Company Registration No. SC471233 (Scotland)
Rettie Short Lets Limited
Unaudited financial statements
for the year ended 30 April 2025
Pages for filing with the registrar
Rettie Short Lets Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Rettie Short Lets Limited
Balance sheet
As at 30 April 2025
30 April 2025
1
2025
2024
Notes
£
£
£
£
Current assets
Debtors
7
124,492
133,479
Cash at bank and in hand
599,829
611,038
724,321
744,517
Creditors: amounts falling due within one year
8
(420,791)
(493,994)
Net current assets
303,530
250,523
Capital and reserves
Called up share capital
9
80
80
Capital redemption reserve
20
20
Profit and loss reserves
303,430
250,423
Total equity
303,530
250,523

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 February 2026 and are signed on its behalf by:
Simon Rettie
Director
Company Registration No. SC471233
Rettie Short Lets Limited
Statement of changes in equity
For the year ended 30 April 2025
2
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
80
20
259,342
259,442
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
91,441
91,441
Dividends
-
-
(100,360)
(100,360)
Balance at 30 April 2024
80
20
250,423
250,523
Year ended 30 April 2025:
Profit and total comprehensive income
-
-
53,007
53,007
Balance at 30 April 2025
80
20
303,430
303,530
Rettie Short Lets Limited
Notes to the financial statements
For the year ended 30 April 2025
3
1
Accounting policies
Company information

Rettie Short Lets Limited is a private company limited by shares incorporated in Scotland. The registered office is Deuchrie, Dunbar, East Lothian, EH42 1TG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Rettie & Company Limited. These consolidated financial statements are available from its registered office, Deuchrie, Dunbar, East Lothian, EH42 ITG.

1.2
Turnover
Turnover represents the invoiced value of booking and management services, net of value added tax.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

Rettie Short Lets Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
1
Accounting policies (continued)
4
1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, which is estimated to be three years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other business assets
20-25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Rettie Short Lets Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Rettie Short Lets Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
1
Accounting policies (continued)
6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
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.

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.

3
Employees
2025
2024
Number
Number
Total
3
3
Rettie Short Lets Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
7
4
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
17,488
30,510
5
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2024 and 30 April 2025
99,999
Amortisation and impairment
At 1 May 2024 and 30 April 2025
99,999
Carrying amount
At 30 April 2025
-
0
At 30 April 2024
-
0
6
Tangible fixed assets
Other business assets
£
Cost
At 1 May 2024 and 30 April 2025
1
Depreciation and impairment
At 1 May 2024 and 30 April 2025
1
Carrying amount
At 30 April 2025
-
0
At 30 April 2024
-
0
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
124,492
133,479
Rettie Short Lets Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
8
8
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
-
0
12,347
Corporation tax
19,955
32,976
Other creditors
400,836
448,671
420,791
493,994
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 10p each
800
800
80
80

The A Ordinary shares entitle the holders to attend and vote at any general meeting of the company, as well as participating in any dividends declared or paid. The shares also entitle the holders to participate in a distribution of the company's assets on any winding up or return of capital.

10
Related party transactions

During the year, Rettie & Company Limited charged the company £35,150 (2024: £32,371) for recharges of costs; £87,957 (2024: £75,313) for salaries recharges; and £12,000 (2024: £12,000) in respect of management fees. At the year end, a balance of £Nil (2024: £12,347) was due to Rettie & Company Limited.

11
Control

The immediate controlling party of the company is Rettie & Company Limited due to their controlling interest of 84.4% of the total issue A ordinary share capital.

The ultimate controlling party is Simon Rettie, a director, due to his controlling interest in Rettie & Company Limited.

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