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Registration number: SC736041

Roslyn House Trading Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Roslyn House Trading Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Roslyn House Trading Limited

Company Information

Directors

Mr Neil Morrison

Mrs Gillian Alexandra Morrison

Registered office

5 Eas Brae Apartments
Eas Brae
Tobermory
Isle of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Roslyn House Trading Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Neil Morrison

Mrs Gillian Alexandra Morrison

Principal activity

The principal activity of the company is operating self catering accommodation

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

.........................................
Mr Neil Morrison
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Roslyn House Trading Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Roslyn House Trading Limited for the year ended 30 June 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Roslyn House Trading Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Roslyn House Trading Limited and state those matters that we have agreed to state to the Board of Directors of Roslyn House Trading Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Roslyn House Trading Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Roslyn House Trading Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Roslyn House Trading Limited. You consider that Roslyn House Trading Limited 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 accounts of Roslyn House Trading Limited. 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

7 March 2025

 

Roslyn House Trading Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

108,034

11,745

Cost of sales

 

(10,903)

(1,037)

Gross profit

 

97,131

10,708

Administrative expenses

 

(160,145)

(59,788)

Operating loss

 

(63,014)

(49,080)

Interest payable and similar expenses

 

(20,000)

-

Loss before tax

3

(83,014)

(49,080)

Loss for the financial year

 

(83,014)

(49,080)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Roslyn House Trading Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Loss for the year

(83,014)

(49,080)

Total comprehensive income for the year

(83,014)

(49,080)

 

Roslyn House Trading Limited

(Registration number: SC736041)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

610,544

-

Current assets

 

Debtors

5

5,000

8,202

Cash at bank and in hand

 

16,616

26,818

 

21,616

35,020

Creditors: Amounts falling due within one year

6

(14,887)

-

Net current assets

 

6,729

35,020

Total assets less current liabilities

 

617,273

35,020

Creditors: Amounts falling due after more than one year

6

(749,267)

(84,000)

Net liabilities

 

(131,994)

(48,980)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(132,094)

(49,080)

Shareholders' deficit

 

(131,994)

(48,980)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

.........................................
Mr Neil Morrison
Director

 

Roslyn House Trading Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

100

(49,080)

(48,980)

Loss for the year

-

(83,014)

(83,014)

At 30 June 2024

100

(132,094)

(131,994)

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(49,080)

(49,080)

New share capital subscribed

100

-

100

At 30 June 2023

100

(49,080)

(48,980)

 

Roslyn House Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land & buildings

in accordance with the property

Plant & machinery

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Roslyn House Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Roslyn House Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

14,726

-

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

Additions

551,639

73,631

625,270

At 30 June 2024

551,639

73,631

625,270

Depreciation

Charge for the year

-

14,726

14,726

At 30 June 2024

-

14,726

14,726

Carrying amount

At 30 June 2024

551,639

58,905

610,544

Included within the net book value of land and buildings above is £551,639 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Other debtors

5,000

8,202

 

5,000

8,202

 

Roslyn House Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

8,474

-

Other creditors

6,413

-

14,887

-

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

749,267

84,000

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

356,128

-

Other borrowings

393,139

84,000

749,267

84,000

9

Related party transactions

Summary of transactions with other related parties

Gillian Morrison (director & shareholder)
 Consultancy services
 

 

Roslyn House Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

4,200

2023