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REGISTERED NUMBER: SC028867 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

The Shalstan Property Company Limited

The Shalstan Property Company Limited (Registered number: SC028867)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Shalstan Property Company Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: J J Marshall
Mrs S F Duncan Millar
J M C Lumsden





SECRETARY: Gillespie MacAndrew Secretaries Limited





REGISTERED OFFICE: 5 Atholl Crescent
Edinburgh
Midlothian
EH3 8EJ





REGISTERED NUMBER: SC028867 (Scotland)





ACCOUNTANTS: Clements
Chartered Accountants
39 St Vincent Place
Glasgow
G1 2ER

The Shalstan Property Company Limited (Registered number: SC028867)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 867,208 879,297
Investment property 5 4,796,977 4,628,227
5,664,185 5,507,524

CURRENT ASSETS
Debtors 6 3,581 -
Cash at bank 153,709 204,259
157,290 204,259
CREDITORS
Amounts falling due within one year 7 5,137 4,854
NET CURRENT ASSETS 152,153 199,405
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,816,338

5,706,929

CREDITORS
Amounts falling due after more than one
year

8

(337

)

(4,833

)

PROVISIONS FOR LIABILITIES (40,969 ) -
NET ASSETS 5,775,032 5,702,096

CAPITAL AND RESERVES
Called up share capital 9 150 150
Capital reserve 1,015 1,015
Non distributable reserves 4,500,284 4,372,503
Retained earnings 1,273,583 1,328,428
SHAREHOLDERS' FUNDS 5,775,032 5,702,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

The Shalstan Property Company Limited (Registered number: SC028867)

Balance Sheet - continued
30 November 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 22 August 2024 and were signed on its behalf by:





J M C Lumsden - Director


The Shalstan Property Company Limited (Registered number: SC028867)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

The Shalstan Property 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 as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of rents due during the period.

Investments in associates
Investments in associate undertakings are recognised at cost.

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.

Financial instruments
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Non distributable reserves
Fair value changes in investment properties are transferred to non distributable reserves.

Listed investments
Listed investments held as fixed assets are recognised at fair value which is the equivalent to market value.

3. EMPLOYEES AND DIRECTORS

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

The Shalstan Property Company Limited (Registered number: SC028867)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. FIXED ASSET INVESTMENTS
Interest
in Listed
associate investments Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 465,000 414,297 879,297
Additions - 19,845 19,845
Disposals - (23,283 ) (23,283 )
Revaluations - (8,651 ) (8,651 )
At 30 November 2023 465,000 402,208 867,208
NET BOOK VALUE
At 30 November 2023 465,000 402,208 867,208
At 30 November 2022 465,000 414,297 879,297

Cost or valuation at 30 November 2023 is represented by:

Interest
in Listed
associate investments Totals
£    £    £   
Valuation in 2019 - 6,660 6,660
Valuation in 2020 - 55,657 55,657
Valuation in 2021 - 67,058 67,058
Valuation in 2022 - (72,463 ) (72,463 )
Valuation in 2023 - (8,651 ) (8,651 )
Cost 465,000 353,947 818,947
465,000 402,208 867,208

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 4,628,227
Revaluations 168,750
At 30 November 2023 4,796,977
NET BOOK VALUE
At 30 November 2023 4,796,977
At 30 November 2022 4,628,227

The last professional valuation of the Investment Property was carried out at 30th November 2016. As at 30th November 2023 the directors believe the valuation to have increased by £168,750 to £4,796,977.

The Shalstan Property Company Limited (Registered number: SC028867)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. INVESTMENT PROPERTY - continued

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 168,750
Cost 4,628,227
4,796,977

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 3,581 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other creditors 5,137 4,854

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Other creditors 337 4,833

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
150 Ordinary shares £1 150 150

The company is under the control of the trustees of David C. Marshall's Inter Vivos Trust.