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REGISTERED NUMBER: SC040637 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

LOWER MILLS INDUSTRIAL ESTATE LIMITED

LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LOWER MILLS INDUSTRIAL ESTATE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Jonathan Charles Gray Grant
Nancy Paterson Grant



REGISTERED OFFICE: 6 Springhill Road
Clarkston
Glasgow
G76 8BT



REGISTERED NUMBER: SC040637 (Scotland)



ACCOUNTANTS: Carrol & Co
Chartered Accountants
14 Rosemount Meadows
Bothwell
G71 8EL



BANKERS: Clydesdale Bank plc
122 Busby Road
Clarkston
Glasgow
G76 8BG



SOLICITORS: Morrison Bishop
2 Blythswood Square
Glasgow
G2 4AD

LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1 1
Investment property 5 650,000 650,000
650,001 650,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

650,001

650,001

CREDITORS
Amounts falling due after more than one
year

6

403,059

403,059
NET ASSETS 246,942 246,942

CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Revaluation reserve 372,727 372,727
Retained earnings (195,785 ) (195,785 )
SHAREHOLDERS' FUNDS 246,942 246,942

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

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

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 26 July 2024 and were signed on its behalf by:





Jonathan Charles Gray Grant - Director


LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Lower Mills Industrial Estate 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.

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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - at varying rates on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

Investment property
Investment properties are valued at fair value at the statement of financial position date. Any changes in fair value are recognised in the income statement. Deferred taxation is provided on these changes at the rate expected to apply when the properties are sold.

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 February 2023
and 31 January 2024 8,614
DEPRECIATION
At 1 February 2023
and 31 January 2024 8,613
NET BOOK VALUE
At 31 January 2024 1
At 31 January 2023 1

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 650,000
NET BOOK VALUE
At 31 January 2024 650,000
At 31 January 2023 650,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2024 650,000

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
12% Redeemable loan stock 70,000 70,000
Other loans 246,916 246,916
Loans from directors 86,143 86,143
403,059 403,059

The 12% redeemable loan stock is repayable on 12 months notice. The interest due on this stock has been waived by the holder for the years ending 31 January 2006 to 2023 inclusive.

Other loans have no fixed repayment terms, and no interest is payable on them. The lenders have confirmed that they will not seek repayment for at least one year.

LOWER MILLS INDUSTRIAL ESTATE LIMITED (REGISTERED NUMBER: SC040637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the directors amounting to £86,143 (2023: £86,143).