Silverfin false false 30/03/2024 31/03/2023 30/03/2024 Spence Alsop 01/10/2014 Marjory Davison 25/10/2024 01/08/2004 Alan Gilbert 05/11/2020 Eilidh Gilbert 05/11/2020 David Lamb 01/08/2004 Alan Pirie 09/10/2024 22/02/1993 19 March 2025 The principal activity of the company continued to be that of property letting agents. SC141851 2024-03-30 SC141851 bus:Director1 2024-03-30 SC141851 bus:Director2 2024-03-30 SC141851 bus:Director3 2024-03-30 SC141851 bus:Director4 2024-03-30 SC141851 bus:Director5 2024-03-30 SC141851 bus:Director6 2024-03-30 SC141851 2023-03-30 SC141851 core:CurrentFinancialInstruments 2024-03-30 SC141851 core:CurrentFinancialInstruments 2023-03-30 SC141851 core:Non-currentFinancialInstruments 2024-03-30 SC141851 core:Non-currentFinancialInstruments 2023-03-30 SC141851 core:ShareCapital 2024-03-30 SC141851 core:ShareCapital 2023-03-30 SC141851 core:SharePremium 2024-03-30 SC141851 core:SharePremium 2023-03-30 SC141851 core:CapitalRedemptionReserve 2024-03-30 SC141851 core:CapitalRedemptionReserve 2023-03-30 SC141851 core:RetainedEarningsAccumulatedLosses 2024-03-30 SC141851 core:RetainedEarningsAccumulatedLosses 2023-03-30 SC141851 core:Goodwill 2023-03-30 SC141851 core:Goodwill 2024-03-30 SC141851 core:LandBuildings 2023-03-30 SC141851 core:OtherPropertyPlantEquipment 2023-03-30 SC141851 core:LandBuildings 2024-03-30 SC141851 core:OtherPropertyPlantEquipment 2024-03-30 SC141851 core:CurrentFinancialInstruments core:Secured 2024-03-30 SC141851 bus:OrdinaryShareClass1 2024-03-30 SC141851 2023-03-31 2024-03-30 SC141851 bus:FilletedAccounts 2023-03-31 2024-03-30 SC141851 bus:SmallEntities 2023-03-31 2024-03-30 SC141851 bus:AuditExemptWithAccountantsReport 2023-03-31 2024-03-30 SC141851 bus:PrivateLimitedCompanyLtd 2023-03-31 2024-03-30 SC141851 bus:Director1 2023-03-31 2024-03-30 SC141851 bus:Director2 2023-03-31 2024-03-30 SC141851 bus:Director3 2023-03-31 2024-03-30 SC141851 bus:Director4 2023-03-31 2024-03-30 SC141851 bus:Director5 2023-03-31 2024-03-30 SC141851 bus:Director6 2023-03-31 2024-03-30 SC141851 core:Goodwill core:TopRangeValue 2023-03-31 2024-03-30 SC141851 core:Goodwill 2023-03-31 2024-03-30 SC141851 core:OtherPropertyPlantEquipment 2023-03-31 2024-03-30 SC141851 2022-04-01 2023-03-30 SC141851 core:LandBuildings 2023-03-31 2024-03-30 SC141851 core:CurrentFinancialInstruments 2023-03-31 2024-03-30 SC141851 bus:OrdinaryShareClass1 2023-03-31 2024-03-30 SC141851 bus:OrdinaryShareClass1 2022-04-01 2023-03-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC141851 (Scotland)

ABERDEEN PROPERTY LEASING LIMITED

Unaudited Financial Statements
For the financial year ended 30 March 2024
Pages for filing with the registrar

ABERDEEN PROPERTY LEASING LIMITED

Unaudited Financial Statements

For the financial year ended 30 March 2024

Contents

ABERDEEN PROPERTY LEASING LIMITED

BALANCE SHEET

As at 30 March 2024
ABERDEEN PROPERTY LEASING LIMITED

BALANCE SHEET (continued)

As at 30 March 2024
Note 30.03.2024 30.03.2023
£ £
Fixed assets
Intangible assets 3 32,582 46,546
Tangible assets 4 446,833 449,856
Investment property 5 1,200,000 1,200,000
1,679,415 1,696,402
Current assets
Debtors
- due within one year 6 131,175 194,583
- due after more than one year 6 50,000 50,000
Cash at bank and in hand 53,972 34,890
235,147 279,473
Creditors: amounts falling due within one year 7 ( 710,910) ( 266,919)
Net current (liabilities)/assets (475,763) 12,554
Total assets less current liabilities 1,203,652 1,708,956
Creditors: amounts falling due after more than one year 8 ( 17,869) ( 449,939)
Net assets 1,185,783 1,259,017
Capital and reserves
Called-up share capital 9 1,110 1,110
Share premium account 288,855 288,855
Capital redemption reserve 1,035 1,035
Profit and loss account 894,783 968,017
Total shareholders' funds 1,185,783 1,259,017

For the financial year ending 30 March 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 Aberdeen Property Leasing Limited (registered number: SC141851) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

Alan Gilbert
Director
ABERDEEN PROPERTY LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 March 2024
ABERDEEN PROPERTY LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 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 period, unless otherwise stated.

