Company No:
Contents
Note | 30.09.2024 | 30.09.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
5,246,833 | 2,025,000 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand | 5 |
|
|
|
825,360 | 673,029 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (5,388,626) | (2,331,980) | ||
Total assets less current liabilities | (141,793) | (306,980) | ||
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholders' deficit | (
|
(
|
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:
N T Flockhart
Director |
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.
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 £.
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.
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.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.
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.
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.
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 |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 October 2023 |
|
Additions | 3,221,833 |
As at 30 September 2024 |
|
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.
30.09.2024 | 30.09.2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
|
|
30.09.2024 | 30.09.2023 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
30.09.2024 | 30.09.2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
30.09.2024 | 30.09.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nil
|
|
|
|
1.00 | 1.00 |
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.