Company Registration No. SC551620 (Scotland)
RENNICK DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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 2022
30 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,002
Current assets
Debtors
4
104,082
42,479
Cash at bank and in hand
106,260
41,002
210,342
83,481
Creditors: amounts falling due within one year
5
(157,828)
(82,156)
Net current assets
52,514
1,325
Total assets less current liabilities
57,516
1,325
Capital and reserves
Called up share capital
6
2,000
100
Profit and loss reserves
55,516
1,225
Total equity
57,516
1,325
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 2022 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.
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.
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 28 August 2023 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 2022
- 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 amounts 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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors 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
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
1.6
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.
RENNICK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 1).
2022
2021
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2021
Additions
6,252
At 30 November 2022
6,252
Depreciation and impairment
At 1 December 2021
Depreciation charged in the year
1,250
At 30 November 2022
1,250
Carrying amount
At 30 November 2022
5,002
At 30 November 2021
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,460
10,500
Other debtors
98,662
31,979
Prepayments and accrued income
1,960
104,082
42,479
RENNICK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 4 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
25,633
1,800
Corporation tax
26,338
363
Other taxation and social security
7,819
7,840
Directors current accounts
93,755
70,620
Accruals and deferred income
4,283
1,533
157,828
82,156
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2,000 (2021: 100) Ordinary of £1 each
2,000
100
During the year, the company issued 900 Ordinary £1 shares at par.
During the year, the company also issued 1,000 Ordinary £1 shares by means of a bonus issue from reserves at par.