REGISTERED NUMBER: SC474975 (Scotland)

Roromil Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S G Sheridan

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AT

REGISTERED NUMBER:

SC474975 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

36 St Andrew Square

Edinburgh

EH2 2AD

FIXED ASSETS

Investments

4

250,001

403,207

Investment property

5

1,005,000

1,005,000

1,255,001

1,408,207

CURRENT ASSETS

Debtors

6

921,327

680,311

Cash at bank

4,952

2,737

926,279

683,048

CREDITORS

Amounts falling due within one year

7

1,397,343

1,147,260

NET CURRENT LIABILITIES

(471,064

)

(464,212

)

TOTAL ASSETS LESS CURRENT LIABILITIES

783,937

943,995

CREDITORS

Amounts falling due after more than one year

8

(161,134

)

(238,802

)

PROVISIONS FOR LIABILITIES

10

(42,712

)

(61,470

)

NET ASSETS

580,091

643,723

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

11

246,012

227,254

Retained earnings

334,078

416,468

SHAREHOLDERS' FUNDS

580,091

643,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 May 2025 and were signed by:

S G Sheridan - Director

1.	STATUTORY INFORMATION

Roromil 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.

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departure from that standard. The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

In the directors' judgement there are no critical judgements and estimates which require to be disclosed for a proper understanding of these accounts. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents net rental, excluding value added tax.

Rent is recognised in accordance with the lease agreement. Where rent is paid in advance, this is calculated and shown separately as deferred income.

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to the fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year-end is included in the fair value reserve with the relevant change in fair value.

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 as a provision.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Fixed asset investments

Unlisted fixed asset investments are stated at market value, where a reliable estimate is available. Any revaluation gains or losses are recognised in the fair value reserve.

Where a reliable market value is not available the investment is stated at cost less any provision for impairment.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

403,207

Additions

11,846

Disposals

(165,052

)

At 31 December 2024

250,001

NET BOOK VALUE

At 31 December 2024

250,001

At 31 December 2023

403,207

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

1,005,000

NET BOOK VALUE

At 31 December 2024

1,005,000

At 31 December 2023

1,005,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2015

27,551

Valuation in 2017

131,089

Valuation in 2018

102,477

Valuation in 2019

(42,393

)

Valuation in 2021

70,000

Cost

716,276

1,005,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

716,276

716,276

Investment properties were valued on an open market basis on 31 December 2024 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

5,604

Other debtors

921,327

674,707

921,327

680,311

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

74,389

12,201

Taxation and social security

951

4,283

Other creditors

1,322,003

1,130,776

1,397,343

1,147,260

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

161,134

238,802

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

235,523

251,003

There is a fixed charge over the investment properties at 16 West Street, St Monans, 13 George IV Bridge, Edinburgh and 33-37 Young Street Lane North, Edinburgh in favour of the Royal Bank of Scotland plc. The bank also holds a bond and floating charge over the assets of the company.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

42,712

61,470

Deferred

tax

£

Balance at 1 January 2024

61,470

Provided during year

(18,758

)

Balance at 31 December 2024

42,712

11.

RESERVES

Fair

value

reserve

£

At 1 January 2024

227,254

Deferred tax movement

18,758

At 31 December 2024

246,012

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within debtors is a directors loan balance of £Nil (2023 - £2,880).

During the year the director purchased the company's investment in fine wine for the market value of £90,024.

13.	GOING CONCERN

The company is dependant upon the continued support of it's director and related parties, who have advanced the company funds to purchase investment property.

The directors going concern assessment covers a period of at least 12 months from the date of signing of these financial statements.