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REGISTERED NUMBER: SC625303 (Scotland)
















Financial Statements for the Year Ended 31 December 2023

for

AR (Finnieston) Limited

AR (Finnieston) Limited (Registered number: SC625303)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AR (Finnieston) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Gaffney
C Richardson





REGISTERED OFFICE: c/o Brodies LLP
110 Queen Street
Glasgow
G1 3BX





REGISTERED NUMBER: SC625303 (Scotland)





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

AR (Finnieston) Limited (Registered number: SC625303)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Investment property 4 8,155,000 7,700,000

CURRENT ASSETS
Stocks 5,710,000 7,240,000
Debtors 5 415,726 176,573
Cash at bank 426,994 181,885
6,552,720 7,598,458
CREDITORS
Amounts falling due within one year 6 (19,093,373 ) (17,517,329 )
NET CURRENT LIABILITIES (12,540,653 ) (9,918,871 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,385,653

)

(2,218,871

)

CREDITORS
Amounts falling due after more than one
year

7

(4,553,488

)

(4,535,216

)

PROVISIONS FOR LIABILITIES (100,211 ) -
NET LIABILITIES (9,039,352 ) (6,754,087 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (9,039,452 ) (6,754,187 )
SHAREHOLDERS' FUNDS (9,039,352 ) (6,754,087 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

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 (Finnieston) Limited (Registered number: SC625303)

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

1. STATUTORY INFORMATION

AR (Finnieston) 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

The current loan facility agreement expired on 31 December 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.

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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 (Finnieston) Limited (Registered number: SC625303)

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 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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 7,700,000
Revaluations 455,000
At 31 December 2023 8,155,000
NET BOOK VALUE
At 31 December 2023 8,155,000
At 31 December 2022 7,700,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 8,155,000

The property was valued by Lambert Smith Hampton on a Market Value basis at 31 December 2023.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 10,520 5,951
Amounts owed by group undertakings 403,845 33,601
Other debtors 1,361 137,021
415,726 176,573

AR (Finnieston) Limited (Registered number: SC625303)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 35,516 21,240
Amounts owed to group undertakings 10,088 10,088
Other creditors 19,047,769 17,486,001
19,093,373 17,517,329

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 4,553,488 4,535,216

8. 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 19,047,769 17,468,088

Amounts falling due between two and five years:
Other loans - 2-5 years 4,553,488 4,535,216

Interest is charged on the loan balance on a day to day basis at a fixed rate of 15%. The loan facility provider has confirmed that they will not seek payment of interest amounts beyond taking the company to a breakeven position.

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Other loans 23,601,257 22,003,304

Security is held over the assets of the company by Rothschild & Co Wealth Management UK Limited and RS Luxembourg II S.A.R.L

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

AR (Finnieston) Limited (Registered number: SC625303)

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

12. ULTIMATE CONTROLLING PARTY

The immediate parent company is RS Investor II SARL, which is incorporated in Luxembourg.

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