REGISTERED NUMBER: |
RNB Associates Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
REGISTERED NUMBER: |
RNB Associates Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
RNB Associates Limited (Registered number: SC235846) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RNB Associates Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
36 St Andrew Square |
Edinburgh |
EH2 2AD |
SOLICITORS: |
Caledonian Exchange |
19A Canning Street |
Edinburgh |
EH3 8HE |
RNB Associates Limited (Registered number: SC235846) |
Balance Sheet |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RNB Associates Limited (Registered number: SC235846) |
Balance Sheet - continued |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 director and authorised for issue on |
RNB Associates Limited (Registered number: SC235846) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
RNB Associates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
Turnover represents the receipt of rent. |
Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to theses incentives is accrued and subsequently released of the full period of the lease agreement. Property sales are recognised with reference to completion date. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent. |
Financial instruments |
Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS 102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial. |
Financial assets at cost compromise bank, trade debtors and other debtors. Financial liabilities compromise trade creditors, accruals and other creditors. |
RNB Associates Limited (Registered number: SC235846) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RNB Associates Limited (Registered number: SC235846) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
Revaluations | 84,000 |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
RNB Associates Limited (Registered number: SC235846) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 August 2024 is represented by: |
£ |
Valuation in 2011 | 271,277 |
Valuation in 2013 | 61,750 |
Valuation in 2015 | 7,879 |
Valuation in 2016 | 25,000 |
Valuation in 2017 | 80,175 |
Valuation in 2018 | 49,066 |
Valuation in 2021 | 80,000 |
Valuation in 2023 | 66,000 |
Valuation in 2024 | 84,000 |
Cost | 1,154,853 |
1,880,000 |
If Investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,154,853 | 1,154,853 |
The director has considered the fair value of the investment properties at 31 August 2024 and has provided an assessment of the value based on current market conditions. Based on his knowledge of the business and the property market, he has assessed the value of the properties to be £1,880,000. The director is not a professional valuer. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
RNB Associates Limited (Registered number: SC235846) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included in other creditors is the balance due on the director's current account of £73,634 (2023 - £65,944). This balance is unsecured, interest-free and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Other creditors represent an amount owed to a related party. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank borrowings are secured by standard securities over the company's properties and by a bond and floating charge. |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2023 | 854,987 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation | (46,495 | ) | 46,495 | - |
At 31 August 2024 | 903,251 |
The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings. |