Company Registration No. SC551620 (Scotland)
RENNICK DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
RENNICK DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
42,479
Cash at bank and in hand
41,002
1,068
83,481
1,068
Creditors: amounts falling due within one year
4
(82,156)
(72,802)
Net current assets/(liabilities)
1,325
(71,734)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
1,225
(71,834)
Total equity
1,325
(71,734)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 April 2022 and are signed on its behalf by:
Mr A D Rennick
Director
Company Registration No. SC551620
RENNICK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 2 -
1
Accounting policies
Company information
Rennick Development Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director
s have
a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director
s
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises the sale price of properties sold plus the invoiced value of construction goods and services supplied by the company, net of value added tax and trade discounts and in the case of long-term contracts the value of work done during the period.
1.4
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.5
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2020 - 2).
2021
2020
Number
Number
Total
1
2
RENNICK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
10,500
Other debtors
31,979
42,479
4
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,800
Corporation tax
363
Other taxation and social security
7,840
369
Other creditors
-
1,170
Directors current accounts
70,620
69,450
Accruals and deferred income
1,533
1,813
82,156
72,802
5
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100