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REGISTERED NUMBER: SC675044















J L S SCOTLAND LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






J L S SCOTLAND LIMITED (REGISTERED NUMBER: SC675044)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


J L S SCOTLAND LIMITED (REGISTERED NUMBER: SC675044)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 4,045,005 4,045,005

CURRENT ASSETS
Debtors 5 1,400,183 1,866,236

CREDITORS
Amounts falling due within one year 6 1,442,753 1,908,806
NET CURRENT LIABILITIES (42,570 ) (42,570 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,002,435

4,002,435

CREDITORS
Amounts falling due after more than one year 7 4,000,000 4,000,000
NET ASSETS 2,435 2,435

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,335 2,335
2,435 2,435

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 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.

J L S SCOTLAND LIMITED (REGISTERED NUMBER: SC675044)

BALANCE SHEET - continued
31 MARCH 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





H S Fields - Director


J L S SCOTLAND LIMITED (REGISTERED NUMBER: SC675044)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

J L S Scotland Limited is a private company, limited by shares, registered in Scotland. The company's registered office is 5 Fitzroy Place, Glasgow, G3 7RH.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about J L S Scotland Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.
The directors consider there are no such significant judgements.

Investments in subsidiaries
Investments representing shareholdings in unquoted subsidiary undertakings are stated at cost less impairment.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like loans to and from related parties.

Debt instruments like loans are initially measured at present value of future payments and subsequently at amortised cost using the effective interest method.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.


J L S SCOTLAND LIMITED (REGISTERED NUMBER: SC675044)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 4,045,005
NET BOOK VALUE
At 31 March 2023 4,045,005
At 31 March 2022 4,045,005

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 1,400,183 1,866,236

J L S SCOTLAND LIMITED (REGISTERED NUMBER: SC675044)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Although the balance due in less than one year is technically repayable on demand, the company has confirmed to the subsidiary undertaking that it does not intend to seek repayment of the balance, of £1,390,184 (2022 - £1,866,236) on which there is no formal agreement in place for at least a period of twelve months from the date of approval of these financial statements.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 4,033 2,033
Other creditors 1,438,720 1,906,773
1,442,753 1,908,806

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 4,000,000 4,000,000

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £6,000 were paid to the directors .

Included in creditors due within one year at the balance sheet date, is an amount of £1,422,588 (2022 - £1,898,641) due to a director. This loan which is unsecured, is repayable on demand.

Included in creditors due outwith one year at the balance sheet date, is an amount of £4,000,000 (2022 - £4,000,000) due to a director in the form of unsecured aggregate principal Loan Notes. Interest is payable on the Loan Notes at 0.25%. Loan Notes can be redeemed in amounts and on terms agreed between the parties, provided that any redemption date is at least greater than six months after the date of issue. During the year interest charged on the Loan Notes amounted to £10,000 (2022 - £10,165l)

Included in debtors is an interest free loan of £1,400,183 (2022 - £1,866,236) to wholly owed subsidiary, Aspin Estates Limited. During the year the company received a dividend of £16,000 (2022 - £12,500) from Aspin Estates Limited.