Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr John Barron 10/02/2014 Ian Pirie 10/02/2014 Alan Stewart 10/02/2014 12 November 2024 The principal activity of the company is that of property rental. SC468862 2024-02-29 SC468862 bus:Director1 2024-02-29 SC468862 bus:Director2 2024-02-29 SC468862 bus:Director3 2024-02-29 SC468862 2023-02-28 SC468862 core:CurrentFinancialInstruments 2024-02-29 SC468862 core:CurrentFinancialInstruments 2023-02-28 SC468862 core:ShareCapital 2024-02-29 SC468862 core:ShareCapital 2023-02-28 SC468862 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC468862 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC468862 core:OtherPropertyPlantEquipment 2023-02-28 SC468862 core:OtherPropertyPlantEquipment 2024-02-29 SC468862 2022-02-28 SC468862 bus:OrdinaryShareClass1 2024-02-29 SC468862 2023-03-01 2024-02-29 SC468862 bus:FilletedAccounts 2023-03-01 2024-02-29 SC468862 bus:SmallEntities 2023-03-01 2024-02-29 SC468862 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC468862 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC468862 bus:Director1 2023-03-01 2024-02-29 SC468862 bus:Director2 2023-03-01 2024-02-29 SC468862 bus:Director3 2023-03-01 2024-02-29 SC468862 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC468862 2022-03-01 2023-02-28 SC468862 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC468862 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC468862 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC468862 (Scotland)

OLDMELDRUM PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

OLDMELDRUM PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

OLDMELDRUM PROPERTIES LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
OLDMELDRUM PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 72,372 79,053
Investment property 4 2,115,000 2,115,000
2,187,372 2,194,053
Current assets
Debtors 5 79,838 122,709
Cash at bank and in hand 220,627 243,154
300,465 365,863
Creditors: amounts falling due within one year 6 ( 3,100,891) ( 3,377,785)
Net current liabilities (2,800,426) (3,011,922)
Total assets less current liabilities (613,054) (817,869)
Provision for liabilities 7 ( 204,278) ( 202,226)
Net liabilities ( 817,332) ( 1,020,095)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 817,432 ) ( 1,020,195 )
Total shareholders' deficit ( 817,332) ( 1,020,095)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Oldmeldrum Properties Limited (registered number: SC468862) were approved and authorised for issue by the Board of Directors on 12 November 2024. They were signed on its behalf by:

Mr John Barron
Director
OLDMELDRUM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
OLDMELDRUM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oldmeldrum Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the balance sheet date, the company had net current liabilities of £2,800,426 (2023- £3,011,922) and net liabilities of £817,332 (2023- £1,020,095).

Included within creditors is a balance of £2,955,684 (2023- £3,207,260) due to the directors. The directors have agreed that the loan will not be repaid to the detriment of the company's ability to trade, and they will continue to support the company for the next 12 months.

Turnover

Turnover represents rental income receivable and income from electricity generation, net of VAT and trade discounts. Turnover is recognised on an accruals basis dependent on when the service is provided.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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 machinery etc. 20 years 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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The fair value was determined by external valuers, DM Hall LLP, on 10 February 2023, and derived from current market rent and investment property yields for comparable tenanted real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 133,606 133,606
At 29 February 2024 133,606 133,606
Accumulated depreciation
At 01 March 2023 54,553 54,553
Charge for the financial year 6,681 6,681
At 29 February 2024 61,234 61,234
Net book value
At 29 February 2024 72,372 72,372
At 28 February 2023 79,053 79,053

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 2,115,000
As at 29 February 2024 2,115,000

Valuation

The fair value of the investment properties has been arrived at on the basis of an independent valuation carried out by DM Hall LLP, Chartered Surveyors on 10 February 2023.

5. Debtors

2024 2023
£ £
Trade debtors 75,000 116,378
Other debtors 4,838 6,331
79,838 122,709

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 713
Taxation and social security 76,242 67,632
Other creditors 3,024,649 3,309,440
3,100,891 3,377,785

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 202,226) ( 199,639)
Charged to the Profit and Loss Account ( 2,052) ( 2,587)
At the end of financial year ( 204,278) ( 202,226)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key Management Personnel 2,955,684 3,207,260

There are no fixed repayment terms and no interest is charged.