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REGISTERED NUMBER: SC690337 (Scotland)




















Thistlecrown Developments Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024






Thistlecrown Developments Limited (Registered number: SC690337)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Thistlecrown Developments Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr A W Lindsay
Mr J B McBride
Mr B A McPake
Mr B Stobbs



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC690337 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Starling Bank
7th Floor
Norfolk House
31 St James's Square
London
SW1Y 4JR

Thistlecrown Developments Limited (Registered number: SC690337)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 209,591 -

CURRENT ASSETS
Stocks 488,595 977,189
Debtors 5 64,406 15,987
Cash at bank 15,798 960
568,799 994,136
CREDITORS
Amounts falling due within one year 6 708,752 1,096,608
NET CURRENT LIABILITIES (139,953 ) (102,472 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,638

(102,472

)

CREDITORS
Amounts falling due after more than
one year

7

136,239

-
NET LIABILITIES (66,601 ) (102,472 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (66,701 ) (102,572 )
(66,601 ) (102,472 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Thistlecrown Developments Limited (Registered number: SC690337)

Balance Sheet - continued
29 February 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 28 January 2025 and were signed on its behalf by:




Mr A W Lindsay - Director Mr J B McBride - Director




Mr B A McPake - Director Mr B Stobbs - Director


Thistlecrown Developments Limited (Registered number: SC690337)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Thistlecrown Developments 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 and revenue recognition
Turnover, which represents the sale of new houses, is recognised at the point when a house is sold.

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 and machinery etc - 25% on cost

Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.


Thistlecrown Developments Limited (Registered number: SC690337)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 279,455
At 29 February 2024 279,455
DEPRECIATION
Charge for year 69,864
At 29 February 2024 69,864
NET BOOK VALUE
At 29 February 2024 209,591

Thistlecrown Developments Limited (Registered number: SC690337)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 279,455
At 29 February 2024 279,455
DEPRECIATION
Charge for year 69,864
At 29 February 2024 69,864
NET BOOK VALUE
At 29 February 2024 209,591

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 64,406 15,987

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 209,977 666,490
Hire purchase contracts 38,875 -
Taxation and social security 26,839 -
Other creditors 433,061 430,118
708,752 1,096,608

The directors' current accounts are unsecured, interest free and have no fixed repayment period.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 136,239 -

Thistlecrown Developments Limited (Registered number: SC690337)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. SECURED DEBTS

On 3 November 2021, a bond and floating charge was created in favour of The Bridging Loan Ltd that covers all the property and undertaking of the company.

On 18 November 2021, a standard security was created in the favour of The Bridging Loan Ltd over the property 56 Saughton Crescent, Edinburgh.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr B Stobbs, Mr B McPake, Mr JMcBride and Mr A Lindsay.

Thistlecrown Developments Limited is an associated company of B Stobb Joinery and Building Contractor Limited, a company registered in Scotland and whose registered office is 10 Buko Tower Southfield, Glenrothes, Fife, United Kingdom, KY6 2SS.

Thistlecrown Developments Limited is an associated company of B.McPake Joinery Ltd, a company registered in Scotland and whose registered office is 30 South Knowe, Crossgates, Cowdenbeath, Scotland, KY4 8AW.

Thistlecrown Developments Limited is an associated company of JBM Glass and Glazing Ltd, a company registered in Scotland and whose registered office is Unit 2 & 3 Merlin Way, Dalgety Bay, Fife, Scotland, KY11 9JY.

10. GOING CONCERN

The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade in the foreseeable future. In order to do so the company will require the continued support of its director, bank and other creditors.