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REGISTERED NUMBER: SC290289 (Scotland)















Financial Statements for the Year Ended 31 March 2024

for

L E D Scotland Ltd

L E D Scotland Ltd (Registered number: SC290289)






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


L E D Scotland Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: F R Bremner
Mrs J Bremner



SECRETARY: Mrs J Bremner



REGISTERED OFFICE: Bainstown House
Weydale
Thurso
Caithness
KW14 8YN



REGISTERED NUMBER: SC290289 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ



SOLICITORS: Young Robertson & Co
29 Traill Street
Thurso
Caithness
KW14 8EG

L E D Scotland Ltd (Registered number: SC290289)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 89,814 86,925
Investment property 5 1,319,545 688,651
1,409,359 775,576

CURRENT ASSETS
Stocks 4,900 8,200
Debtors 6 52,246 53,598
57,146 61,798
CREDITORS
Amounts falling due within one year 7 (669,396 ) (247,466 )
NET CURRENT LIABILITIES (612,250 ) (185,668 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

797,109

589,908

CREDITORS
Amounts falling due after more than one
year

8

(43,273

)

(72,435

)

PROVISIONS FOR LIABILITIES 9 (84,244 ) (83,521 )
NET ASSETS 669,592 433,952

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 145,517 145,517
Retained earnings 523,975 288,335
SHAREHOLDERS' FUNDS 669,592 433,952

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.

L E D Scotland Ltd (Registered number: SC290289)

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 31 October 2024 and were signed on its behalf by:





F R Bremner - Director


L E D Scotland Ltd (Registered number: SC290289)

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

1. STATUTORY INFORMATION

L E D Scotland Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Plant & machinery15% reducing balance
Motor vehicles25% reducing balance

INVESTMENT PROPERTY
Investment properties, which are properties held to earn rental income, are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose value can be measured reliably are measured at fair value by the directors. The surplus or deficit on a fair value adjustment is recognised in the Income Statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

L E D Scotland Ltd (Registered number: SC290289)

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

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

RENTAL INCOME
Rental income is recognised in the income statement on a receivable basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 141,296 49,995 191,291
Additions 40,550 36,577 77,127
Disposals (30,734 ) (49,995 ) (80,729 )
At 31 March 2024 151,112 36,577 187,689
DEPRECIATION
At 1 April 2023 82,492 21,874 104,366
Charge for year 11,009 9,144 20,153
Eliminated on disposal (4,770 ) (21,874 ) (26,644 )
At 31 March 2024 88,731 9,144 97,875
NET BOOK VALUE
At 31 March 2024 62,381 27,433 89,814
At 31 March 2023 58,804 28,121 86,925

L E D Scotland Ltd (Registered number: SC290289)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 23,950 49,995 73,945
Additions 35,750 36,577 72,327
Transfer to ownership (23,950 ) (49,995 ) (73,945 )
At 31 March 2024 35,750 36,577 72,327
DEPRECIATION
At 1 April 2023 3,593 21,874 25,467
Charge for year 5,363 9,144 14,507
Transfer to ownership (3,593 ) (21,874 ) (25,467 )
At 31 March 2024 5,363 9,144 14,507
NET BOOK VALUE
At 31 March 2024 30,387 27,433 57,820
At 31 March 2023 20,357 28,121 48,478

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 688,651
Additions 705,850
Disposals (74,956 )
At 31 March 2024 1,319,545
NET BOOK VALUE
At 31 March 2024 1,319,545
At 31 March 2023 688,651

The investment properties have been valued during the period to reflect the directors' estimate of open market value as at the accounting period end.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 194,023
Cost 1,125,522
1,319,545

L E D Scotland Ltd (Registered number: SC290289)

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

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,125,522 494,628

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,988 37,904
Other debtors 32,258 15,694
52,246 53,598

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 109,532 170,813
Hire purchase contracts 11,100 13,263
Trade creditors 75,325 38,051
Other creditors 79,272 25,339
Directors' current accounts 394,167 -
669,396 247,466

Other creditors include £76,772 (2023 - £21,898) in respect of taxation and social security.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 41,602
Hire purchase contracts 43,273 30,833
43,273 72,435

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 84,244 83,521

Deferred
tax
£   
Balance at 1 April 2023 83,521
Provided during year 723
Balance at 31 March 2024 84,244

L E D Scotland Ltd (Registered number: SC290289)

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

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 145,517

The fair value reserve is ring-fenced as it is not a distributable reserve.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mrs J Bremner and F R Bremner
Balance outstanding at start of year 10,517 211,473
Amounts advanced - 38,441
Amounts repaid (10,517 ) (239,397 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 10,517

Interest is charged to the directors at the HMRC official rate of interest.