Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-07-01No description of principal activity22falsetruefalse SC550469 2023-07-01 2024-06-30 SC550469 2022-07-01 2023-06-30 SC550469 2024-06-30 SC550469 2023-06-30 SC550469 c:Director1 2023-07-01 2024-06-30 SC550469 c:Director1 2024-06-30 SC550469 c:Director2 2023-07-01 2024-06-30 SC550469 c:Director2 2024-06-30 SC550469 c:Director3 2023-07-01 2024-06-30 SC550469 c:Director3 2024-06-30 SC550469 c:Director4 2023-07-01 2024-06-30 SC550469 c:Director4 2024-06-30 SC550469 c:RegisteredOffice 2023-07-01 2024-06-30 SC550469 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 SC550469 d:FreeholdInvestmentProperty 2024-06-30 SC550469 d:FreeholdInvestmentProperty 2023-06-30 SC550469 d:CurrentFinancialInstruments 2024-06-30 SC550469 d:CurrentFinancialInstruments 2023-06-30 SC550469 d:Non-currentFinancialInstruments 2024-06-30 SC550469 d:Non-currentFinancialInstruments 2023-06-30 SC550469 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 SC550469 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 SC550469 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 SC550469 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 SC550469 d:ShareCapital 2024-06-30 SC550469 d:ShareCapital 2023-06-30 SC550469 d:RetainedEarningsAccumulatedLosses 2024-06-30 SC550469 d:RetainedEarningsAccumulatedLosses 2023-06-30 SC550469 c:OrdinaryShareClass1 2023-07-01 2024-06-30 SC550469 c:OrdinaryShareClass1 2024-06-30 SC550469 c:FRS102 2023-07-01 2024-06-30 SC550469 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC550469 c:FullAccounts 2023-07-01 2024-06-30 SC550469 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC550469 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC550469










REALISTIC RENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
REALISTIC RENTS LIMITED
 

COMPANY INFORMATION


Directors
Mrs C Drake (resigned 28 October 2024)
Mr T Drake (resigned 28 October 2024)
Mr K McKay (appointed 28 October 2024)
Mr M Drake (appointed 28 October 2024)




Registered number
SC550469



Registered office
Aldie Cottage
Keillour

Methven

Perth

PH1 3RA




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
REALISTIC RENTS LIMITED
REGISTERED NUMBER: SC550469

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
£
£

Fixed assets
  

Investment property
 4 
372,376
572,376

  
372,376
572,376

Current assets
  

Debtors: amounts falling due within one year
 5 
77,500
-

Bank and cash balances
  
976
280

  
78,476
280

Creditors: amounts falling due within one year
 6 
(229,201)
(195,594)

Net current liabilities
  
 
 
(150,725)
 
 
(195,314)

Total assets less current liabilities
  
221,651
377,062

Creditors: amounts falling due after more than one year
 7 
(296,111)
(431,017)

  

Net liabilities
  
(74,460)
(53,955)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(74,462)
(53,957)

  
(74,460)
(53,955)


Page 1

 
REALISTIC RENTS LIMITED
REGISTERED NUMBER: SC550469

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2025.




Mr M Drake
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
REALISTIC RENTS LIMITED
 

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

1.


GENERAL INFORMATION

Realistic Rents Limited is a private company, limited by shares, domiciled in Scotland with registration number SC550469. The registered office is Aldie Cottage, Keillour, Methven, Scotland, PH1 3RA.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

These accounts have been prepared on the going concern basis, on the understanding that the directors will continue to financially support the company.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


Page 3

 
REALISTIC RENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 July 2023
572,376


Disposals
(200,000)



AT 30 JUNE 2024
372,376

The 2024 valuations were made by the directors, on an open market value for existing use basis.






5.


DEBTORS

2024
2023
£
£


Other debtors
77,500
-

77,500
-


Page 4

 
REALISTIC RENTS LIMITED
 

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

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
5,396
5,261

Other creditors
220,655
187,333

Accruals and deferred income
3,150
3,000

229,201
195,594


Bank loans due within one year relate to a Coronavirus Bounceback Loan, as detailed within the Government Grants accounting policy. There is no security attached to the loan.


7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
296,111
431,017

296,111
431,017


Amounts of £35,014, included within bank loans, relate to a Coronavirus Bounceback Loan, as detailed within the Government Grants accounting policy. There is no security attached to the loan. 
Amounts of £266,493, included within bank loans, is secured by a fixed and floating charge over the relevant investment properties and all the assets of the company, with a joint and several guarantee in place over the property of Bellour Farm.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
266,493
396,003

266,493
396,003

Bank loans of £266,493, and repayable by instalments, are provided on an interest only basis at a fixed rate of 3.78%, reviewed in five years. The contract ends in March 2036.


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 Ordinary shares of £1.00 each
2
2


Page 5

 
REALISTIC RENTS LIMITED
 

 Page 6