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REGISTERED NUMBER: SC523077















ROSEMOUNT INNS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024






ROSEMOUNT INNS LIMITED (REGISTERED NUMBER: SC523077)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


ROSEMOUNT INNS LIMITED (REGISTERED NUMBER: SC523077)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 366,764 460,487
Investment property 5 4,842,133 5,112,133
5,208,897 5,572,620

CURRENT ASSETS
Debtors 6 124,957 54,287
Cash at bank 524,333 117,164
649,290 171,451
CREDITORS
Amounts falling due within one year 7 4,054,413 4,083,509
NET CURRENT LIABILITIES (3,405,123 ) (3,912,058 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,803,774

1,660,562

PROVISIONS FOR LIABILITIES 58,000 21,300
NET ASSETS 1,745,774 1,639,262

CAPITAL AND RESERVES
Called up share capital 605,621 605,621
Retained earnings 1,140,153 1,033,641
SHAREHOLDERS' FUNDS 1,745,774 1,639,262

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

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

ROSEMOUNT INNS LIMITED (REGISTERED NUMBER: SC523077)

BALANCE SHEET - continued
30 JUNE 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





H S Fields - Director


ROSEMOUNT INNS LIMITED (REGISTERED NUMBER: SC523077)

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

1. STATUTORY INFORMATION

Rosemount Inns Limited is a private company, limited by shares, registered in Scotland. The company's registered office is 5 Fitzroy Place, Glasgow, G3 7RH.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover represents the total value of rents due, discounts received, commission and recharged items, excluding value added tax. The company's policy is to recognise rental income in accordance with the terms of the lease agreements. Discounts received, commission and recharged items are recognised in the period to which they relate.

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 - 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

ROSEMOUNT INNS LIMITED (REGISTERED NUMBER: SC523077)

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

2. ACCOUNTING POLICIES - continued

Investment property
All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve (fair value reserve) in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of future payments and subsequently, amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

ROSEMOUNT INNS LIMITED (REGISTERED NUMBER: SC523077)

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

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 686,448
Additions 24,681
At 30 June 2024 711,129
DEPRECIATION
At 1 July 2023 225,961
Charge for year 118,404
At 30 June 2024 344,365
NET BOOK VALUE
At 30 June 2024 366,764
At 30 June 2023 460,487

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 5,112,133
Disposals (270,000 )
At 30 June 2024 4,842,133
NET BOOK VALUE
At 30 June 2024 4,842,133
At 30 June 2023 5,112,133

ROSEMOUNT INNS LIMITED (REGISTERED NUMBER: SC523077)

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

5. INVESTMENT PROPERTY - continued

The company's investment properties are held for use under operating leases. The fair value of investment property at 30 June 2024 has been arrived at on the basis of a valuation carried out at that date by the company directors, who are not professionally qualified valuers. The valuation was supported by a range of evidence including sales which had taken place over recent years and on the basis of market evidence and trends.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,156 22,540
Other debtors 103,801 31,747
124,957 54,287

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 286,954
Trade creditors 18,240 22,412
Taxation and social security 14,836 6,208
Other creditors 4,021,337 3,767,935
4,054,413 4,083,509

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 286,954

The bank loan was secured by a standard security over the investment properties.

9. CONTINGENT LIABILITIES

As security for banking facilities available to the company and related companies, Rosemount Estates Limited and Rosemount Taverns Limited, the company has granted cross letters of guarantee with appropriate letters of offset. At 30 June 2024 the potential liability not reflected in the financial statements of Rosemount Inns Limited is £3,936,000 (2023 : £3,775,886). The potential liability was adequately covered by group assets at 30 June 2024.