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Company No: SC550783 (Scotland)

1A PSQ LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

1A PSQ LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

1A PSQ LIMITED

BALANCE SHEET

AS AT 31 JULY 2023
1A PSQ LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 18,541,383 10,448,326
18,541,383 10,448,326
Current assets
Stocks 15,461 5,016
Debtors 4 140,112 67,315
Cash at bank and in hand 2,127,632 930,370
2,283,205 1,002,701
Creditors: amounts falling due within one year 5 ( 997,357) ( 624,339)
Net current assets 1,285,848 378,362
Total assets less current liabilities 19,827,231 10,826,688
Creditors: amounts falling due after more than one year 6 ( 3,088,406) ( 3,462,496)
Provision for liabilities 7 ( 3,328,292) ( 1,159,123)
Net assets 13,410,533 6,205,069
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 8,822,559 2,906,499
Profit and loss account 4,587,874 3,298,470
Total shareholder's funds 13,410,533 6,205,069

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of 1A PSQ Limited (registered number: SC550783) were approved and authorised for issue by the Director on 22 February 2024. They were signed on its behalf by:

Mr A D Landsburgh
Director
1A PSQ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
1A PSQ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

1A PSQ 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 Bearford House, 39 Hanover Street, Edinburgh, EH2 2PJ, Scotland, 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

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Assets under construction not depreciated
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 30 21

3. Tangible assets

Land and buildings Assets under construc-
tion
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 August 2022 11,000,000 0 21,645 76,687 4,111 11,102,443
Additions 8,765 101,079 9,714 1,760 0 121,318
Revaluations 7,391,235 0 0 0 0 7,391,235
At 31 July 2023 18,400,000 101,079 31,359 78,447 4,111 18,614,996
Accumulated depreciation
At 01 August 2022 603,358 0 11,267 37,025 2,467 654,117
Charge for the financial year 220,129 0 6,272 15,760 822 242,983
Adjustments on revaluations ( 823,487) 0 0 0 0 ( 823,487)
At 31 July 2023 0 0 17,539 52,785 3,289 73,613
Net book value
At 31 July 2023 18,400,000 101,079 13,820 25,662 822 18,541,383
At 31 July 2022 10,396,642 0 10,378 39,662 1,644 10,448,326

The assets included in land and buildings above are carried at valuation, being their value as fully operational entities having regard to their trading potential. The valuation at the reporting date has been performed by Colliers International Property Consultants with reference to actual EBITDA and a multiplier. The directors are satisfied that that carrying value outlined above reflects the fair value of the underlying assets.

Revaluation of tangible assets

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

2023 2022
£ £
Historical cost 6,898,346 6,898,346
Accumulated depreciation (567,036) (427,700)
Carrying value 6,331,310 6,470,646

4. Debtors

2023 2022
£ £
Trade debtors 41,163 23,665
Corporation tax 0 3,366
Other debtors 98,949 40,284
140,112 67,315

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured £ 454,771) 464,419 297,177
Trade creditors 109,046 57,446
Amounts owed to related parties 74,240 0
Taxation and social security 152,083 74,979
Other creditors 197,569 194,737
997,357 624,339

The bank loans totalling £454,771 (2022: £287,529) are secured by the property at 1A Parliament Square. Edinburgh, EH1 1RF.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured £ 3,063,278) 3,088,406 3,462,496

The bank loans totalling £3,063,278 (2022: £3,427,734) are secured by the property at 1A Parliament Square. Edinburgh, EH1 1RF.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 3,328,292 1,159,123

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100

9. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts owed to other related parties (74,240) 0