Silverfin false false 30/09/2024 01/10/2023 30/09/2024 L N Flockhart 23/04/2024 N T Flockhart 21/09/2022 P M Flockhart 21/09/2022 S J Flockhart 23/04/2024 24 February 2025 The principal activity of the Company continued to be the letting of commercial property. SC745020 2024-09-30 SC745020 bus:Director1 2024-09-30 SC745020 bus:Director2 2024-09-30 SC745020 bus:Director3 2024-09-30 SC745020 bus:Director4 2024-09-30 SC745020 2023-09-30 SC745020 core:CurrentFinancialInstruments 2024-09-30 SC745020 core:CurrentFinancialInstruments 2023-09-30 SC745020 core:ShareCapital 2024-09-30 SC745020 core:ShareCapital 2023-09-30 SC745020 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC745020 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC745020 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-09-30 SC745020 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-09-30 SC745020 bus:OrdinaryShareClass1 2024-09-30 SC745020 bus:OrdinaryShareClass2 2024-09-30 SC745020 bus:OrdinaryShareClass3 2024-09-30 SC745020 bus:OrdinaryShareClass4 2024-09-30 SC745020 2023-10-01 2024-09-30 SC745020 bus:FilletedAccounts 2023-10-01 2024-09-30 SC745020 bus:SmallEntities 2023-10-01 2024-09-30 SC745020 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC745020 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC745020 bus:Director1 2023-10-01 2024-09-30 SC745020 bus:Director2 2023-10-01 2024-09-30 SC745020 bus:Director3 2023-10-01 2024-09-30 SC745020 bus:Director4 2023-10-01 2024-09-30 SC745020 2022-09-21 2023-09-30 SC745020 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC745020 bus:OrdinaryShareClass1 2022-09-21 2023-09-30 SC745020 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 SC745020 bus:OrdinaryShareClass2 2022-09-21 2023-09-30 SC745020 bus:OrdinaryShareClass3 2023-10-01 2024-09-30 SC745020 bus:OrdinaryShareClass3 2022-09-21 2023-09-30 SC745020 bus:OrdinaryShareClass4 2023-10-01 2024-09-30 SC745020 bus:OrdinaryShareClass4 2022-09-21 2023-09-30 SC745020 bus:OrdinaryShareClass5 2023-10-01 2024-09-30 SC745020 bus:OrdinaryShareClass5 2022-09-21 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC745020 (Scotland)

90TF LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

90TF LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

90TF LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
90TF LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 30.09.2024 30.09.2023
£ £
Fixed assets
Investment property 3 5,246,833 2,025,000
5,246,833 2,025,000
Current assets
Debtors 4 132,813 626,022
Cash at bank and in hand 5 692,547 47,007
825,360 673,029
Creditors: amounts falling due within one year 6 ( 6,213,986) ( 3,005,009)
Net current liabilities (5,388,626) (2,331,980)
Total assets less current liabilities (141,793) (306,980)
Net liabilities ( 141,793) ( 306,980)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 141,794 ) ( 306,981 )
Total shareholders' deficit ( 141,793) ( 306,980)

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of 90TF Limited (registered number: SC745020) were approved and authorised for issue by the Board of Directors on 24 February 2025. They were signed on its behalf by:

N T Flockhart
Director
90TF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
90TF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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 period, unless otherwise stated.

General information and basis of accounting

90TF 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 C/O Johnston Carmichael, 7-11 Melville Street, Edinburgh, EH3 7PE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Turnover

Turnover represents amounts receivable for rental income, net of VAT.

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.

Leases


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

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 by external valuers and derived from current market rent and investment property yields for comparable 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 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.

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 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

Year ended
30.09.2024
Period from
21.09.2022 to
30.09.2023
Number Number
Monthly average number of persons employed by the Company during the period, including unpaid directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 October 2023 2,025,000
Additions 3,221,833
As at 30 September 2024 5,246,833

Valuation

A full market valuation of investment property was completed in December 2023 and January 2024. The directors believe there has been no significant change in the fair value as of 30 September 2024. The fair value at this date has been arrived at on the basis of valuations carried out by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued.

4. Debtors

30.09.2024 30.09.2023
£ £
Trade debtors 1,500 0
Amounts owed by related parties 115,810 174,910
Other debtors 15,503 451,112
132,813 626,022

5. Cash and cash equivalents

30.09.2024 30.09.2023
£ £
Cash at bank and in hand 692,547 47,007

6. Creditors: amounts falling due within one year

30.09.2024 30.09.2023
£ £
Trade creditors 4,326 41,215
Taxation and social security 59,973 37,630
Other creditors 6,149,687 2,926,164
6,213,986 3,005,009

7. Called-up share capital

30.09.2024 30.09.2023
£ £
Allotted, called-up and fully-paid
25 A Ordinary shares of £ 0.01 each (30.09.2023: nil shares) 0.25 0
25 B Ordinary shares of £ 0.01 each (30.09.2023: nil shares) 0.25 0
25 C Ordinary shares of £ 0.01 each (30.09.2023: nil shares) 0.25 0
25 D Ordinary shares of £ 0.01 each (30.09.2023: nil shares) 0.25 0
Nil Ordinary shares (30.09.2023: 100 shares of £ 0.01 each) 0 1.00
1.00 1.00

8. Related party transactions

Other related party transactions

30.09.2024 30.09.2023
£ £
Loan from LNF2 Limited 1,525,753 0
Loan from D70 Limited 1,525,753 0
Loan from Coosie Limited 1,525,753 0
Loan from PMAF Limited 1,525,753 0
The Executry of the late Mr Thomas Flockhart 0 2,886,500

During the year, the Company acquired Investment Property totalling £3,216,513 and extinguished the loan of £2,886,500 from the Executory of the late Mr Thomas Flockhart. In exchange for extinguishing the loan and acquiring the investment property, four interest free loans of £1,525,753 are payable to LNF2 Limited, D70 Limited, Coosie Limited and PMAF Limited, who are associated Companies due to their shareholding in 90TF Limited.