AR (Wallyford) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC431107 (Scotland)

Financial Statements for the Year Ended 31 December 2021

for

AR (Wallyford) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Coster

D Gaffney

R Boyd

REGISTERED OFFICE:

231 St. Vincent Street

Glasgow

G2 5QY

REGISTERED NUMBER:

SC431107 (Scotland)

AUDITORS:

McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

CURRENT ASSETS

Stocks

5,727,103

-

Debtors

4

20,833

1

Cash at bank

651,596

-

6,399,532

1

CREDITORS

Amounts falling due within one year

5

(1,130,638

)

-

NET CURRENT ASSETS

5,268,894

1

TOTAL ASSETS LESS CURRENT LIABILITIES

5,268,894

1

CREDITORS

Amounts falling due after more than one year

6

(5,268,930

)

-

NET (LIABILITIES)/ASSETS

(36

)

1

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(37

)

-

SHAREHOLDERS' FUNDS

(36

)

1

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2022 and were signed on its behalf by:

R Boyd - Director

1.	STATUTORY INFORMATION

AR (Wallyford) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors prepare projections for the life of the development and therefore consider a period of at least 12 months from the date of approval of these financial statements. Projections are updated regularly to take into consideration any changes such as the possible impacts of COVID-19 on the project. The main contractor for the development is a related party who ensures that contractors comply with the current government guidance.

The company has continued support from the intermediate holding company.

Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Other debtors

20,833

1

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

1,103,262

-

Amounts owed to group undertakings

1,800

-

Other creditors

25,576

-

1,130,638

-

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed to group undertakings

5,268,930

-

7.	SECURED DEBTS

Included within trade creditors is an amount of £1,100,000 which is secured over 6 separate areas of land at Victory Lane, Wallyford, highlighted in the charge.

Included within amounts owed to group undertakings is an amount of £5,268,930 which is secured over the land at Victory Lane, Wallyford, highlighted in the charge.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Martin (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

9.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10.	ULTIMATE CONTROLLING PARTY

The entire share capital of the company is beneficially owned by Ambassador Aspen Group Limited, which is incorporated in England.

The ultimate parent undertaking is RS Fund IV LP, a fund incorporated in Jersey. There is no ultimate controlling party as no individual holds more than 10% of the fund.

A copy of the consolidated financial statements can be obtained from the registered office:

11-15 Seaton Place

St Helier

Jersey

JE4 0QH