Registered number
SC481183
RIVERSIDE PROPERTIES ABERDEEN LTD
Filleted Unaudited Accounts
31 May 2024
RIVERSIDE PROPERTIES ABERDEEN LTD
Registered number: SC481183
Balance Sheet
As at 31 May 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 270,466 278,751
Current assets
Debtors 4 68,062 68,005
Cash at bank and in hand 63,913 81,380
131,975 149,385
Creditors: amounts falling due within one year 5 (36,251) (25,710)
Net current assets 95,724 123,675
Total assets less current liabilities 366,190 402,426
Creditors: amounts falling due after more than one year 6 (131,552) (177,083)
Provisions for liabilities (1,039) (2,613)
Net assets 233,599 222,730
Capital and reserves
Called up share capital 10,000 10,000
Share premium 194,006 194,006
Profit and loss account 29,593 18,724
Shareholders' funds 233,599 222,730
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D A Thomson
Director
Approved by the board on 29 May 2025
RIVERSIDE PROPERTIES ABERDEEN LTD
Notes to the Accounts
For the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of rental income received or receivable, net of discounts and value added taxes as per written lease agreements.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Investment properties
Investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies (cont.)
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets Land and buildings Plant and machinery etc Total
£ £ £
Valuation/cost
At 1 June 2023 265,000 82,841 347,841
At 31 May 2024 265,000 82,841 347,841
Depreciation
At 1 June 2023 - 69,090 69,090
Charge for the year - 8,285 8,285
At 31 May 2024 - 77,375 77,375
Net book value
At 31 May 2024 265,000 5,466 270,466
At 31 May 2023 265,000 13,751 278,751
Freehold land and buildings: 2024 2023
£ £
Historical cost 279,932 279,932
Cumulative depreciation based on historical cost - -
279,932 279,932
The company's investment property was valued by chartered surveyors J & E Shepherd January 2023 using the RCIS Valuation Global Standards methodology (ie on an open market value) and the director believes the property's May 2024 value remains at this level.
4 Debtors 2024 2023
£ £
Amounts owed by related undertaking 67,500 67,500
Other debtors 562 505
68,062 68,005
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,192 12,500
Trade creditors 151 -
Taxation and social security costs 7,179 7,770
Other creditors 14,729 5,440
36,251 25,710
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 131,552 177,083
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years - 127,083
Secured bank loans 145,744 189,583
The company has provided its bankers, the Royal Bank of Scotland, with a fixed charge over the company's property which contains a negative pledge.
8 Related party transactions 2024 2023
£ £
Cadherent Limited
Company registered in Scotland (#SC185859) in which the director have an interest in
Rental income and unsecured interest free loan with no set repayment date
Rental income received from related party 84,000 84,000
Amount due from related party 67,500 67,500
9 Controlling party
During the current and previous year the company was controlled by the director Mr D A Thomson.
10 Other information
RIVERSIDE PROPERTIES ABERDEEN LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
20 South Lodge Drive
Stonehaven
Kincardineshire
AB39 2PN
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