R & W Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC240247 (Scotland)

R & W Investments Limited

Unaudited Financial Statements

for the Year Ended 31 January 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms W C Yau

SECRETARY:

Mr A W Liu

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

REGISTERED NUMBER:

SC240247 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

Edinburgh North Morningside

8 Morningside Road

Edinburgh

EH10 4DD

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

551,034

551,034

551,034

551,034

CURRENT ASSETS

Debtors

6

3,214

7,496

Cash at bank

57,990

36,058

61,204

43,554

CREDITORS

Amounts falling due within one year

7

12,038

11,336

NET CURRENT ASSETS

49,166

32,218

TOTAL ASSETS LESS CURRENT LIABILITIES

600,200

583,252

PROVISIONS FOR LIABILITIES

15,750

17,500

NET ASSETS

584,450

565,752

CAPITAL AND RESERVES

Called up share capital

100

1

Fair value reserve

9

177,229

177,229

Retained earnings

407,121

388,522

SHAREHOLDERS' FUNDS

584,450

565,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 22 September 2020 and were signed by:

Ms W C Yau - Director

1.	STATUTORY INFORMATION

R & W Investments 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors going concern assessment includes the expected impact of COVID-19 to the company

for a period of at least 12 months from the date of signing of these financial statements.

Turnover

Turnover shown in the profit and loss account represents rent receivable during the period,

recognised based on rent due in accordance with rent agreement.

Lease premium

Lease premium received included in provisions for liabilities is charged to other income over the

period of the lease.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 20% on cost

Investment property

Investment properties are shown at their open market 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 fluctuation in the property market conditions is not considered to be permanent.

This is in accordance with the FRS102 which, unlike the Companies Act 2006, does not require

depreciation of investment properties. Investment properties are held for their investment

potential and not for use by the company and so their current value is of prime importance. The

departure from the Companies Act is required in order to give a true and fair view.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2019

26,675

Disposals

(200

)

At 31 January 2020

26,475

DEPRECIATION

At 1 February 2019

26,675

Eliminated on disposal

(200

)

At 31 January 2020

26,475

NET BOOK VALUE

At 31 January 2020

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2019

and 31 January 2020

551,034

NET BOOK VALUE

At 31 January 2020

551,034

At 31 January 2019

551,034

Fair value at 31 January 2020 is represented by:

£

Valuation in 2013

177,229

Cost

373,805

551,034

If investment property had not been revalued it would have been included at the following

historical cost:

2020

2019

£

£

Cost

373,805

373,805

The investment property was valued on an open market basis by the director, who is not a

professional valuer on 31 January 2013. In the opinion of the director, there was no significant

change in the fair value of the property as at 31 January 2020.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

3,214

7,496

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

8,860

8,312

Other creditors

3,178

3,024

12,038

11,336

8.	SECURED DEBTS

The Bank of Scotland holds a bond and floating charge on the whole assets of the company.

9.

RESERVES

Fair

value

reserve

£

At 1 February 2019

and 31 January 2020

177,229

The fair value reserve represents the net revaluation surplus on investment properties that is not

readily distributable as realised earnings.