Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Christopher Ettershank 03/05/2012 01 December 2024 The principal activity of the company continued to be that of property development. SC423341 2024-03-31 SC423341 bus:Director1 2024-03-31 SC423341 2023-03-31 SC423341 core:CurrentFinancialInstruments 2024-03-31 SC423341 core:CurrentFinancialInstruments 2023-03-31 SC423341 core:Non-currentFinancialInstruments 2024-03-31 SC423341 core:Non-currentFinancialInstruments 2023-03-31 SC423341 core:ShareCapital 2024-03-31 SC423341 core:ShareCapital 2023-03-31 SC423341 core:RevaluationReserve 2024-03-31 SC423341 core:RevaluationReserve 2023-03-31 SC423341 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC423341 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC423341 core:PlantMachinery 2023-03-31 SC423341 core:FurnitureFittings 2023-03-31 SC423341 core:PlantMachinery 2024-03-31 SC423341 core:FurnitureFittings 2024-03-31 SC423341 core:MoreThanFiveYears 2024-03-31 SC423341 core:MoreThanFiveYears 2023-03-31 SC423341 core:DeferredTaxation 2023-03-31 SC423341 core:DeferredTaxation 2024-03-31 SC423341 core:OtherDeferredTax 2024-03-31 SC423341 core:OtherDeferredTax 2023-03-31 SC423341 2022-03-31 SC423341 bus:OrdinaryShareClass1 2024-03-31 SC423341 2023-04-01 2024-03-31 SC423341 bus:FilletedAccounts 2023-04-01 2024-03-31 SC423341 bus:SmallEntities 2023-04-01 2024-03-31 SC423341 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC423341 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC423341 bus:Director1 2023-04-01 2024-03-31 SC423341 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC423341 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC423341 2022-04-01 2023-03-31 SC423341 core:PlantMachinery 2023-04-01 2024-03-31 SC423341 core:FurnitureFittings 2023-04-01 2024-03-31 SC423341 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC423341 core:MoreThanFiveYears 2023-04-01 2024-03-31 SC423341 core:DeferredTaxation 2023-04-01 2024-03-31 SC423341 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC423341 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC423341 (Scotland)

LOCHNAGAR INVESTMENTS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

LOCHNAGAR INVESTMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

LOCHNAGAR INVESTMENTS LTD

BALANCE SHEET

AS AT 31 MARCH 2024
LOCHNAGAR INVESTMENTS LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,851 3,884
Investment property 5 725,140 714,489
726,991 718,373
Current assets
Stocks 315,028 312,728
Debtors 6 115,683 89,024
Cash at bank and in hand 14,490 97,195
445,201 498,947
Creditors: amounts falling due within one year 7 ( 51,358) ( 83,749)
Net current assets 393,843 415,198
Total assets less current liabilities 1,120,834 1,133,571
Creditors: amounts falling due after more than one year 8 ( 413,876) ( 424,926)
Provision for liabilities 9, 10 ( 110,426) ( 110,934)
Net assets 596,532 597,711
Capital and reserves
Called-up share capital 11 100 100
Revaluation reserve 439,850 439,850
Profit and loss account 156,582 157,761
Total shareholder's funds 596,532 597,711

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Lochnagar Investments Ltd (registered number: SC423341) were approved and authorised for issue by the Director on 01 December 2024. They were signed on its behalf by:

Christopher Ettershank
Director
LOCHNAGAR INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
LOCHNAGAR INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Lochnagar Investments Ltd (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 32 Abbot Street, Arbroath, DD11 1HH, Scotland, 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

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

The comparative results for the year ended 31 March 2023 have been restated to incorporate the impact of a misclassification of consultancy income as personal loan repayments. Details of the adjustment are included within Note 2.

Turnover

Turnover represents amounts receivable for property development.

Turnover is recognised on an accruals basis.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Basic financial assets
Basic financial assets, which include debtors and and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

The comparative results for the year ended 31 March 2023 have been restated to incorporate the impact of a misclassification of consultancy income as personal loan repayments.

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Sales 204,767 (7,515) 197,252
Directors Loan Account (41,120) 7,576 (33,544)
Other Interest Received 1,196 (61) 1,135

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 9,999 1,313 11,312
At 31 March 2024 9,999 1,313 11,312
Accumulated depreciation
At 01 April 2023 6,245 1,183 7,428
Charge for the financial year 2,000 33 2,033
At 31 March 2024 8,245 1,216 9,461
Net book value
At 31 March 2024 1,754 97 1,851
At 31 March 2023 3,754 130 3,884

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 714,489
Additions 10,651
As at 31 March 2024 725,140

Valuation

Investment properties comprise of four residential properties and one commercial property situated in Arbroath. The fair value of the investment property has been arrived at on the basis of a valuation by the director. The value has been made on an open market basis by reference to market evidence of transaction prices for similar properties.

6. Debtors

2024 2023
£ £
Trade debtors 1,330 2,162
Other debtors 114,353 86,862
115,683 89,024

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 24,064 45,494
Trade creditors 6,687 3,723
Taxation and social security 5,488 23,315
Other creditors 15,119 11,217
51,358 83,749

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 313,876 324,926
Other creditors 100,000 100,000
413,876 424,926

Bank loans are secured by a floating charge over the properties owned by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 184,301 198,811

Bank loans are secured by a floating charge over the properties owned by the company.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 110,426 110,934
Deferred taxation Total
£ £
At 01 April 2023 110,934 110,934
Credited to the Statement of Income and Retained Earnings ( 508) ( 508)
At 31 March 2024 110,426 110,426

Deferred tax

2024 2023
£ £
Other timing differences 110,426 110,934
Provision for deferred tax 110,426 110,934

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 110,934) ( 117,891)
Credited to the Statement of Income and Retained Earnings 508 6,957
At the end of financial year ( 110,426) ( 110,934)

11. Called-up share capital

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

12. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Directors Loan Account 20,316 33,544

Other related party transactions

2024 2023
£ £
Amounts Due from Related Parties 93,607 53,318