Round The World Trading Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC543538 (Scotland)

Round The World Trading Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M E Gordon

S B Gordon

REGISTERED OFFICE:

17b Circus Lane,

Edinburgh,

EH3 6SU

REGISTERED NUMBER:

SC543538 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

38 St. Andrew Square

Edinburgh

EH2 2AD

SOLICITORS:

Addleshaw Goddard LLP

Exchange Tower

19 Canning Street

Edinburgh

EH3 8EH

FIXED ASSETS

Tangible assets

4

11,604

6,476

Investment property

5

5,545,000

5,545,000

5,556,604

5,551,476

CURRENT ASSETS

Debtors

6

122,838

-

Cash at bank

14,626

10,264

137,464

10,264

CREDITORS

Amounts falling due within one year

7

198,640

206,752

NET CURRENT LIABILITIES

(61,176

)

(196,488

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,495,428

5,354,988

CREDITORS

Amounts falling due after more than one year

8

2,646,371

2,662,258

NET ASSETS

2,849,057

2,692,730

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

2,724,962

2,724,962

Retained earnings

123,095

(33,232

)

2,849,057

2,692,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 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 Board of Directors and authorised for issue on 17 December 2021 and were signed on its behalf by:

M E Gordon - Director

1.	STATUTORY INFORMATION

Round The World Trading Ltd 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.

Turnover

Turnover represents rent received. Rent is recognised in accordance with the terms of lease agreements.

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 10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are shown at fair 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 the fluctuation in the property market is not considered permanent.

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 has financial assets and financial liabilities of a kind that qualify only 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.

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.

Going concern

The financial statements have been prepared under the principle of going concern, which assumes the company will continue to trade for the foreseeable future. The directors' assessment of going concern includes the expected impact of COVID-19 on the company for a period of at least 12 months from the date of signing of these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

7,196

Additions

7,797

At 31 March 2021

14,993

DEPRECIATION

At 1 April 2020

720

Charge for year

2,669

At 31 March 2021

3,389

NET BOOK VALUE

At 31 March 2021

11,604

At 31 March 2020

6,476

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

5,545,000

NET BOOK VALUE

At 31 March 2021

5,545,000

At 31 March 2020

5,545,000

The investment properties are shown at the directors' estimation of open market value as at 31 March 2021. The directors are not professional valuers.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

122,838

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

121,917

101,891

Taxation and social security

17,270

-

Other creditors

59,453

104,861

198,640

206,752

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

2,639,102

2,651,186

Other creditors

7,269

11,072

2,646,371

2,662,258

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

2,761,019

2,753,077

Bank loans are secured by way of Standard securities over all of the company's investment properties, a floating charge over all of the company's assets, and assignation of rents over rents from all of the company's investment properties.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

M E Gordon and S B Gordon

Balance outstanding at start of year

(68,590

)

2

Amounts advanced

269,056

94,099

Amounts repaid

(126,353

)

(162,691

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

74,113

(68,590

)

Interest has been charged at 2.25% per annum of the outstanding balance during the year.

The directors repaid £74,758 on 10 December 2021.

11.	CONTINGENT LIABILITY

If the company's investment properties were sold at valuation, no chargeable gain for corporation tax would arise.