Roslimil Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC424623 (Scotland)

Roslimil Properties Limited

Unaudited Financial Statements

for the Year Ended 31 May 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Sheridan

B C Weir

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

REGISTERED NUMBER:

SC424623 (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

SOLICITORS:

Addleshaw Goddard LLP

Exchange Tower

19 Canning Street

Edinburgh

EH3 8EH

CURRENT ASSETS

Stocks

216,838

-

Debtors

3

940

1,029

Cash at bank

40,000

771

257,778

1,800

CREDITORS

Amounts falling due within one year

4

257,510

900

NET CURRENT ASSETS

268

900

TOTAL ASSETS LESS CURRENT LIABILITIES

268

900

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

168

800

SHAREHOLDERS' FUNDS

268

900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 February 2019 and were signed on its behalf by:

B C Weir - Director

1.	STATUTORY INFORMATION

Roslimil Properties 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. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition

Turnover represents rent and property sales, excluding value added tax.

Rent is recognised in accordance with the lease agreement. Where there are lease incentives such

as rent free periods the rent relating to these incentives is accrued and subsequently released of the

full period of the lease agreement. Property sales are recognised with reference to completion

date.

Stocks

The cost of properties under development is stated at the lower of cost and net realisable 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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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 repayable on demand.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed by related parties

821

-

Other debtors

119

1,029

940

1,029

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed to related parties

211,309

-

Taxation and social security

23,684

-

Other creditors

22,517

900

257,510

900

Included within creditors was a loan due to related parties that incurs interest at 7% per annum.

5.	POST BALANCE SHEET EVENTS

Following the year end the company sold the development property.