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REGISTERED NUMBER: SC741803 (Scotland)
















Unaudited Financial Statements

for the Period

19 August 2022 to 31 January 2024

for

Leisure Property Management (Scotland)
Ltd

Leisure Property Management (Scotland)
Ltd (Registered number: SC741803)






Contents of the Financial Statements
for the Period 19 August 2022 to 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Leisure Property Management (Scotland)
Ltd

Company Information
for the Period 19 August 2022 to 31 January 2024







DIRECTORS: Mrs L J Connelly
M T Taylor
M R Taylor





REGISTERED OFFICE: C/o Gillespie & Anderson CA
147 Bath Street
Glasgow
G2 4SN





REGISTERED NUMBER: SC741803 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Leisure Property Management (Scotland)
Ltd (Registered number: SC741803)

Balance Sheet
31 January 2024

Notes £    £   
FIXED ASSETS
Tangible assets 4 1,069,688

CURRENT ASSETS
Debtors 5 5,600
Cash at bank 173,449
179,049
CREDITORS
Amounts falling due within one year 6 671,766
NET CURRENT LIABILITIES (492,717 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

576,971

CREDITORS
Amounts falling due after more than one
year

7

600,000
NET LIABILITIES (23,029 )

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings (23,129 )
(23,029 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2024 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.

Leisure Property Management (Scotland)
Ltd (Registered number: SC741803)

Balance Sheet - continued
31 January 2024


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 12 August 2024 and were signed on its behalf by:





M R Taylor - Director


Leisure Property Management (Scotland)
Ltd (Registered number: SC741803)

Notes to the Financial Statements
for the Period 19 August 2022 to 31 January 2024

1. STATUTORY INFORMATION

Leisure Property Management (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.

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


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.

Going concern
The directors consider it appropriate to prepare the financial statements on the going concern basis, in spite of the balance sheet showing a net liabilities position and the reliance on group companies for support, since the directors of those companies have pledged their ongoing commitment to the company.

Should this support be withdrawn or unavailable, the company may be unable to realise its assets and discharge its liabilities in the normal course of business, whilst adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities which may arise.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover
Turnover relates to rental income received, net of VAT and excluding discounts, rebates and other taxes, and is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - not provided

Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

Leisure Property Management (Scotland)
Ltd (Registered number: SC741803)

Notes to the Financial Statements - continued
for the Period 19 August 2022 to 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of: cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

Leisure Property Management (Scotland)
Ltd (Registered number: SC741803)

Notes to the Financial Statements - continued
for the Period 19 August 2022 to 31 January 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
Additions 1,059,241 10,447 1,069,688
At 31 January 2024 1,059,241 10,447 1,069,688
NET BOOK VALUE
At 31 January 2024 1,059,241 10,447 1,069,688

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 4,650
Amounts owed by group undertakings 100
Other debtors 850
5,600

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Taxation and social security 2,433
Other creditors 669,333
671,766

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans 600,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 600,000

8. SECURED DEBTS

The company's term loan is secured by a standard security over the site at Whistleberry Road, Hamilton, along with a floating charge over all other assets of the company and a personal guarantee from each of the three directors.

9. RELATED PARTY DISCLOSURES

The company is a wholly-owned subsidiary of Leisure Management (Scotland) Ltd, which is owned equally by the three directors of this company along with Matthew W Taylor, all of whom own 25% of the issued share capital of the parent company, ranking pari passu. Consequently, the directors consider there to be no single ultimate controlling party.

Leisure Management (Scotland) Ltd is a private company, limited by shares, registered in Scotland, and with the same registered office as the company.