Rutland Land Limited - Abbreviated accounts 16.3
Rutland Land Limited - Abbreviated accounts 16.3
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts |
for the Year Ended |
31 August 2016 |
for |
RUTLAND LAND LIMITED |
RUTLAND LAND LIMITED (REGISTERED NUMBER: SC108435) |
Contents of the Abbreviated Accounts |
for the Year Ended 31 August 2016 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 4 |
Chartered Accountants' Report | 7 |
RUTLAND LAND LIMITED |
Company Information |
for the Year Ended 31 August 2016 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
RUTLAND LAND LIMITED (REGISTERED NUMBER: SC108435) |
Abbreviated Balance Sheet |
31 August 2016 |
2016 | 2015 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
Investments | 3 |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Revaluation reserve |
Profit and loss account |
SHAREHOLDERS' FUNDS |
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. |
RUTLAND LAND LIMITED (REGISTERED NUMBER: SC108435) |
Abbreviated Balance Sheet - continued |
31 August 2016 |
The financial statements were approved by the Board of Directors on by: |
RUTLAND LAND LIMITED (REGISTERED NUMBER: SC108435) |
Notes to the Abbreviated Accounts |
for the Year Ended 31 August 2016 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with |
the Financial Reporting Standard for Smaller Entities (effective January 2015). |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in market value is transferred to a revaluation reserve. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Investment properties |
In accordance with standard accounting practice, investment properties are included in the accounts at |
their open market value and the aggregate surplus or deficit is transferred to the Revaluation Reserve. No |
depreciation or amortisation is provided in respect of freehold investment properties. The surplus on sale |
of investment properties is included with the company's profit. The resulting taxation on the gains are |
shown as part of the tax charge for the year. |
The directors believe that this accounting policy is necessary for the financial statements to give a true |
and fair view. |
Taxation |
The charge for taxation is based on the profit for the year and takes into account taxation deferred |
because of timing differences between the treatment of certain items for taxation and accounting |
purposes. No provision for deferred taxation is made if there is no reasonable evidence that such deferred |
taxation will not be payable in the forseeable future. Provision for future taxation on unrealised surpluses |
arising on the revaluation of investment properties is charged to the revaluation reserve when the sale of |
such properties is are being considered. No provision is made if the sale of a property is not considered |
likely in the forseeable future. |
Consolidation |
The company and its subsidiary comprise a small group. The company has therefore taken advantage of the |
exemption provided by Section 248 of the Companies Act 1985 not to prepare group accounts. The |
subsidiary and associated companies are included as investments at cost and dividends receivable are are |
included in the profit and loss account. As the company does not prepare group accounts additional |
information relating to the subsidiary and associate is given in Note 5. |
RUTLAND LAND LIMITED (REGISTERED NUMBER: SC108435) |
Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 August 2016 |
2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 September 2015 |
and 31 August 2016 |
DEPRECIATION |
At 1 September 2015 |
Charge for year |
At 31 August 2016 |
NET BOOK VALUE |
At 31 August 2016 |
At 31 August 2015 |
3. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
2016 | 2015 |
£ | £ |
Loan to subsidiary company | 7,123 | 7,123 |
Other investments | 22,438 | 22,438 |
The company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 74.00 |
£ | £ |
Aggregate capital and reserves | (103,291 | ) | (103,291 | ) |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 50.00 |
£ | £ |
Aggregate capital and reserves | (155,611 | ) | (155,611 | ) |
RUTLAND LAND LIMITED (REGISTERED NUMBER: SC108435) |
Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 August 2016 |
4. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 September 2015 |
Disposals | ( |
) |
At 31 August 2016 |
NET BOOK VALUE |
At 31 August 2016 |
At 31 August 2015 |
5. | CREDITORS |
Creditors include an amount of £ |
They also include the following debts falling due in more than five years: |
2016 | 2015 |
£ | £ |
Repayable by instalments | 254,481 | 305,445 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 |
7. | ULTIMATE PARENT COMPANY |
The directors consider the ultimate parent company to be William Cleland & Son Limited, a company |
registered in Scotland number SC068782. |
8. | RELATED PARTY DISCLOSURES |
A management charge of £64,400(2015 - £64,400) was paid to William Cleland & Son Limited during the |
year. The company paid interest of £6,000 (2015-£6,00) to William Cleland and Son Limited. Interest was |
paid on the core borrowing of £400,000 at 1% above base rate. At 31 August 2016 the company owed |
William Cleland & Son Limited £949,789 (2015- £899,389). |
At 31 August 2016 A.Wright was due £30,550 (2015-£8,627) by the company. This represented the |
maximum amount outstanding during the year. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Rutland Land Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two |
to six) have been prepared. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Rutland Land Limited for the year ended 31 August 2016 which comprise the Profit and |
Loss Account, the Balance Sheet, and the related notes 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
This report is made solely to the Board of Directors of Rutland Land Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rutland Land Limited and state those matters that we have agreed to state to the Board of Directors of Rutland Land Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Rutland Land Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rutland Land Limited. You consider that Rutland Land 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 financial statements of Rutland Land 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 financial statements. |
13 June 2017 |