Rennie Welch Audit Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC227004 (Scotland)

Rennie Welch Audit Limited

Unaudited Financial Statements

for the Year Ended 31st October 2023

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

to

4

Directors:

Mrs G L Adamson

G S Chisholm

Secretary:

C Crombie

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Registered number:

SC227004 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Current assets

Debtors

4

92

54

Cash at bank and in hand

15

31

107

85

Creditors

Amounts falling due within one year

5

15,467

12,857

Net current liabilities

(15,360

)

(12,772

)

Total assets less current liabilities

(15,360

)

(12,772

)

Capital and reserves

Called up share capital

2

2

Retained earnings

(15,362

)

(12,774

)

Shareholders' funds

(15,360

)

(12,772

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th January 2024 and were signed on its behalf by:

G S Chisholm - Director

1.	Statutory information

Rennie Welch Audit 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.

Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Financial instruments

The following assets and liabilities are classified as financial instruments - directors' loans.

Directors' loans (being repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern

The company has a deficit on the balance sheet and relies on the support of its shareholders and creditors, which has been confirmed for a period of at least twelve months from the approval of the financial statements. Accordingly the directors have prepared the financial statements on the going concern basis.

3.	Employees and directors

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

4.

Debtors: amounts falling due within one year

2023

2022

£

£

Other debtors

92

54

5.

Creditors: amounts falling due within one year

2023

2022

£

£

Other creditors

15,467

12,857