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REGISTERED NUMBER: SC550045 (Scotland)




















Tartan Commercial Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023






Tartan Commercial Limited (Registered number: SC550045)






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


Tartan Commercial Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: A T Hadden
N C Watson





REGISTERED OFFICE: The Lighthouse
Unit 2
Heugh Road Industrial Estate
North Berwick
East Lothian
EH39 5PX





REGISTERED NUMBER: SC550045 (Scotland)





ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX

Tartan Commercial Limited (Registered number: SC550045)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,776 26,602
Investments 5 132,563 131,589
Investment property 6 3,951,975 3,800,000
4,105,314 3,958,191

CURRENT ASSETS
Debtors 7 82,149 61,554
Cash at bank and in hand 88,136 108,871
170,285 170,425
CREDITORS
Amounts falling due within one year 8 2,086,893 2,060,940
NET CURRENT LIABILITIES (1,916,608 ) (1,890,515 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,188,706

2,067,676

CREDITORS
Amounts falling due after more than
one year

9

(1,761,756

)

(1,808,021

)

PROVISIONS FOR LIABILITIES (95,355 ) (47,579 )
NET ASSETS 331,595 212,076

Tartan Commercial Limited (Registered number: SC550045)

Balance Sheet - continued
30 November 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 215,912 109,689
Retained earnings 115,681 102,385
331,595 212,076

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 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 28 August 2024 and were signed on its behalf by:





N C Watson - Director


Tartan Commercial Limited (Registered number: SC550045)

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

1. STATUTORY INFORMATION

Tartan Commercial 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
Turnover represents the receipt of rent and other related services.

Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to theses incentives is accrued and subsequently released of the full period of the lease agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 20% on cost

Investments in subsidiaries
Investments in subsidiary 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 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.

All loans with related parties are repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Tartan Commercial Limited (Registered number: SC550045)

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

2. ACCOUNTING POLICIES - continued
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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future.The company will continue to receive support from its parent company Chardon Commercial Properties Limited.

Government grants
Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

Tartan Commercial Limited (Registered number: SC550045)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 132,604
Additions 5,705
At 30 November 2023 138,309
DEPRECIATION
At 1 December 2022 106,002
Charge for year 11,531
At 30 November 2023 117,533
NET BOOK VALUE
At 30 November 2023 20,776
At 30 November 2022 26,602

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 51 51
Loans to group undertakings 132,512 131,538
132,563 131,589

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 51
NET BOOK VALUE
At 30 November 2023 51
At 30 November 2022 51

Tartan Commercial Limited (Registered number: SC550045)

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

5. FIXED ASSET INVESTMENTS - continued
Loans to
group
undertakings
£   
At 1 December 2022 131,538
New in year 60,533
Repayment in year (59,559 )
At 30 November 2023 132,512

6. INVESTMENT PROPERTY

The directors have considered the fair value of the investment properties at the year end and have provided an assessment of the value based on current market conditions. Based on their knowledge of the business and the property market they have assessed the value of both properties to be £3,950,000 as at 30 November 2023. One of the properties was sold after the year end.

Cost or valuation at 30 November 2023 is represented by:
£   
Valuation in 2020 (96,980 )
Valuation in 2022 228,923
Valuation in 2023 150,000
Cost 3,670,032
3,951,975

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 43,149 24,087
Other debtors 39,000 37,467
82,149 61,554

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 58,062 58,062
Trade creditors 21,985 11,348
Taxation and social security 34,306 31,206
Other creditors 1,972,540 1,960,324
2,086,893 2,060,940

Tartan Commercial Limited (Registered number: SC550045)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,761,756 1,808,021

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 6,572 6,572
Between one and five years 1,643 8,215
8,215 14,787

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
N C Watson
Balance outstanding at start of year 5,000 5,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,000 5,000

The loans to directors are unsecured and repayable on demand. Loans under £10,000 are interest free and interest is charged at 2.25% on loans over £10,000.

12. RELATED PARTY DISCLOSURES

On 17 January 2020 the company purchased 51% of the share capital in Lighthouse Workspace Limited. Included in loans to subsidiaries an amount of £132,512 (2022 - 131,538) due to the company.

Tartan Commercial Limited (Registered number: SC550045)

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

13. POST BALANCE SHEET EVENTS

After the year end the company made the decision to sell one of its properties Falkirk Business Hub. The property sale was concluded in April 2024 for £2,057,500.

The floating charge created in favour of Cynergy Bank was satisfied on 9 April 2024 on repayment of the loan in full, following the sale of Falkirk Business Hub.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Chardon Commercial Properties Limited.

Included in other creditors is a loan from Chardon Commercial Properties Limited of £1,900,000 (2022 - £1,900,000). The loan from the parent company is interest free and payable on demand.

15. SECURITY

A floating charge was created on 15 December 2020 in favour of Cynergy Bank Limited over all properties of the company.

A standard security charge was created on 21 December 2020 in favour of Cynergy Bank Limited over 1 Tantallon Road, North Berwick EH39 5NF.

A standard security charge was created on 21 December 2020 in favour of Cynergy Bank Limited over 39-47 Vicar Street, Falkirk FK1 1LL.