REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2024 |
for |
RUSSELL BURNETT HOLDINGS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2024 |
for |
RUSSELL BURNETT HOLDINGS LIMITED |
RUSSELL BURNETT HOLDINGS LIMITED (REGISTERED NUMBER: SC687946) |
Contents of the Financial Statements |
for the Year Ended 30 November 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 7 |
RUSSELL BURNETT HOLDINGS LIMITED |
Company Information |
for the Year Ended 30 November 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Paxton House |
11 Woodside Crescent |
Charing Cross |
Glasgow |
G3 7UL |
RUSSELL BURNETT HOLDINGS LIMITED (REGISTERED NUMBER: SC687946) |
Balance Sheet |
30 November 2024 |
30.11.24 | 30.11.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Investments | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RUSSELL BURNETT HOLDINGS LIMITED (REGISTERED NUMBER: SC687946) |
Notes to the Financial Statements |
for the Year Ended 30 November 2024 |
1. | STATUTORY INFORMATION |
Russell Burnett Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Russell Burnett Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements. |
Financial instruments |
Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss. |
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
RUSSELL BURNETT HOLDINGS LIMITED (REGISTERED NUMBER: SC687946) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Provisions |
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. |
Current asset investments |
Current asset investments are of two types; |
Investments in Subsidiaries - The fair value of these shares cannot be reliably measured and therefore these are valued at cost less any impairment. |
Investments in Listed shares - These are valued at fair value with changes in the valuation being credited or expensed to the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
£ | £ |
Amounts owed from group |
undertakings |
Directors' current accounts | 100 | 100 |
RUSSELL BURNETT HOLDINGS LIMITED (REGISTERED NUMBER: SC687946) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
5. | CURRENT ASSET INVESTMENTS |
30.11.24 | 30.11.23 |
£ | £ |
Shares in group undertakings |
Listed investments | 2,350,011 | 2,094,467 |
The cost of current asset investments at the year end was £2,124,610 and the fair value at this date was £2,350,011 therefore there has been an overall increase to date of £225,401. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
£ | £ |
Amounts owed to group undertakings |
7. | PROVISIONS FOR LIABILITIES |
30.11.24 | 30.11.23 |
£ | £ |
Deferred tax | 56,350 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 30 November 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.24 | 30.11.23 |
value: | £ | £ |
Ordinary B | 1 | 100 | 100 |
Allotted and issued: |
Number: | Class: | Nominal | 30.11.24 | 30.11.23 |
value: | £ | £ |
A Ordinary shares | 1 | 100 | 100 |
RUSSELL BURNETT HOLDINGS LIMITED (REGISTERED NUMBER: SC687946) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023: |
30.11.24 | 30.11.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
10. | RELATED PARTY DISCLOSURES |
Dividends to directors in the year totalled £144,000 (2023: £99,000). |
11. | ULTIMATE CONTROLLING PARTY |
Mr Christopher Russell and Ms Sarah Burnett each own 50% of the share capital of the company, therefore together are considered to be the ultimate controlling parties. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Russell Burnett Holdings Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Russell Burnett Holdings Limited for the year ended 30 November 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts. |
This report is made solely to the Board of Directors of Russell Burnett Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Russell Burnett Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Russell Burnett Holdings Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Russell Burnett Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Russell Burnett Holdings Limited. You consider that Russell Burnett Holdings 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 financial statements of Russell Burnett Holdings 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 financial statements. |
Paxton House |
11 Woodside Crescent |
Charing Cross |
Glasgow |
G3 7UL |