Registered number
SC734656
Rossco Properties (Scotland) Limited
Filleted Accounts
31 March 2025
Rossco Properties (Scotland) Limited
Registered number: SC734656
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Investments 3 4,214,299 4,198,894
Current assets
Debtors 4 369,281 238,859
Cash at bank and in hand 466,680 222,653
835,961 461,512
Creditors: amounts falling due within one year 5 (3,485,112) (282,223)
Net current (liabilities)/assets (2,649,151) 179,289
Total assets less current liabilities 1,565,148 4,378,183
Creditors: amounts falling due after more than one year 6 - (3,582,144)
Net assets 1,565,148 796,039
Capital and reserves
Called up share capital 12 12
Profit and loss account 1,565,136 796,027
Shareholder's funds 1,565,148 796,039
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Simon M Howie
Director
Approved by the board on 30 June 2025
Rossco Properties (Scotland) Limited
Notes to the Accounts
for the year ended 31 March 2025
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 the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments 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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
At 1 April 2024 4,198,894
Additions 15,405
At 31 March 2025 4,214,299
4 Debtors 2025 2024
£ £
Trade debtors 356,581 226,943
Other debtors 12,700 11,916
369,281 238,859
5 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 4,253 2,623
Taxation and social security costs 211,166 275,709
Other creditors 3,269,693 3,891
3,485,112 282,223
6 Creditors: amounts falling due after one year 2025 2024
£ £
Other creditors - 3,582,144
7 Other financial commitments 2025 2024
£ £
Total future minimum payments under non-cancellable operating leases 1,703,000 1,718,600
8 Related party transactions
The company borrowed money from the director, S M Howie's, personal company Great Interest Limited, and repaid the loan in full during the year.
A further advance of £26,000 was taken from Great Interest Limited in the year and has been repaid since the year end.
During the year the shareholder loaned £3,240,000 to the company. This loan is interest free and repayable on demand.
9 Controlling party
The company was under the control of Mr Ross Howie throughout the year. There were no transactions during the year between the company and Mr Howie, or with entities controlled by him, or by close family members, other than those disclosed in note 8 to the accounts.
10 Other information
Rossco Properties (Scotland) Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Findony
Muckhart Road
Dunning
Perthshire
PH2 0RA
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