Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr John Barron 10/02/2014 Ian Pirie 10/02/2014 Alan Stewart 10/02/2014 23 November 2023 The principal activity of the company is that of property rental. SC468862 2023-02-28 SC468862 bus:Director1 2023-02-28 SC468862 bus:Director2 2023-02-28 SC468862 bus:Director3 2023-02-28 SC468862 2022-02-28 SC468862 core:CurrentFinancialInstruments 2023-02-28 SC468862 core:CurrentFinancialInstruments 2022-02-28 SC468862 core:ShareCapital 2023-02-28 SC468862 core:ShareCapital 2022-02-28 SC468862 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC468862 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC468862 core:OtherPropertyPlantEquipment 2022-02-28 SC468862 core:OtherPropertyPlantEquipment 2023-02-28 SC468862 2021-02-28 SC468862 bus:OrdinaryShareClass1 2023-02-28 SC468862 2022-03-01 2023-02-28 SC468862 bus:FullAccounts 2022-03-01 2023-02-28 SC468862 bus:SmallEntities 2022-03-01 2023-02-28 SC468862 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC468862 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC468862 bus:Director1 2022-03-01 2023-02-28 SC468862 bus:Director2 2022-03-01 2023-02-28 SC468862 bus:Director3 2022-03-01 2023-02-28 SC468862 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-03-01 2023-02-28 SC468862 2021-03-01 2022-02-28 SC468862 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 SC468862 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC468862 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC468862 (Scotland)

OLDMELDRUM PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

OLDMELDRUM PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

OLDMELDRUM PROPERTIES LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2023
OLDMELDRUM PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 79,053 85,733
Investment property 4 2,115,000 2,720,000
2,194,053 2,805,733
Current assets
Debtors 5 122,709 120,737
Cash at bank and in hand 243,154 235,713
365,863 356,450
Creditors: amounts falling due within one year 6 ( 3,377,785) ( 3,594,024)
Net current liabilities (3,011,922) (3,237,574)
Total assets less current liabilities (817,869) (431,841)
Provision for liabilities 7 ( 202,226) ( 199,639)
Net liabilities ( 1,020,095) ( 631,480)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 1,020,195 ) ( 631,580 )
Total shareholders' deficit ( 1,020,095) ( 631,480)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Oldmeldrum Properties Limited (registered number: SC468862) were approved and authorised for issue by the Director on 23 November 2023. They were signed on its behalf by:

Mr John Barron
Director
OLDMELDRUM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
OLDMELDRUM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oldmeldrum Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the balance sheet date, the company had net current liabilities of £3,011,922 (2022 - £3,237,574) and net liabilities of £1,020,095 (2022 - £631,480).

Included within creditors is a balance of £3,207,260 (2022 - £3,427,411) due to the directors. The directors have agreed that the loan will not be repaid to the detriment of the company's ability to trade, and they will continue to support the company for the next 12 months.

Turnover

Turnover represents rental income receivable and income from electricity generation, net of VAT and trade discounts. Turnover is recognised on an accruals basis dependent on when the service is provided.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 profit and loss account 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.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.


The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. profit.

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 machinery etc. 20 years straight line

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.

Leases

The Company as lessee
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The fair value was determined by external valuers, DM Hall LLP, on 10 February 2023, and derived from current market rent and investment property yields for comparable tenanted real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2022 133,606 133,606
At 28 February 2023 133,606 133,606
Accumulated depreciation
At 01 March 2022 47,873 47,873
Charge for the financial year 6,680 6,680
At 28 February 2023 54,553 54,553
Net book value
At 28 February 2023 79,053 79,053
At 28 February 2022 85,733 85,733

4. Investment property

Investment property
£
Valuation
As at 01 March 2022 2,720,000
Additions (605,000)
As at 28 February 2023 2,115,000

Valuation

The fair value of the investment properties has been arrived at on the basis of an independent valuation carried out by DM Hall LLP, Chartered Surveyors on 10 February 2023.

5. Debtors

2023 2022
£ £
Trade debtors 116,378 115,700
Other debtors 6,331 5,037
122,709 120,737

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 713 298
Taxation and social security 67,632 64,317
Other creditors 3,309,440 3,529,409
3,377,785 3,594,024

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 199,639) ( 149,277)
Charged to the Profit and Loss Account ( 2,587) ( 50,362)
At the end of financial year ( 202,226) ( 199,639)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 3,207,260 3,427,411

There are no fixed repayment terms and no interest is charged.