General information and basis of accounting

Aberdeen Property Leasing 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 Rosemount House, 138-140 Rosemount Place, Aberdeen, AB25 2YU, 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 time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for letting services, commission, factoring fees, serviced apartments and maintenance services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 6 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 6 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Land and buildings not depreciated
Plant and machinery etc. 25 - 33 % reducing balance

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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 Profit and Loss Account 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are 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 properties are sold.

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

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. 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.

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. Employees

Year ended
30.03.2024
Period from
01.04.2022 to
30.03.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 49 50

3. Intangible assets

Goodwill Total
£ £
Cost
At 31 March 2023 150,170 150,170
At 30 March 2024 150,170 150,170
Accumulated amortisation
At 31 March 2023 103,624 103,624
Charge for the financial year 13,964 13,964
At 30 March 2024 117,588 117,588
Net book value
At 30 March 2024 32,582 32,582
At 30 March 2023 46,546 46,546

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 31 March 2023 400,000 250,806 650,806
Additions 0 13,086 13,086
At 30 March 2024 400,000 263,892 663,892
Accumulated depreciation
At 31 March 2023 0 200,950 200,950
Charge for the financial year 0 16,109 16,109
At 30 March 2024 0 217,059 217,059
Net book value
At 30 March 2024 400,000 46,833 446,833
At 30 March 2023 400,000 49,856 449,856

Revaluation of tangible assets

Land and buildings were professionally valued by J & E Shepherd, Chartered Surveyors, on 6 December 2022 at an open market value of £400,000. The directors consider this valuation to be reasonable as at 30 March 2024.

Land and buildings with a carrying amount of £400,000 (2023 - £400,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

30.03.2024 30.03.2023
£ £
Historical cost 521,289 521,289
Accumulated depreciation (115,509) (115,509)
Carrying value 405,780 405,780

5. Investment property

Investment property
£
Valuation
As at 31 March 2023 1,200,000
As at 30 March 2024 1,200,000

Valuation

Investment properties comprises residential properties.

The fair value of all investment properties have been arrived at on the basis of a valuation carried out on 8 January 2024 by the directors. The valuation was made on an open market value basis by reference to expected disposal proceeds when the properties were to be sold post year end. The directors consider this valuation to reflect the fair value of properties as at 30 March 2024.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

30.03.2024 30.03.2023
£ £
Historic cost 1,394,999 1,394,999

6. Debtors

30.03.2024 30.03.2023
£ £
Debtors: amounts falling due within one year
Trade debtors 117,658 160,559
Other debtors 13,517 34,024
131,175 194,583
Debtors: amounts falling due after more than one year
Other debtors 50,000 50,000

7. Creditors: amounts falling due within one year

30.03.2024 30.03.2023
£ £
Bank loans (secured) 554,492 125,714
Trade creditors 14,411 24,261
Corporation tax 113 113
Other taxation and social security 87,688 73,675
Obligations under finance leases and hire purchase contracts (secured) 9,732 10,060
Other creditors 44,474 33,096
710,910 266,919

The term loan is secured by a fixed charge over the portfolio of investment properties. The overdraft facility is secured by a floating charge over the assets of the company. The bounce back loan is guaranteed by the UK Government Bounce Back Loan Scheme.

Net obligations under hire purchase contracts are secured over the assets acquired.

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

30.03.2024 30.03.2023
£ £
Bank loans (secured) 13,066 434,672
Obligations under finance leases and hire purchase contracts (secured) 4,803 15,267
17,869 449,939

9. Called-up share capital

30.03.2024 30.03.2023
£ £
Allotted, called-up and fully-paid
1,110 Ordinary shares of £ 1.00 each 1,110 1,110

10. Financial commitments

Commitments

Clients' monies held and the corresponding liability to clients are not included in the balance sheet. The amount held at the balance sheet date was £608,804 (2023 - £551,052).

30.03.2024 30.03.2023
£ £
Total future minimum lease payments under non-cancellable operating lease 95,185 37,041

11. Related party transactions

Transactions with the entity's directors

Key management compensation

30.03.2024 30.03.2023
£ £
Consultancy fees, rent and heat and light 69,166 72,207

At the balance sheet date, the company owed key management personnel £Nil (2023: £12,096) in relation to consultancy fees, rent and heat and light. This is included within trade creditors and other creditors.