Company registration number SC156247 (Scotland)
ALBION EQUITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ALBION EQUITY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
ALBION EQUITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
3,850,000
3,850,000
Current assets
Cash at bank and in hand
759
4,354
Creditors: amounts falling due within one year
5
(72,111)
(91,140)
Net current liabilities
(71,352)
(86,786)
Total assets less current liabilities
3,778,648
3,763,214
Creditors: amounts falling due after more than one year
6
(350,000)
(350,000)
Net assets
3,428,648
3,413,214
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
750,000
750,000
Profit and loss reserves
9
2,678,548
2,663,114
Total equity
3,428,648
3,413,214

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
N Stevenson
Director
Company registration number SC156247 (Scotland)
- 1 -
ALBION EQUITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100
750,000
2,650,364
3,400,464
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
12,750
12,750
Balance at 31 March 2023
100
750,000
2,663,114
3,413,214
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
15,434
15,434
Balance at 31 March 2024
100
750,000
2,678,548
3,428,648
- 2 -
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
Company information

Albion Equity Limited is a private company limited by shares incorporated in Scotland. The registered office is Norton Park, 57 Albion Road, Edinburgh, EH7 5QY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements Norton Park SCIO. These consolidated financial statements are available from its registered office of Norton Park, 57 Albion Road, Edinburgh, EH7 5QY.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have considered a period of 12 months from the date of approval of the financial statements.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

- 3 -
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Straight Line
Fixtures and fittings
10% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
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 end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

- 4 -
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
-
-
Profit on disposal of tangible fixed assets
-
-
Auditors' remuneration - audit fees
2,420
2,420
Auditors' remuneration - accountancy fees
750
-
Operating lease income
(30,083)
(30,000)
- 5 -
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
34,196
65,275
99,471
Depreciation and impairment
At 1 April 2023 and 31 March 2024
34,196
65,275
99,471
Carrying amount
At 31 March 2024
-
0
-
0
-
0
At 31 March 2023
-
0
-
0
-
0
- 6 -
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
3,850,000

Investment property comprises of Norton Park and Lockhart Church. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 27 January 2022 by Lambert Smith Hampton Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The companies investment property at Norton Park, Edinburgh, is rented out under an operating lease.
Valuation at 31 March 2024 is represented by:
Lockhart
Norton
Church
Park
Total
£
£
£
Historical cost
635,232
3,612,132
4,247,364
Decrease in valuation in 1999
-
(1,681,045)
(1,681,045)
Increase in valuation in 2005
198,676
718,913
917,589
Decrease in valuation in 2010
(131,933)
(150,000)
(281,933)
Historical cost written off in 2010
(101,975)
-
(101,975)
Increase in valuation 2022
150,000
600,000
750,000
750,000
3,100,000
3,850,000
If the property at Norton Park was sold, the company would be required to pay £912,526 (2023: £874,881 to the preference shareholders.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
38,643
27,749
Other creditors
33,468
63,391
72,111
91,140
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Preference shares
350,000
350,000
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
- 7 -
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Called up share capital
(Continued)
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
350,000
350,000
350,000
350,000
Preference shares classified as liabilities
350,000
350,000

These shares have no dividend or voting rights and fall to be redeemed within 28 days of the sale of the company's investment property at Norton Park, Edinburgh. The aggregate redemption price for the shares shall be the lower of the Net Sale Amount and the Indexed mount as defined in the company's Article of Association. As at the year end, the indexed Amount was £912,526 (2023: £874,881). The directors have no intention of selling the property in the foreseeable future.

 

On winding up of the company, any excess of assets over liabilities should first be applied to pay the redemption price to the redeemable preference shareholders. Any residue should then be distributed amongst the ordinary shareholders.

8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
750,000
750,000
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,663,114
2,650,364
Profit for the year
15,434
12,750
At the end of the year
2,678,548
2,663,114
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Fiona Haro
Statutory Auditor:
Thomson Cooper
Date of audit report:
30 October 2024
11
Operating lease commitments
- 8 -
ALBION EQUITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Operating lease commitments
(Continued)
Lessor

The operating leases represent a rental lease with Norton SCIO The lease is in place until 2029 with an annual rental of £30,000. The lease include a provision for yearly rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
30,000
-
0
Between two and five years
120,000
-
0
150,000
-
0
12
Parent company

The parent company of Albion Equity Limited is Norton Park, a Scottish Charitable Incorporated Organisation and its registered office is Norton Park, 57 Albion Road, Edinburgh.

13
Deferred Tax

No provision is made for deferred tax liability in respect of accelerated capital allowances as the liability will only crystallise if the company fails to gift its taxable profits to the parent charity. The directors intend to continue gifting all taxable profits to the parent charity for the foreseeable future. Were the company to cease paying its taxable profits to the parent charity, a deferred tax liability would arise.

 

No provision has been made for deferred tax on revalued investment properties. If these were both sold at their current value a corporation tax asset on capital losses would crystallise, provided there were sufficient taxable gains to relieve the losses.

- 9 -
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