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REGISTERED NUMBER: SC401176 (Scotland)
















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

AR (Ferrymuir Gait) Limited

AR (Ferrymuir Gait) Limited (Registered number: SC401176)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


AR (Ferrymuir Gait) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Gaffney
R Boyd





REGISTERED OFFICE: C/A Brodies LLP
110 Queen Street
Glasgow
G1 3BX





REGISTERED NUMBER: SC401176 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company's key financial performance indicators during the year are as follows:

2023 2022
£ £

Turnover 16,736,104 10,899,742
Operating profit 659,523 1,294,842
Gross assets 12,074,516 19,002,958

PRINCIPAL RISKS AND UNCERTAINTIES
1. Economic risks

Risks:
The company's business operations are sensitive to economic conditions and, in particular, to inflationary pressures on pricing and implications to the levels of cost of materials. Property values are also impacted by the economic uncertainty.
Mitigation processes:
The directors regularly review the impact of the economic conditions on the company's budget and strategic plans, to ensure that we maintain our competitive position in the market.

2. Regulatory risks

Risks:
A failure to comply with health and safety legislation could lead to an incident which causes serious illness, injury or even loss of life to one of our customers, employees or other stakeholders, in turn leading to a significant impact on our reputation.
Mitigation processes:
We have a range of policies and procedures in place, including training, improved reporting and regular monitoring, to ensure compliance with existing regulatory requirements. This includes processes and procedures in relation to health and safety.

3. Financial risks

Risks:
It is vital to the business that we continue to meet our financial covenants and to ensure that there is sufficient financing to meet our business needs. We are exposed to interest rate risk on the variable rate components of our financing. We are also reliant on maintaining sound systems of internal control and on our information systems and technology to ensure the smooth operation of our business without risk of fraud or material error.
Mitigation processes:
Directors constantly monitor our performance against our financial covenants and undertakes detailed stress-testing of our performance against those covenants on a regular basis. Working capital is closely managed and carefully forecast, with regular dialogue with our private equity partners.

ON BEHALF OF THE BOARD:





D Gaffney - Director


13 May 2025

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D Gaffney
R Boyd

Other changes in directors holding office are as follows:

G Coster ceased to be a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D Gaffney - Director


13 May 2025

Report of the Independent Auditors to the Members of
AR (Ferrymuir Gait) Limited

Opinion
We have audited the financial statements of AR (Ferrymuir Gait) Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
AR (Ferrymuir Gait) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or
non- compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings. These limited procedures did not identify actual or suspected non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
AR (Ferrymuir Gait) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

13 May 2025

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 16,736,104 10,898,742

Cost of sales (16,072,982 ) (9,600,501 )
GROSS PROFIT 663,122 1,298,241

Administrative expenses (3,600 ) (3,399 )
OPERATING PROFIT 659,522 1,294,842

Interest receivable and similar income - 2,812
PROFIT BEFORE TAXATION 659,522 1,297,654

Tax on profit 4 (293,194 ) -
PROFIT FOR THE FINANCIAL YEAR 366,328 1,297,654

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

366,328

1,297,654

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Stocks 5 10,999,378 17,747,684
Debtors 6 1,055,446 1,052,952
Cash at bank and in hand 19,692 202,322
12,074,516 19,002,958
CREDITORS
Amounts falling due within one year 7 (10,301,465 ) (7,407,671 )
NET CURRENT ASSETS 1,773,051 11,595,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,773,051

11,595,287

CREDITORS
Amounts falling due after more than one
year

8

-

(10,188,564

)
NET ASSETS 1,773,051 1,406,723

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 1,772,951 1,406,623
SHAREHOLDERS' FUNDS 1,773,051 1,406,723

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:





D Gaffney - Director


AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 108,969 109,069

Changes in equity
Total comprehensive income - 1,297,654 1,297,654
Balance at 31 December 2022 100 1,406,623 1,406,723

Changes in equity
Total comprehensive income - 366,328 366,328
Balance at 31 December 2023 100 1,772,951 1,773,051

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,517,541 (319,937 )
Net cash from operating activities 7,517,541 (319,937 )

