Registration number:
Robertson Art Group Limited
for the Year Ended 31 December 2024
Robertson Art Group Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Robertson Art Group Limited
Company Information
Directors |
Mr Gordon Robertson Mrs Senga Robertson |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Robertson Art Group Limited
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Robertson Art Group Limited for the year ended 31 December 2024 as set out on pages 3 to 8 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Robertson Art Group Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Robertson Art Group 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 profit of Robertson Art Group Limited. You consider that Robertson Art Group 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 Robertson Art Group 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.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
Robertson Art Group Limited
(Registration number: SC616267)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
165,200 |
165,200 |
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Retained earnings |
4,804 |
(13,958) |
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Shareholders' funds |
170,004 |
151,242 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Robertson Art Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The presentation currency is sterling.
Group accounts not prepared
Revenue recognition
Turnover represents rental income receivable for the year.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is recognised directly in other comprehensive income.
The corporation 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 taxable income.
Current or deferred taxation assets and liabilities are not discounted.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Assets under construction are not depreciated.
Robertson Art Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Investment property
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Investments in subsidiaries
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
The tax charge on the profit for the year was as follows: |
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2024 |
2023 |
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£ |
£ |
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UK corporation tax |
1,516 |
1,726 |
Robertson Art Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Motor vehicles |
Total |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Investment properties at valuation |
2024 |
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At 1 January |
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At 31 December |
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The investment property was purchased in April 2021 at a cost of £112,999, which reflects the directors' assessment of the fair value of the property at 31 December 2024.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Investments in subsidiaries comprise: Robertson Fine Art Limited £150,000; Robertsons Picture Gallery Limited £15,000; and The Art Cafe at Roberstons Limited £100. Robertson Art Group Limited owns the entire share capital of all three companies.
Subsidiaries |
£ |
Cost |
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At 1 January 2024 |
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Provision |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Robertson Art Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Debtors |
Note |
2024 |
2023 |
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Amounts owed by related parties |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors comprise balances due to related parties. Details of related party transactions are provided at note 12.
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Due within 2 - 5 years |
40,000 |
40,000 |
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Due after 5 years |
13,333 |
24,166 |
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53,333 |
64,166 |
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Current loans and borrowings
2024 |
2023 |
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Other borrowings |
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In 2021 the company borrowed £100,000 towards the purchase of its investment property. The loan is repayable by monthly instalments over 10 years and interest is charged at 4% (previously 2% above base rate). The loan balance of £63,333 (2023 £74,166) included in creditors is secured: the company has granted a standard security over its property in favour of its lender.
Robertson Art Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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165,200 |
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165,200 |
Related party transactions |
Mrs Senga Robertson and Mr Gordon Robertson are directors and shareholders of Robertson Art Group Limited and Mr Gordon Robertson is also a director and shareholder of Noizee Limited.
Robertson Art Group Limited holds the entire share capital of each Robertson Fine Art Limited, The Art Cafe at Robertsons Limited and Robertson Picture Gallery Limited.
The company's rental income is from Noizee Limited, to whom it lets its property.
Other debtors balance of £15,850 (2023 £2,600) comprises £2,200 due from Noizee Limited (2023 £2,600) and £13,650 (2023 nil) from Robertson Fine Art Limited. The loans are interest free and repayable on demand.
Other creditors balance of £5,366 (2023 £5,899) is due to Mr G Robertson. The balance of £54,300 (2023 £58,250) due to related parties comprises £nil (2023 £25,200) due to Robertson Fine Art Limited, £39,300 (2023 £22,050) due to The Art Cafe at Robertsons Limited and £15,000 (2023 £11,000) due to Robertson Picture Gallery Limited. The loan balances are interest free and repayable on demand.