REGISTERED NUMBER: SC710025 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

HUDSON REID PROPERTY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Reid

REGISTERED OFFICE:

Q Court

3 Quality Street

Edinburgh

EH4 5BP

REGISTERED NUMBER:

SC710025 (Scotland)

ACCOUNTANTS:

Haines Watts

Business Advisors and Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Tangible assets

4

60,418

-

Investment property

5

730,000

707,520

790,418

707,520

CURRENT ASSETS

Debtors

6

37,772

7,881

Cash at bank and in hand

9,469

99,611

47,241

107,492

CREDITORS

Amounts falling due within one year

7

159,457

143,370

NET CURRENT LIABILITIES

(112,216

)

(35,878

)

TOTAL ASSETS LESS CURRENT LIABILITIES

678,202

671,642

CREDITORS

Amounts falling due after more than one year

8

325,987

289,681

NET ASSETS

352,215

381,961

CAPITAL AND RESERVES

Called up share capital

100

100

Non-distributable reserve

402,480

380,000

Retained earnings

(50,365

)

1,861

SHAREHOLDERS' FUNDS

352,215

381,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 1 April 2025 and were signed by:

J Reid - Director

1.	STATUTORY INFORMATION

Hudson Reid Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

At the period end the company had net current liabilities of £112,216 (2023 - £35,878). The company continues to be supported by the director who provide funding for operations. The operational funding support is expected to continue for a period of at least one year after the date of signing the financial statements.

TURNOVER

Turnover is measured at the fair value of the rental income received or receivable.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

not provided

Motor vehicles

-

25% per annum reducing balance

Computer equipment

-

33% per annum on cost

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

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 NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

to

Motor

Computer

property

vehicles

equipment

Totals

£

£

£

£

COST

Additions

6,606

57,828

1,199

65,633

At 30 September 2024

6,606

57,828

1,199

65,633

DEPRECIATION

Charge for year

-

4,819

396

5,215

At 30 September 2024

-

4,819

396

5,215

NET BOOK VALUE

At 30 September 2024

6,606

53,009

803

60,418

Fixed assets, included in the above, which are held under finance leases are as follows:

Motor

vehicles

£

COST

Additions

57,828

At 30 September 2024

57,828

DEPRECIATION

Charge for year

4,819

At 30 September 2024

4,819

NET BOOK VALUE

At 30 September 2024

53,009

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

707,520

Revaluations

22,480

At 30 September 2024

730,000

NET BOOK VALUE

At 30 September 2024

730,000

At 30 September 2023

707,520

Fair value at 30 September 2024 is represented by:

£

Valuation in 2022

380,000

Valuation in 2024

22,480

Cost

327,520

730,000

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

327,520

327,520

Investment property was valued on an open market basis on 30 September 2024 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

37,772

7,881

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Finance leases

4,753

-

Taxation and social security

-

153

Other creditors

154,704

143,217

159,457

143,370

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

289,682

289,681

Finance leases

36,305

-

325,987

289,681

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

289,682

289,681

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

289,682

289,681

Shawbrook Bank Limited hold a standard security charge which covers all of the assets owned by the

company.

10.	RELATED PARTY DISCLOSURES

Included in "Other creditors" is an amount of £152,879 (2023 - £141,472) due to the director from the company. The loan is interest free and repayable on demand.