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REGISTERED NUMBER: SC071059 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Thistle Property Holding Company Limited

Thistle Property Holding Company Limited (Registered number: SC071059)






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 Property Holding Company Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D A Maxwell
D W Stephen





REGISTERED OFFICE: Thistle House
21-23 Thistle Street
Edinburgh
EH2 1DF





REGISTERED NUMBER: SC071059 (Scotland)





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

Thistle Property Holding Company Limited (Registered number: SC071059)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,833 3,834
Investments 5 14,000 14,000
Investment property 6 33,239,670 26,845,031
33,256,503 26,862,865

CURRENT ASSETS
Debtors 7 1,700,894 2,253,887
Cash at bank 37,002 104,032
1,737,896 2,357,919
CREDITORS
Amounts falling due within one year 8 2,703,410 1,360,014
NET CURRENT (LIABILITIES)/ASSETS (965,514 ) 997,905
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,290,989

27,860,770

CREDITORS
Amounts falling due after more than one
year

9

(17,712,500

)

(13,172,500

)

PROVISIONS FOR LIABILITIES 12 (3,312,340 ) (3,524,340 )
NET ASSETS 11,266,149 11,163,930

CAPITAL AND RESERVES
Called up share capital 108 108
Non-distributable reserves 13 5,861,453 5,861,453
Retained earnings 5,404,588 5,302,369
11,266,149 11,163,930

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 Property Holding Company Limited (Registered number: SC071059)

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 Property Holding Company Limited (Registered number: SC071059)

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

1. STATUTORY INFORMATION

Thistle Property Holding 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.

Turnover
Rental income is recognised at the fair value of the consideration received or receivable for the period, and is shown net of VAT and other sales related taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 5 years
Fixtures and fittings - Straight line over 5 years

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.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

Thistle Property Holding Company Limited (Registered number: SC071059)

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

4. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 April 2023 369,279 17,873 387,152
Additions - 1,215 1,215
At 31 March 2024 369,279 19,088 388,367
DEPRECIATION
At 1 April 2023 369,279 14,039 383,318
Charge for year - 2,216 2,216
At 31 March 2024 369,279 16,255 385,534
NET BOOK VALUE
At 31 March 2024 - 2,833 2,833
At 31 March 2023 - 3,834 3,834

5. FIXED ASSET INVESTMENTS
Investments
in
subsidiaries
£   
COST
At 1 April 2023
and 31 March 2024 14,000
NET BOOK VALUE
At 31 March 2024 14,000
At 31 March 2023 14,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 26,845,031
Additions 6,394,639
At 31 March 2024 33,239,670
NET BOOK VALUE
At 31 March 2024 33,239,670
At 31 March 2023 26,845,031

Thistle Property Holding Company Limited (Registered number: SC071059)

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

6. INVESTMENT PROPERTY - continued

Investment properties were revalued by an independent valuer, Montagu Evans LLP, in February 2021 based on an open market valuation in accordance with Red Book Valuation Standards published by the Royal Institute of Chartered Surveyors.

The directors have reviewed the value of the investment at 31 March 2024 and believe that this is a fair representation of the market value of the properties held. This assessment is based upon the cost of the improvement works included in additions not being materially different from any increase in the actual market value of the properties, as well the director's knowledge and experience in the market.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 648 56,451
Other debtors 1,526,413 2,003,498
Tax - 68,137
Prepayments 173,833 125,801
1,700,894 2,253,887

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts (see note 10) 1,010,000 110,000
Trade creditors 251,471 68,589
Tax 9,000 6,091
Social security and other taxes 9,640 20,614
VAT 104,188 49,940
Other creditors 792,140 630,950
Directors' loan accounts 340,952 341,313
Accrued expenses 186,019 132,517
2,703,410 1,360,014

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans (see note 10) 17,712,500 13,172,500

10. LOANS

An analysis of the maturity of loans is given below:

31/3/24 31/3/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,010,000 110,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,712,500 13,172,500

Thistle Property Holding Company Limited (Registered number: SC071059)

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

11. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Bank loans 18,722,500 13,282,500

Bank loans totalling £18,700,000 (2023: £13,250,000) have been secured by standard securities over the companies properties, by a bond and floating charge over all of the companies assets, by an assignation of rents from each of the properties and by a personal guarantee from D W Stephen, director.

The remaining £22,500 (2023: £32,500) of the bank loans is secured by a guarantee from the UK Government under the bounce back loan scheme.

12. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax
Accelerated capital allowances 212,000 439,840
Deferred tax 3,100,340 3,084,500
3,312,340 3,524,340

Deferred
tax
£   
Balance at 1 April 2023 3,524,340
Accelerated capital allowances (212,000 )
Capital gains
Balance at 31 March 2024 3,312,340

13. RESERVES
Non-distributable
reserves
£   
At 1 April 2023
and 31 March 2024 5,861,453