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REGISTERED NUMBER: SC475976 (Scotland)
















Unaudited Financial Statements for the Year Ended 30 September 2024

for

South Rotunda Limited

South Rotunda Limited (Registered number: SC475976)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


South Rotunda Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J.A. MacSween
S R Thornley
L McDougall





REGISTERED OFFICE: South Rotunda
100 Govan Road
Glasgow
G51 1AY





REGISTERED NUMBER: SC475976 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

South Rotunda Limited (Registered number: SC475976)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Investment property 4 1,425,000 1,500,000

CURRENT ASSETS
Debtors 5 100 100
Cash at bank 673 1,333
773 1,433
CREDITORS
Amounts falling due within one year 6 (2,003,158 ) (2,017,314 )
NET CURRENT LIABILITIES (2,002,385 ) (2,015,881 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(577,385

)

(515,881

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (577,485 ) (515,981 )
(577,385 ) (515,881 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 25 June 2025 and were signed on its behalf by:





J.A. MacSween - Director


South Rotunda Limited (Registered number: SC475976)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

South Rotunda 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 the provisions of Section 1A "Small Entities" of the 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 as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis. The directors and other companies of which they are the principal shareholders have agreed to support the company.

Investment property
Investment properties are initially recognised at cost. Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company so their current value is of prime importance. The departure from the provisions of the act is required in order to give a true and fair view.

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.

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

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

South Rotunda Limited (Registered number: SC475976)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Creditors
Trade creditors 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 1,500,000
DEPRECIATION
Charge for year 75,000
At 30 September 2024 75,000
NET BOOK VALUE
At 30 September 2024 1,425,000
At 30 September 2023 1,500,000

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2024 1,500,000

The investment property was valued by Ryden LLP on an existing use basis at 7 September 2024. The directors consider this valuation to be appropriate at 30 September 2024. The historical cost of the revalued investment property is £2,118,647.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Other debtors 100 100

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Tax 4,408 3,703
VAT 740 600
Other creditors 1,993,523 2,008,525
Accruals and deferred income 4,487 4,486
2,003,158 2,017,314