Rutland Land Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC108435 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended

31 August 2015

for

RUTLAND LAND LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

DIRECTORS:

A Cleland

Miss A Wright

REGISTERED OFFICE:

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

REGISTERED NUMBER:

SC108435 (Scotland)

ACCOUNTANTS:

WDM Associates

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

FIXED ASSETS

Tangible assets

2

315

394

Investments

3

29,561

Investment property

4

2,390,368

2,420,244

2,420,323

CURRENT ASSETS

Stocks

193,920

Debtors

242,664

236,213

Cash at bank

196,776

234,025

633,360

664,158

CREDITORS

Amounts falling due within one year

5

(641,633

)

(663,178

)

NET CURRENT (LIABILITIES)/ASSETS

(8,273

)

980

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,411,971

2,421,303

CREDITORS

Amounts falling due after more than one
year

5

(990,445

)

(1,037,237

)

NET ASSETS

1,421,526

1,384,066

CAPITAL AND RESERVES

Called up share capital

6

50

Revaluation reserve

696,856

Profit and loss account

724,620

687,160

SHAREHOLDERS' FUNDS

1,421,526

1,384,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 13 June 2017 and were signed on its behalf
by:

Miss A Wright - Director

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

and 31 August 2015

4,749

DEPRECIATION

At 1 September 2014

4,355

Charge for year

79

At 31 August 2015

4,434

NET BOOK VALUE

At 31 August 2015

315

At 31 August 2014

394

3.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2015

2014

£

Loan to subsidiary company

7,123

Other investments

22,438

29,561

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Cramond Homes Limited

Nature of business: Property Development

%

Class of shares:

holding

Ordinary

74.00

2015

2014

£

Aggregate capital and reserves

(103,291

)

(103,291

)

Cramond Securities Limited

Nature of business: Property Development

%

Class of shares:

holding

Ordinary

50.00

2015

2014

£

Aggregate capital and reserves

(155,611

)

(155,611

)

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 September 2014

and 31 August 2015

2,390,368

NET BOOK VALUE

At 31 August 2015

2,390,368

At 31 August 2014

2,390,368

5.

CREDITORS

Creditors include an amount of £ 655,445 (2014 - £ 702,237 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

Repayable by instalments

305,445

352,237

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

50

Ordinary

£1

50

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(2014 - £64,400) was paid to William Cleland & Son Limited during the

year. The company paid interest of £6,000 (2014-£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 2015 the company owed

William Cleland & Son Limited £899,389 (2014- £918,989).

At 31 August 2015 A.Wright was due £ 8,627 (2014-£8,627) by the company. This represented the

maximum amount outstanding during the year.

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 2015 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.

WDM Associates

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

13 June 2017