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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,783,679
127,358
222,642
2,133,679
2,133,679
1,783,679
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xbrli:shares
iso4217:GBP
SC410559
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SC410559
2023-03-31
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COMPANY REGISTRATION NUMBER:
SC410559
|
Rubicon Land Investments Ltd |
|
|
Filleted Unaudited Financial Statements |
|
|
Rubicon Land Investments Ltd |
|
Year ended 31 March 2023
|
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
|
Statement of financial position |
2 |
|
|
|
Notes to the financial statements |
4 |
|
|
|
Rubicon Land Investments Ltd |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Rubicon Land Investments Ltd |
|
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rubicon Land Investments Ltd for the year ended 31 March 2023, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Rubicon Land Investments Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Rubicon Land Investments Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rubicon Land Investments Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Rubicon Land Investments Ltd 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 Rubicon Land Investments Ltd. You consider that Rubicon Land Investments Ltd 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 Rubicon Land Investments Ltd. 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.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
18 December 2023
|
Rubicon Land Investments Ltd |
|
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
|
Tangible assets |
4 |
2,133,679 |
1,783,679 |
|
|
|
|
Current assets
|
Debtors |
5 |
14,550 |
27,734 |
|
Cash at bank and in hand |
50,685 |
47,803 |
|
-------- |
-------- |
|
65,235 |
75,537 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
491,869 |
414,861 |
|
--------- |
--------- |
|
Net current liabilities |
426,634 |
339,324 |
|
------------ |
------------ |
|
Total assets less current liabilities |
1,707,045 |
1,444,355 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
39,141 |
44,141 |
|
|
|
|
|
Provisions |
261,803 |
206,143 |
|
------------ |
------------ |
|
Net assets |
1,406,101 |
1,194,071 |
|
------------ |
------------ |
|
|
|
Capital and reserves
|
Called up share capital |
1 |
1 |
|
Non distributable reserve |
830,372 |
663,390 |
|
Profit and loss account |
575,728 |
530,680 |
|
------------ |
------------ |
|
Shareholders funds |
1,406,101 |
1,194,071 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Rubicon Land Investments Ltd |
|
|
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
18 December 2023
, and are signed on behalf of the board by:
|
Mr A Reid - Thomas |
Mr C M Taylor |
|
Director |
Director |
|
|
Company registration number:
SC410559
|
Rubicon Land Investments Ltd |
|
|
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
|
Investment property |
|
£ |
|
Cost or valuation |
|
|
At 1 April 2022 |
1,783,679 |
|
Additions |
127,358 |
|
Revaluations |
222,642 |
|
------------ |
|
At 31 March 2023 |
2,133,679 |
|
------------ |
|
Depreciation |
|
|
At 1 April 2022 and 31 March 2023 |
– |
|
------------ |
|
Carrying amount |
|
|
At 31 March 2023 |
2,133,679 |
|
------------ |
|
At 31 March 2022 |
1,783,679 |
|
------------ |
|
|
The company's investment properties had been revalued in the prior year after taking appropriate professional advice. The directors deem the value to still be appropriate, had they not been revalued they would have been stated at cost of £1,086,466 (2022: £959,108).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
|
Other debtors |
14,550 |
27,734 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
|
Bank loans and overdrafts |
5,000 |
5,000 |
|
Corporation tax |
8,555 |
– |
|
Social security and other taxes |
2,298 |
6,227 |
|
Other creditors |
476,016 |
403,634 |
|
--------- |
--------- |
|
491,869 |
414,861 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
|
Bank loans and overdrafts |
39,141 |
44,141 |
|
-------- |
-------- |
|
|
|
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Included in provisions |
261,803 |
206,143 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
At the year end the company owed its parent, Traction Assets Limited £20,185 (2022: £20,185). At the year end the company owed £429,746 to Rubicon Land Limited, (2022: £359,746). That company is controlled by the directors. The above loans are interest free and are repayable on demand.
10.
Controlling party
The company is ultimately controlled by the directors, by virtue of their interest in the company's parent, Traction Assets Limited.
