Acorah Software Products - Accounts Production 16.1.300 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 SC671370 Mr Robbie Fairfull iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC671370 2023-08-31 SC671370 2024-08-31 SC671370 2023-09-01 2024-08-31 SC671370 frs-core:CurrentFinancialInstruments 2024-08-31 SC671370 frs-core:Non-currentFinancialInstruments 2024-08-31 SC671370 frs-core:ShareCapital 2024-08-31 SC671370 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 SC671370 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC671370 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 SC671370 frs-bus:SmallEntities 2023-09-01 2024-08-31 SC671370 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 SC671370 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC671370 frs-core:RevaluationInvestmentPropertyDeferredTax 2024-08-31 SC671370 frs-bus:Director1 2023-09-01 2024-08-31 SC671370 frs-core:CurrentFinancialInstruments 1 2024-08-31 SC671370 frs-countries:EnglandWales 2023-09-01 2024-08-31 SC671370 2022-08-31 SC671370 2023-08-31 SC671370 2022-09-01 2023-08-31 SC671370 frs-core:CurrentFinancialInstruments 2023-08-31 SC671370 frs-core:Non-currentFinancialInstruments 2023-08-31 SC671370 frs-core:ShareCapital 2023-08-31 SC671370 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 SC671370 frs-core:RevaluationInvestmentPropertyDeferredTax 2023-08-31 SC671370 frs-core:CurrentFinancialInstruments 1 2023-08-31
Registered number: SC671370
RF Property Scotland Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC671370
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 495,000 495,000
495,000 495,000
CURRENT ASSETS
Debtors 5 26,432 -
Cash at bank and in hand 2,508 36,443
28,940 36,443
Creditors: Amounts Falling Due Within One Year 6 (125,033 ) (128,355 )
NET CURRENT ASSETS (LIABILITIES) (96,093 ) (91,912 )
TOTAL ASSETS LESS CURRENT LIABILITIES 398,907 403,088
Creditors: Amounts Falling Due After More Than One Year 7 (284,258 ) (284,258 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (26,054 ) (26,054 )
NET ASSETS 88,595 92,776
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 88,594 92,775
SHAREHOLDERS' FUNDS 88,595 92,776
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robbie Fairfull
Director
20/03/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
RF Property Scotland Limited is a private company, limited by shares, incorporated in England & Wales, registered number SC671370 . The registered office is Bluebell Lodge, Bardowie, Glasgow, G62 6EY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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Page 4
4. Investment Property
2024
£
Fair Value
As at 1 September 2023 and 31 August 2024 495,000
The fair value of the property at 31 August 2024 has been arrived at on the basis of a valuation carried out by the
director who is not a professionally qualified valuer. The valuation, was arrived at by reference to market evidence of
transaction prices for similar properties in its location.
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 76 -
InterCompany - RF Homes Scotland Limited 25,468 -
Corporation tax recoverable assets 888 -
26,432 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10 -
Corporation tax - 888
Accruals and deferred income 720 1,944
Director's loan account 124,303 125,523
125,033 128,355
The above Director's loan is unsecured, interest free and repayable on demand.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 284,258 284,258
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Revaluation of investment properties 26,054 26,054
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4