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Registration number: SC616267

Robertson Art Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Robertson Art Group Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Robertson Art Group Limited

Company Information

Directors

Mr Gordon Robertson

Mrs Senga Robertson

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC616267

Accountants

Brown, Scott & Main
Chartered Accountants31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

 

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.

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

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

28 April 2025

 

Robertson Art Group Limited

(Registration number: SC616267)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,100

6,800

Investment property

6

112,999

112,999

Investments

7

165,100

165,100

 

283,199

284,899

Current assets

 

Debtors

8

15,850

2,600

Cash at bank and in hand

 

2,596

7,684

 

18,446

10,284

Creditors: Amounts falling due within one year

9

(78,308)

(79,775)

Net current liabilities

 

(59,862)

(69,491)

Total assets less current liabilities

 

223,337

215,408

Creditors: Amounts falling due after more than one year

9

(53,333)

(64,166)

Net assets

 

170,004

151,242

Capital and reserves

 

Called up share capital

11

165,200

165,200

Retained earnings

4,804

(13,958)

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:

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................
Mr Gordon Robertson
Director

 

Robertson Art Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

These financial statements were authorised for issue by the Board on 28 April 2025.

2

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

The financial statements contain information about Robertson Art Group Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements..

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

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value and is shown at its most recent valuation at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. This is transferred, for ease of identification, to revaluation reserve which displays the cumulative unrealised surplus on revaluation. Transfers and the resultant balances are shown in the Statement of Changes in Equity.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Taxation

The tax charge on the profit for the year was as follows:

2024

2023

£

£

UK corporation tax

1,516

1,726

 

Robertson Art Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

8,500

8,500

At 31 December 2024

8,500

8,500

Depreciation

At 1 January 2024

1,700

1,700

Charge for the year

1,700

1,700

At 31 December 2024

3,400

3,400

Carrying amount

At 31 December 2024

5,100

5,100

At 31 December 2023

6,800

6,800

6

Investment properties at valuation

2024
£

At 1 January

112,999

At 31 December

112,999

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.

7

Investments

2024
£

2023
£

Investments in subsidiaries

165,100

165,100

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

At 1 January 2024

165,100

Provision

Carrying amount

At 31 December 2024

165,100

At 31 December 2023

165,100

 

Robertson Art Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

12

15,850

2,600

 

15,850

2,600

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,000

10,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

54,300

58,250

Taxation and social security

 

3,242

1,726

Accruals and deferred income

 

5,400

3,900

Other creditors

 

5,366

5,899

 

78,308

79,775

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
£

Due after one year

 

Loans and borrowings

10

53,333

64,166

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

53,333

64,166

Due within 2 - 5 years

40,000

40,000

Due after 5 years

13,333

24,166

53,333

64,166

Current loans and borrowings

2024
£

2023
£

Other borrowings

10,000

10,000

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

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

165,200

165,200

165,200

165,200

       

12

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.