Silverfin false false 31/03/2024 01/04/2023 31/03/2024 D Gerber 17/01/2009 J Gerber 19/10/2008 28 May 2025 The principal activity of the Company during the financial year was that of property investment. SC180414 2024-03-31 SC180414 bus:Director1 2024-03-31 SC180414 bus:Director2 2024-03-31 SC180414 2023-03-31 SC180414 core:CurrentFinancialInstruments 2024-03-31 SC180414 core:CurrentFinancialInstruments 2023-03-31 SC180414 core:ShareCapital 2024-03-31 SC180414 core:ShareCapital 2023-03-31 SC180414 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC180414 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC180414 core:CostValuation 2023-03-31 SC180414 core:DisposalsRepaymentsInvestments 2024-03-31 SC180414 core:CostValuation 2024-03-31 SC180414 bus:OrdinaryShareClass1 2024-03-31 SC180414 2023-04-01 2024-03-31 SC180414 bus:FilletedAccounts 2023-04-01 2024-03-31 SC180414 bus:SmallEntities 2023-04-01 2024-03-31 SC180414 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC180414 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC180414 bus:Director1 2023-04-01 2024-03-31 SC180414 bus:Director2 2023-04-01 2024-03-31 SC180414 2022-04-01 2023-03-31 SC180414 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC180414 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC180414 (Scotland)

LANRIG DEVELOPMENT COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LANRIG DEVELOPMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LANRIG DEVELOPMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
LANRIG DEVELOPMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 30,756 32,154
Investments 4 694 71,993
31,450 104,147
Current assets
Debtors 5 0 14,064
Cash at bank and in hand 582,862 327,301
582,862 341,365
Creditors: amounts falling due within one year 6 ( 207,006) ( 24,118)
Net current assets 375,856 317,247
Total assets less current liabilities 407,306 421,394
Net assets 407,306 421,394
Capital and reserves
Called-up share capital 7 450,000 450,000
Profit and loss account ( 42,694 ) ( 28,606 )
Total shareholders' funds 407,306 421,394

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Lanrig Development Company Limited (registered number: SC180414) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Gerber
Director

28 May 2025

LANRIG DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LANRIG DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 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 year, unless otherwise stated.

General information and basis of accounting

Lanrig Development Company 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 Mitchells Roberton George House, 36 North Hanover Street, Glasgow, G1 2AD, 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 £.

Turnover

Turnover is recognised by the company in respect of its share of profit from syndicated properties on an accruals basis.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

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.

The fair value is determined annually 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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 4

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 32,154
Fair value movement (1,398)
As at 31 March 2024 30,756

The 2024 valuations were made by McBeath Property Consultancy Limited, on an open market value for existing use basis.

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 71,993 71,993
Disposals ( 71,299) ( 71,299)
At 31 March 2024 694 694
Carrying value at 31 March 2024 694 694
Carrying value at 31 March 2023 71,993 71,993

The Company is a member of a property partnership.

The amounts shown above represent the company's loans and capital contributions to the partnership.

5. Debtors

2024 2023
£ £
Other debtors 0 14,064

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,540 3,168
Other creditors 203,466 20,950
207,006 24,118

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
450,000 Ordinary shares of £ 1.00 each 450,000 450,000

8. Related party transactions

Other related party transactions

2024 2023
£ £
Including within other creditors are amounts owed to companies under common ownership 17,949 17,949