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REGISTRAR OF COMPANIES

Registration number: SC261738

RGKMS Limited

Unaudited Financial Statements

31 December 2024

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RGKMS Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
RGKMS Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of RGKMS Limited for the year ended 31 December 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of RGKMS Limited, as a body, in accordance with the terms of our engagement letter dated 8 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of RGKMS Limited and state those matters that we have agreed to state to the Board of Directors of RGKMS Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RGKMS Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that RGKMS Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of RGKMS Limited. You consider that RGKMS Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of RGKMS Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

10 July 2025

 

RGKMS Limited

(Registration number: SC261738)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,458

Tangible assets

5

117,729

124,572

Other financial assets

6

438,515

410,767

 

556,244

536,797

Current assets

 

Stocks

10,350

10,350

Debtors

7

33,557

19,885

Cash at bank and in hand

 

846,527

896,459

 

890,434

926,694

Creditors: Amounts falling due within one year

8

(512,818)

(541,479)

Net current assets

 

377,616

385,215

Total assets less current liabilities

 

933,860

922,012

Provisions for liabilities

(11,023)

(11,946)

Net assets

 

922,837

910,066

Capital and reserves

 

Allotted, called up and fully paid share capital

101

101

Profit and loss account

922,736

909,965

Total equity

 

922,837

910,066

 

RGKMS Limited

(Registration number: SC261738)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 July 2025 and signed on its behalf by:
 

.........................................

R G Smith

Director

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Mill
Grahamshill
Kirkpatrick Fleming
LOCKERBIE
DG11 3BQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

50 years straight line and 20 years straight line

Motor vehicles

20% reducing balance

Fixtures, fittings and office equipment

3 years straight line and 10% reducing balance

Long leasehold land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the trade to continue, it is deemed a true and fair view to depreciate the assets at 50 years straight line and 20 years straight line over their useful economic life, and not the duration of the lease.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

The directors reviewed the valuation of goodwill on 1 January 2015, the date on which Financial Reporting Standard 102 was implemented. At that date the directors were of the opinion that the goodwill had a remaining useful economic life to the company of at least the nine years and one month it had remaining under its estimated useful life of twenty years. Goodwill therefore continues to be amortised over its original twenty year estimated useful economic life.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2023 - 42).

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

350,000

350,000

At 31 December 2024

350,000

350,000

Amortisation

At 1 January 2024

348,542

348,542

Amortisation charge

1,458

1,458

At 31 December 2024

350,000

350,000

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

1,458

1,458

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Fixtures, fittings and office equipment
£

Total
£

Cost or valuation

At 1 January 2024

127,763

58,968

218,308

405,039

Additions

-

5,000

-

5,000

At 31 December 2024

127,763

63,968

218,308

410,039

Depreciation

At 1 January 2024

65,131

34,687

180,648

280,466

Charge for the year

2,528

5,106

4,210

11,844

At 31 December 2024

67,659

39,793

184,858

292,310

Carrying amount

At 31 December 2024

60,104

24,175

33,450

117,729

At 31 December 2023

62,632

24,281

37,659

124,572

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

438,515

410,767

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

410,767

410,767

Revaluations

27,748

27,748

At 31 December 2024

438,515

438,515

Carrying amount

At 31 December 2024

438,515

438,515

7

Debtors

2024
£

2023
£

Trade debtors

-

262

Other debtors

33,557

19,623

33,557

19,885

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

225,074

293,843

Trade creditors

 

28,760

20,342

Taxation and social security

 

36,193

27,189

Corporation tax liability

 

5,003

9,058

Other creditors

 

217,788

191,047

 

512,818

541,479

 

RGKMS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

225,074

293,843

10

Financial instruments

Financial assets measured at fair value

Prudential bond
Observable prices of UK and international equities, property, fixed interest securities, index-linked securities, cash and other specialist investments.

The fair value is £438,515 (2023 - £410,767) and the change in value included in profit or loss is £27,748 (2023 - £(1,719)).