Ferguson & Rippin Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC059422 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

FERGUSON & RIPPIN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Fitzpatrick

SECRETARY:

J Fitzpatrick

REGISTERED OFFICE:

43 Polnoon Street

Eaglesham

Glasgow

G76 0BB

REGISTERED NUMBER:

SC059422 (Scotland)

ACCOUNTANTS:

McDaid & Partners

Chartered Accountants

Stanley House

69/71 Hamilton Road

Motherwell

ML1 3DG

FIXED ASSETS

Investments

4

244,052

248,463

Investment property

5

250,000

250,000

494,052

498,463

CURRENT ASSETS

Debtors

6

9,934

14,974

Cash at bank

6,899

8,384

16,833

23,358

CREDITORS

Amounts falling due within one year

7

16,277

16,042

NET CURRENT ASSETS

556

7,316

TOTAL ASSETS LESS CURRENT LIABILITIES

494,608

505,779

PROVISIONS FOR LIABILITIES

25,203

25,203

NET ASSETS

469,405

480,576

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

8

132,645

132,645

Retained earnings

335,760

346,931

SHAREHOLDERS' FUNDS

469,405

480,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 14 July 2023 and were signed by:

J Fitzpatrick - Director

1.	STATUTORY INFORMATION

Ferguson & Rippin 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.

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.

Financial instruments

Trade debtors

Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Cash

Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Other investments

Investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recongnised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 March 2022

248,463

Fair value movement

(4,411

)

At 28 February 2023

244,052

NET BOOK VALUE

At 28 February 2023

244,052

At 28 February 2022

248,463

Cost or valuation at 28 February 2023 is represented by:

Other

investments

£

Valuation in 2016

(2,727

)

Valuation in 2017

25,306

Valuation in 2018

6,430

Valuation in 2019

(641

)

Valuation in 2020

3,798

Valuation in 2021

28,113

Valuation in 2022

(8,816

)

Valuation in 2023

(4,411

)

Cost

197,000

244,052

If other investments had not been valued at fair value they would have been included at the following historic cost:-

29.2.23

28.2.22

£

£

Cost

197,000

197,000

Other investments were valued at fair value on 28 February 2023 by abrdn.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

and 28 February 2023

250,000

NET BOOK VALUE

At 28 February 2023

250,000

At 28 February 2022

250,000

Fair value at 28 February 2023 is represented by:

£

Valuation in 2019

132,645

Cost

117,355

250,000

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

28.2.23

28.2.22

£

£

Cost

117,355

117,355

Investment property was valued on an open market basis on 28 February 2023 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

7,500

12,500

Other debtors

2,434

2,474

9,934

14,974

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Taxation and social security

2,546

3,391

Other creditors

13,731

12,651

16,277

16,042

A floating charge is in place over the company's property and assets.

8.

RESERVES

Fair

value

reserve

£

At 1 March 2022

and 28 February 2023

132,645

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23

28.2.22

£

£

J Fitzpatrick

Balance outstanding at start of year

11,441

8,873

Amounts advanced

1,080

2,568

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,521

11,441