Hall of Tankerness, Tankerness, Orkney, KW17 2QS.
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