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Company No: SC550783 (Scotland)

1A PSQ LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 AUGUST 2023 TO 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

1A PSQ LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 AUGUST 2023 TO 31 OCTOBER 2024

Contents

1A PSQ LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
1A PSQ LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 31.10.2024 31.07.2023
£ £
Fixed assets
Tangible assets 3 18,330,516 18,541,383
18,330,516 18,541,383
Current assets
Stocks 31,980 15,461
Debtors 4 140,021 140,112
Cash at bank and in hand 4,132,989 2,127,632
4,304,990 2,283,205
Creditors: amounts falling due within one year 5 ( 1,799,533) ( 997,357)
Net current assets 2,505,457 1,285,848
Total assets less current liabilities 20,835,973 19,827,231
Creditors: amounts falling due after more than one year 6 ( 2,839,199) ( 3,088,406)
Provision for liabilities 7 ( 3,349,089) ( 3,328,292)
Net assets 14,647,685 13,410,533
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 8,594,048 8,822,559
Profit and loss account 6,053,537 4,587,874
Total shareholder's funds 14,647,685 13,410,533

For the financial period ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of 1A PSQ Limited (registered number: SC550783) were approved and authorised for issue by the Director on 11 May 2025. They were signed on its behalf by:

MR A D Landsburgh
Director
1A PSQ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 AUGUST 2023 TO 31 OCTOBER 2024
1A PSQ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 AUGUST 2023 TO 31 OCTOBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

1A PSQ 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 Bearford House, 39 Hanover Street, Edinburgh, EH2 2PJ, Scotland, 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

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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.

Reporting period length

The reporting period has been extended to 31 October 2024 and therefore is not wholly comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 50 years straight line
Assets under construction not depreciated
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 and bank loans, 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

Period from
01.08.2023 to
31.10.2024
Year ended
31.07.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 36 30

3. Tangible assets

Land and buildings Assets under construc-
tion
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost/Valuation
At 01 August 2023 18,400,000 101,079 31,359 78,447 4,111 18,614,996
Additions 137,680 91,121 23,783 44,794 0 297,378
Disposals ( 1,592) 0 0 0 0 ( 1,592)
At 31 October 2024 18,536,088 192,200 55,142 123,241 4,111 18,910,782
Accumulated depreciation
At 01 August 2023 0 0 17,539 52,785 3,289 73,613
Charge for the financial period 464,692 0 12,961 28,183 822 506,658
Disposals ( 5) 0 0 0 0 ( 5)
At 31 October 2024 464,687 0 30,500 80,968 4,111 580,266
Net book value
At 31 October 2024 18,071,401 192,200 24,642 42,273 0 18,330,516
At 31 July 2023 18,400,000 101,079 13,820 25,662 822 18,541,383

The assets included in land and buildings above are carried at valuation, being their value as fully operational entities having regard to their trading potential. The valuation at the reporting date has been performed by Colliers International Property Consultants with reference to actual EBITDA and a multiplier. The directors are satisfied that that carrying value outlined above reflects the fair value of the underlying assets.

Revaluation of tangible assets

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

31.10.2024 31.07.2023
£ £
Historical cost 7,173,629 6,974,443
Accumulated depreciation (932,547) (928,563)
Carrying value 6,241,082 6,045,880

4. Debtors

31.10.2024 31.07.2023
£ £
Trade debtors 68,676 41,163
Other debtors 71,345 98,949
140,021 140,112

5. Creditors: amounts falling due within one year

31.10.2024 31.07.2023
£ £
Bank loans 446,604 464,419
Trade creditors 83,223 109,046
Amounts owed to related parties 0 74,240
Taxation and social security 699,010 152,083
Other creditors 570,696 197,569
1,799,533 997,357

The bank loans totalling £456,252 (2023: £464,419) are secured by the property at 1A Parliament Square. Edinburgh, EH1 1RF.

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

31.10.2024 31.07.2023
£ £
Bank loans 2,839,199 3,088,406

The bank loans totalling £2,829,551 (2023: £3,088,406) are secured by the property at 1A Parliament Square. Edinburgh, EH1 1RF.

7. Provision for liabilities

31.10.2024 31.07.2023
£ £
Deferred tax 3,349,089 3,328,292

8. Called-up share capital

31.10.2024 31.07.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (31.07.2023: nil shares) 100 0
Nil Ordinary A shares (31.07.2023: 50 shares of £ 1.00 each) 0 50
Nil Ordinary B shares (31.07.2023: 50 shares of £ 1.00 each) 0 50
100 100

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of disclosure exemptions available under Section 33 for FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.

10. Ultimate controlling party

The ultimate controlling party of 1A PSQ Limited are the directors of Code Concepts Group Limited (15095779).

The registered office of Code Concepts Group Limited is C/O Johnston Carmichael LLP, Birchin Court, Birchin Lane, London. EC3V 9DU.