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REGISTERED NUMBER: SC290289 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

L E D Scotland Ltd

L E D Scotland Ltd (Registered number: SC290289)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L E D Scotland Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: F R Bremner
Mrs J Bremner



SECRETARY: Mrs J Bremner



REGISTERED OFFICE: Bainstown House
Weydale
Thurso
Caithness
KW14 8YN



REGISTERED NUMBER: SC290289 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ



SOLICITORS: Young Robertson & Co
29 Traill Street
Thurso
Caithness
KW14 8EG

L E D Scotland Ltd (Registered number: SC290289)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 86,925 587,429
Investment property 5 688,651 -
775,576 587,429

CURRENT ASSETS
Stocks 8,200 16,414
Debtors 6 53,598 260,834
61,798 277,248
CREDITORS
Amounts falling due within one year 7 (247,466 ) (254,929 )
NET CURRENT (LIABILITIES)/ASSETS (185,668 ) 22,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

589,908

609,748

CREDITORS
Amounts falling due after more than one
year

8

(72,435

)

(265,151

)

PROVISIONS FOR LIABILITIES 9 (83,521 ) (43,172 )
NET ASSETS 433,952 301,425

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 145,517 -
Retained earnings 288,335 301,325
SHAREHOLDERS' FUNDS 433,952 301,425

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.

L E D Scotland Ltd (Registered number: SC290289)

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 Income Statement has not been delivered.

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





F R Bremner - Director


L E D Scotland Ltd (Registered number: SC290289)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

L E D Scotland 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.

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 as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Plant & machinery15% reducing balance
Motor vehicles25% reducing balance

INVESTMENT PROPERTY
Investment properties, which are properties held to earn rental income, are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose value can be measured reliably are measured at fair value by the directors. The surplus or deficit on a fair value adjustment is recognised in the Income Statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

L E D Scotland Ltd (Registered number: SC290289)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

RENTAL INCOME
Rental income is recognised in the income statement on a receivable basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 125,230 287,412 263,240 61,995 737,877
Additions - - 43,408 - 43,408
Disposals - - (165,352 ) (12,000 ) (177,352 )
Reclassification/transfer (125,230 ) (287,412 ) - - (412,642 )
At 31 March 2023 - - 141,296 49,995 191,291
DEPRECIATION
At 1 April 2022 - - 131,011 19,437 150,448
Charge for year - - 10,377 9,375 19,752
Eliminated on disposal - - (58,896 ) (6,938 ) (65,834 )
At 31 March 2023 - - 82,492 21,874 104,366
NET BOOK VALUE
At 31 March 2023 - - 58,804 28,121 86,925
At 31 March 2022 125,230 287,412 132,229 42,558 587,429

L E D Scotland Ltd (Registered number: SC290289)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 115,800 61,995 177,795
Additions 23,950 - 23,950
Transfer to ownership (115,800 ) (12,000 ) (127,800 )
At 31 March 2023 23,950 49,995 73,945
DEPRECIATION
At 1 April 2022 40,513 19,437 59,950
Charge for year 3,593 9,375 12,968
Transfer to ownership (40,513 ) (6,938 ) (47,451 )
At 31 March 2023 3,593 21,874 25,467
NET BOOK VALUE
At 31 March 2023 20,357 28,121 48,478
At 31 March 2022 75,287 42,558 117,845

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 81,986
Revaluations 194,023
Reclassification/transfer 412,642
At 31 March 2023 688,651
NET BOOK VALUE
At 31 March 2023 688,651

The investment properties have been valued during the period to reflect the directors' estimate of open market value as at the accounting period end.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 194,023
Cost 494,628
688,651

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 494,628 412,642

L E D Scotland Ltd (Registered number: SC290289)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 37,904 27,774
Other debtors 15,694 233,060
53,598 260,834

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 170,813 167,229
Hire purchase contracts 13,263 39,508
Trade creditors 38,051 30,355
Other creditors 25,339 17,837
247,466 254,929

Other creditors include £21,898 (2022 - £12,404) in respect of taxation and social security.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 41,602 92,430
Bank loans - 2-5 years - 115,024
Hire purchase contracts 30,833 57,697
72,435 265,151

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 83,521 43,172

Deferred
tax
£   
Balance at 1 April 2022 43,172
Provided during year 40,349
Balance at 31 March 2023 83,521

L E D Scotland Ltd (Registered number: SC290289)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. RESERVES
Fair
value
reserve
£   
Transfer between reserves 145,517

At 31 March 2023 145,517

The amounts transferred to/from the fair value reserve from/to retained earnings comprise fair value
revaluations on investment properties recognised in the year together with the associated deferred tax provision arising and realised gains or losses on the disposal of investment properties in the year.

The fair value reserve is ring-fenced as it is not a distributable reserve.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mrs J Bremner and F R Bremner
Balance outstanding at start of year 211,473 36,489
Amounts advanced 38,441 225,135
Amounts repaid (239,397 ) (50,151 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,517 211,473

Interest is charged to the directors at the HMRC official rate of interest.