Cash flows from investing activities
Interest received - 2,812
Net cash from investing activities - 2,812

Cash flows from financing activities
New loans in year 2,158,234 4,723,268
Loan repayments in year (9,748,105 ) (4,309,205 )
Amounts paid by group undertakings (110,300 ) 87,733
Net cash from financing activities (7,700,171 ) 501,796

(Decrease)/increase in cash and cash equivalents (182,630 ) 184,671
Cash and cash equivalents at beginning of
year

2

202,322

17,651

Cash and cash equivalents at end of year 2 19,692 202,322

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.23 31.12.22
£    £   
Profit before taxation 659,522 1,297,654
Finance income - (2,812 )
659,522 1,294,842
Decrease/(increase) in stocks 6,748,306 (385,264 )
Decrease/(increase) in trade and other debtors 108,707 (594,537 )
Increase/(decrease) in trade and other creditors 1,006 (634,978 )
Cash generated from operations 7,517,541 (319,937 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 19,692 202,322
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 202,322 17,651


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 202,322 (182,630 ) 19,692
202,322 (182,630 ) 19,692
Debt
Debts falling due within 1 year (6,665,180 ) (2,598,694 ) (9,263,874 )
Debts falling due after 1 year (10,188,564 ) 10,188,564 -
(16,853,744 ) 7,589,870 (9,263,874 )
Total (16,651,422 ) 7,407,240 (9,244,182 )

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

AR (Ferrymuir Gait) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors prepare projections for the life of the development and therefore consider a period of at least 12 months from the date of approval of these financial statements. Projections are updated regularly to take into consideration any changes. The main contractor for the development is a related party who ensures that contractors comply with the current government guidance.

One of the loan facility agreements expired in June 2023, however, the lenders have provided a letter of comfort stating that they will continue to support the entity to meet their liabilities as they fall due for 12 months from the date that the financial statements are signed by the auditor.The other facility agreement was due to expire in January 2024, but was then extended on a short-term basis until July 2024, and was fully repaid earlier in that month.

Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Debtors
Trade and other debtors are recognised at the settlement amount due with appropriate allowances for irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and bank overdrafts.

Creditors
Trade and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.


AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The average number of employees during the year was NIL (2022 - NIL).

31.12.23 31.12.22
£    £   
Directors' remuneration - -

4. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 293,194 -
Tax on profit 293,194 -

5. STOCKS
31.12.23 31.12.22
£    £   
Work-in-progress 10,999,378 17,747,684

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 505,081 393,880
VAT 38,643 17,639
Prepayments 511,722 641,433
1,055,446 1,052,952

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 9) 9,263,874 6,665,180
Trade creditors 18,742 8,391
Amounts owed to group undertakings 532,596 265,025
Tax 26,523 -
Other creditors 455,631 401,848
Reservation fees 4,099 67,227
10,301,465 7,407,671

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 9) - 10,188,564

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Other loans 9,263,874 6,665,180

Amounts falling due between one and two years:
Other loans - 1-2 years - 10,188,564

Interest is charged on the loan balance, due less than one year, on a day to day basis at a fixed rate of 15%. Interest is charged on the loan balance, due between 1 and 2 years, on a day to day basis at the rate of 6.5% + SONIA.

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Other loans 9,263,874 16,853,744

Security is held over the assets of the company by RS Luxembourg II S.A.R.L and Beaufort Senior Debts S.A.R.L.

AR (Ferrymuir Gait) Limited (Registered number: SC401176)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary 1 100 100

12. RESERVES
Retained
earnings
£   

At 1 January 2023 1,406,623
Profit for the year 366,328
At 31 December 2023 1,772,951

13. ULTIMATE CONTROLLING PARTY

The entire share capital of the company is beneficially owned by AR Development Investments Limited, which is incorporated in England.

The ultimate parent undertaking is RS Fund II LP, a fund incorporated in Jersey. There is no ultimate controlling party as no individual holds more than 10% of the fund.

A copy of the consolidated financial statements can be obtained from the registered office:

11-15 Seaton Place
St Helier
Jersey
JE4 0QH