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REGISTERED NUMBER: SC473446 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Thistle-Peat Limited

Thistle-Peat Limited (Registered number: SC473446)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Thistle-Peat Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D A Maxwell
D W Stephen





REGISTERED OFFICE: Thistle House
Thistle Street
Edinburgh
EH2 1DF





REGISTERED NUMBER: SC473446 (Scotland)





ACCOUNTANTS: EQ Accountants Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Thistle-Peat Limited (Registered number: SC473446)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1 -
Investment property 5 17,178,182 22,185,977
17,178,183 22,185,977

CURRENT ASSETS
Debtors 6 3,628,793 1,203,463
Cash at bank 107,504 164,353
3,736,297 1,367,816
CREDITORS
Amounts falling due within one year 7 3,778,957 4,161,508
NET CURRENT LIABILITIES (42,660 ) (2,793,692 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,135,523

19,392,285

CREDITORS
Amounts falling due after more than one
year

8

(8,571,354

)

(10,851,667

)

PROVISIONS FOR LIABILITIES (815,500 ) (980,500 )
NET ASSETS 7,748,669 7,560,118

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Non-distributable reserves 10 2,303,865 2,948,533
Retained earnings 5,443,804 4,610,585
7,748,669 7,560,118

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Thistle-Peat Limited (Registered number: SC473446)

Balance Sheet - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





D A Maxwell - Director


Thistle-Peat Limited (Registered number: SC473446)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Thistle-Peat 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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

Thistle-Peat Limited (Registered number: SC473446)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 1
At 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 22,185,977
Additions 447,624
Disposals (5,455,419 )
At 31 March 2024 17,178,182
NET BOOK VALUE
At 31 March 2024 17,178,182
At 31 March 2023 22,185,977

Investment properties were revalued by an independent valuer, Lambert Smith Hampton in May 2018 based on an open market valuation in accordance with the Red Book Valuation standards.

The directors have reviewed the valuations and believe these are a fair representation of the market value of the properties held. This assessment is based upon the cost of improvement works being carried out at the properties not being materially different from the market value these works add to the property as the director's knowledge and experience in the market.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 25,247 77,110
Other debtors 3,603,546 1,126,353
3,628,793 1,203,463

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 10,000 160,000
Trade creditors 86,712 67,008
Taxation and social security 366,061 491,331
Other creditors 3,316,184 3,443,169
3,778,957 4,161,508

Thistle-Peat Limited (Registered number: SC473446)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans 8,571,354 10,851,667

9. SECURED DEBTS

Secured creditors were equal to £8,571,354 (2023: £10,980,000) These loans have been secured by standard securities over the company properties and by a bond and floating charge over all the company assets.

The remaining £21,667 (2023: £31,667) of the bank loans is secured by a guarantee from the government under The Bounce Bank Loan Scheme.

10. RESERVES
Non-distributable
reserves
£   
At 1 April 2023 2,948,533
Transfer (644,668 )

At 31 March 2024 2,303,865