Ritchie Realisation Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC085698 (Scotland)

Financial Statements for the Year Ended 31 March 2023

for

Ritchie Realisation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G F Ritchie

REGISTERED OFFICE:

7 South Headlands Crescent

Newtonhill

Stonehaven

AB39 3TT

REGISTERED NUMBER:

SC085698 (Scotland)

ACCOUNTANTS:

Findlay Brown Ltd

Chartered Certified Accountants

53 Huntly Street

Aberdeen

AB10 1TH

FIXED ASSETS

Tangible assets

4

4,560

5,305

Investment property

5

883,942

902,529

888,502

907,834

CURRENT ASSETS

Debtors

6

6,879

6,575

Cash at bank

8,179

6,262

15,058

12,837

CREDITORS

Amounts falling due within one year

7

216,390

218,885

NET CURRENT LIABILITIES

(201,332

)

(206,048

)

TOTAL ASSETS LESS CURRENT LIABILITIES

687,170

701,786

PROVISIONS FOR LIABILITIES

76,496

76,496

NET ASSETS

610,674

625,290

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

560,674

575,290

SHAREHOLDERS' FUNDS

610,674

625,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 21 December 2023 and were signed by:

G F Ritchie - Director

1.	STATUTORY INFORMATION

Ritchie Realisation 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Investment Property Equipment

-

straight line over 2 years

Fixtures and fittings

-

straight line over 2 years

Computer equipment

-

20% on reducing balance

Investment property

The investment properties were previously accounted for under the FRSSE (effective January 2015), which required gains and losses on the property's open market value to be taken to a revaluation reserve in equity. The properties are being measured at fair value under FRS 102 at deemed cost and depreciated at 2% per annum on the buildings element (no depreciation on the land element).

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Investment

Fixtures

Property

and

Computer

Equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

44,119

70

7,637

51,826

Additions

1,395

-

-

1,395

At 31 March 2023

45,514

70

7,637

53,221

DEPRECIATION

At 1 April 2022

42,564

35

3,922

46,521

Charge for year

1,390

10

740

2,140

At 31 March 2023

43,954

45

4,662

48,661

NET BOOK VALUE

At 31 March 2023

1,560

25

2,975

4,560

At 31 March 2022

1,555

35

3,715

5,305

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

1,032,638

DEPRECIATION

At 1 April 2022

130,109

Charge for year

18,587

At 31 March 2023

148,696

NET BOOK VALUE

At 31 March 2023

883,942

At 31 March 2022

902,529

Included in fair value of investment property is freehold land of £ 103,263 (2022 - £ 103,263 ) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

6,879

6,575

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

234

741

Taxation and social security

101

-

Other creditors

216,055

218,144

216,390

218,885

8.	RELATED PARTY DISCLOSURES

Mr & Mrs Ritchie lent the company loans, balance £210,000 (2022 £210,000). The loans are interest free with no fixed terms of repayment.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is G F Ritchie.