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REGISTERED NUMBER: SC071059 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Thistle Property Holding Company Limited

Thistle Property Holding Company Limited (Registered number: SC071059)






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


Thistle Property Holding Company Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D A Maxwell
D W Stephen





REGISTERED OFFICE: Thistle House
21-23 Thistle Street
Edinburgh
EH2 1DF





REGISTERED NUMBER: SC071059 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Thistle Property Holding Company Limited (Registered number: SC071059)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,834 4,475
Investments 5 14,000 14,000
Investment property 6 26,845,031 26,752,293
26,862,865 26,770,768

CURRENT ASSETS
Debtors 7 2,253,887 2,602,304
Cash at bank 104,032 80,629
2,357,919 2,682,933
CREDITORS
Amounts falling due within one year 8 1,360,014 1,610,276
NET CURRENT ASSETS 997,905 1,072,657
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,860,770

27,843,425

CREDITORS
Amounts falling due after more than one
year

9

(13,172,500

)

(13,282,500

)

PROVISIONS FOR LIABILITIES 12 (3,524,340 ) (3,074,785 )
NET ASSETS 11,163,930 11,486,140

CAPITAL AND RESERVES
Called up share capital 108 100
Non-distributable reserves 13 5,861,453 6,301,292
Retained earnings 5,302,369 5,184,748
11,163,930 11,486,140

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.

Thistle Property Holding Company Limited (Registered number: SC071059)

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 2 October 2023 and were signed on its behalf by:





D A Maxwell - Director


Thistle Property Holding Company Limited (Registered number: SC071059)

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

1. STATUTORY INFORMATION

Thistle Property Holding Company Limited 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.

Turnover
Rental income is recognised at the fair value of the consideration received or receivable for the period, and is shown net of VAT and other sales related taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 5 years
Fixtures and fittings - Straight line over 5 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

Thistle Property Holding Company Limited (Registered number: SC071059)

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

4. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 April 2022 369,279 16,242 385,521
Additions - 1,631 1,631
At 31 March 2023 369,279 17,873 387,152
DEPRECIATION
At 1 April 2022 369,279 11,767 381,046
Charge for year - 2,272 2,272
At 31 March 2023 369,279 14,039 383,318
NET BOOK VALUE
At 31 March 2023 - 3,834 3,834
At 31 March 2022 - 4,475 4,475

5. FIXED ASSET INVESTMENTS
Investments
in
subsidiaries
£   
COST
At 1 April 2022
and 31 March 2023 14,000
NET BOOK VALUE
At 31 March 2023 14,000
At 31 March 2022 14,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 26,752,293
Additions 92,738
At 31 March 2023 26,845,031
NET BOOK VALUE
At 31 March 2023 26,845,031
At 31 March 2022 26,752,293

Thistle Property Holding Company Limited (Registered number: SC071059)

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

6. INVESTMENT PROPERTY - continued

Investment properties were revalued by an independent valuer, Montagu Evans LLP, in February 2021 based on an open market valuation in accordance with Red Book Valuation Standards published by the Royal Institute of Chartered Surveyors.

The directors have reviewed the value of the investment at 31 March 2023 and believe that this is a fair representation of the market value of the properties held. This assessment is based upon the cost of the improvement works included in additions not being materially different from any increase in the actual market value of the properties, as well the director's knowledge and experience in the market.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 56,451 14,722
Other debtors 2,003,498 2,447,989
Tax 68,137 -
Prepayments 125,801 139,593
2,253,887 2,602,304

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts (see note 10) 110,000 110,000
Trade creditors 68,589 185,724
Tax 6,091 115,163
Social security and other taxes 20,614 9,552
VAT 49,940 54,081
Other creditors 630,950 794,835
Directors' loan accounts 341,313 306,739
Accrued expenses 132,517 34,182
1,360,014 1,610,276

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans (see note 10) 13,172,500 13,282,500

10. LOANS

An analysis of the maturity of loans is given below:

31/3/23 31/3/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 110,000 110,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 13,172,500 13,282,500

Thistle Property Holding Company Limited (Registered number: SC071059)

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

11. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 13,282,500 13,392,500

Bank loans totalling £13,250,000 (2022: £13,350,000) have been secured by standard securities over the companies properties, by a bond and floating charge over all of the companies assets, by an assignation of rents from each of the properties and by a personal guarantee from D W Stephen, director.

The remaining £32,500 (2022: £42,500) of the bank loans is secured by a guarantee from the UK Government under the bounce back loan scheme.

12. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
£    £   
Deferred tax
Accelerated capital allowances 439,840 -
Deferred tax 3,084,500 3,074,785
3,524,340 3,074,785

Deferred
tax
£   
Balance at 1 April 2022 3,074,785
Accelerated capital allowances 9,715
Capital gains 439,840
Balance at 31 March 2023 3,524,340

13. RESERVES
Non-distributable
reserves
£   
At 1 April 2022 6,301,292
Deferred tax on capital gains (439,839 )

At 31 March 2023 5,861,453