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Company No: SC437853 (Scotland)

LOXLEY ABERDEEN LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

LOXLEY ABERDEEN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

LOXLEY ABERDEEN LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
LOXLEY ABERDEEN LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Investment property 4 8,530,058 8,530,058
Investments 5 2,566,637 1,654,662
11,096,695 10,184,720
Current assets
Debtors 6 1,444,766 1,125,620
Cash at bank and in hand 247 109
1,445,013 1,125,729
Creditors: amounts falling due within one year 7 ( 5,670,061) ( 4,526,355)
Net current liabilities (4,225,048) (3,400,626)
Total assets less current liabilities 6,871,647 6,784,094
Creditors: amounts falling due after more than one year 8 ( 2,165,482) ( 2,619,927)
Provision for liabilities ( 143,484) ( 141,887)
Net assets 4,562,681 4,022,280
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve ( 345,362 ) ( 345,362 )
Profit and loss account 4,907,943 4,367,542
Total shareholders' funds 4,562,681 4,022,280

For the financial year ending 30 November 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 Loxley Aberdeen Limited (registered number: SC437853) were approved and authorised for issue by the Board of Directors on 12 August 2024. They were signed on its behalf by:

J W Loggie
Director
LOXLEY ABERDEEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
LOXLEY ABERDEEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 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

Loxley Aberdeen 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 100 Union Street, Aberdeen, AB10 1QR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Prior year adjustment

During preparation of the financial statements for the year ended 30 November 2023 it was discovered that the value of fixed asset investments in the prior year financial statements was understated by £660,195 and consequently that the value of other debtors was overstated by £660,195 and thus a prior period adjustment to restate these balances was implemented in the 2023 financial statements.

Additionally, it was also discovered that a reversal of £320,000 of accrued income was not reflected in the 2022 financial statements and consequently that revenue and the corresponding corporation tax charge and liability were overstated while amounts owed to connected companies were understated. A prior period adjustment was therefore reflected to reduce revenue by £320,000, increase amounts owed to connected companies by £320,000 and to reduce both the corporation tax charge and the corporation tax liability by £60,800.

Turnover

Turnover is recognised at the fair value of the consideration received from property rental provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Changes in fair value are recognised in profit or loss.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Other investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Other investments are held for capital appreciation. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Cash and cash equivalents

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

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, bank loans, and loans from connected companies, 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.

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.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 November 2022 £ £ £
Fixed asset investments 994,467 660,195 1,654,662
Other debtors 1,778,247 (660,195) 1,118,052
Revenue (1,332,133) 320,000 (1,012,133)
Amounts owed to connected companies (1,923,734) (320,000) (2,243,734)
Tax charge 239,658 (60,800) 178,858
Corporation tax liability (235,035) 60,800 (174,235)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 8,530,058
As at 30 November 2023 8,530,058

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 November 2023 by the directors. The directors have considered similar transactions in the market to arrive at the fair value.

5. Fixed asset investments

2023 2022
£ £
Other investments and loans 2,566,637 1,654,662

Other investments Total
£ £
Cost or valuation before impairment
At 01 December 2022 1,654,662 1,654,662
Additions 911,975 911,975
At 30 November 2023 2,566,637 2,566,637
Carrying value at 30 November 2023 2,566,637 2,566,637
Carrying value at 30 November 2022 1,654,662 1,654,662

6. Debtors

2023 2022
£ £
Trade debtors 0 7,568
Other debtors 1,444,766 1,118,052
1,444,766 1,125,620

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 569,320 650,860
Trade creditors 5,472 1,885
Amounts owed to connected companies 3,345,134 2,243,734
Corporation tax 114,369 174,235
Other taxation and social security 224,567 195,423
Obligations under finance leases and hire purchase contracts (secured) 255,250 101,250
Other creditors 1,155,949 1,158,968
5,670,061 4,526,355

The bank loan of £569,320 (2022: £650,860) is secured over the property.

The hire purchase liability of £255,250 (2022: £101,250) is secured over the assets to which the agreements relate.

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

2023 2022
£ £
Bank loans (secured) 685,415 1,158,677
Obligations under finance leases and hire purchase contracts (secured) 282,667 236,250
Other creditors 1,197,400 1,225,000
2,165,482 2,619,927

The bank loan of £685,415 (2022: £1,158,677) is secured over the property.

The hire purchase liability of £282,667 (2022: £236,250) is secured over the assets to which the agreements relate.

9. Called-up share capital

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

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to key management personnel (1,197,400) (1,225,000)

Other related party transactions

2023 2022
£ £
Amounts owed to other related parties (4,001,479) (2,900,079)