Company Registration No. SC222682 (Scotland)
Elderslie Property & Investment Company Limited
Unaudited financial statements
for the year ended 31 August 2024
Pages for filing with the registrar
Elderslie Property & Investment Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Elderslie Property & Investment Company Limited
Balance sheet
As at 31 August 2024
31 August 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
186,902
62,066
Investment property
5
873,750
873,750
Investments
6
189,310
279,412
1,249,962
1,215,228
Current assets
Debtors
7
48,150
98,526
Cash at bank and in hand
29,392
48,150
127,918
Creditors: amounts falling due within one year
8
(169,835)
(74,324)
Net current (liabilities)/assets
(121,685)
53,594
Total assets less current liabilities
1,128,277
1,268,822
Creditors: amounts falling due after more than one year
9
(718,720)
(729,260)
Provisions for liabilities
(16,536)
(24,430)
Net assets
393,021
515,132
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
393,020
515,131
Total equity
393,021
515,132
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Elderslie Property & Investment Company Limited
Balance sheet (continued)
As at 31 August 2024
31 August 2024
2
The financial statements were approved and signed by the director and authorised for issue on 29 May 2025.
Mark Crichton Maitland
Director
Company Registration No. SC222682
Elderslie Property & Investment Company Limited
Notes to the financial statements
For the year ended 31 August 2024
3
1
Accounting policies
Company information
Elderslie Property & Investment Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Farm and Estate Office, North Mains, Houston Road, Houston, PA6 7BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the rental income from the letting of investment properties.
The turnover is recognised at the point of invoice which is when the customer has an obligation to make the payment in advance of the minimum rental notice period.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
Nil
Leasehold improvements
5% straight line
Fixtures, fittings & equipment
20% straight line
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Elderslie Property & Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.
Recoverable amount is the higher of fair value less costs to sell and 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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
Classification of financial liabilities
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.
Elderslie Property & Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
5
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
Elderslie Property & Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
6
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average number of employees (including directors) was:
2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
60,298
11,090
71,388
Additions
130,296
130,296
At 31 August 2024
190,594
11,090
201,684
Depreciation and impairment
At 1 September 2023
9,322
9,322
Depreciation charged in the year
4,765
695
5,460
At 31 August 2024
4,765
10,017
14,782
Carrying amount
At 31 August 2024
185,829
1,073
186,902
At 31 August 2023
60,298
1,768
62,066
5
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
873,750
Elderslie Property & Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
5
Investment property (continued)
7
In the year to 31 August 2023 APB Property Consultants, Chartered Surveyors, carried out a valuation of 1 High Street, Market Harborough on an open market basis. 13A and 13 Kirk Road, Johnstone, Renfrewshire were valued by Graham Sibbald, Chartered Surveyors in the year to 31 August 2020 on an open market value basis. The valuation of the land at Houstonfield and Kilmacolm Road was valued at the year end by Mark Crichton Maitland on an open market basis.
An option to purchase exists in relation to the 13.85 acres at Kilmacolm Road, Houston by CALA Management Limited. The market value of the land at the year end is £13,750 (2023: £13,750).
The director confirms these are still the fair values as at 31 August 2024.
6
Fixed asset investments
2024
2023
£
£
Investments
189,310
279,412
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 September 2023
279,412
Revaluation
(90,102)
At 31 August 2024
189,310
Carrying amount
At 31 August 2024
189,310
At 31 August 2023
279,412
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,328
3,769
Corporation tax recoverable
3,836
Other debtors
38,822
90,921
48,150
98,526
Elderslie Property & Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
8
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,758
10,540
Trade creditors
4,910
4,457
Taxation and social security
1,145
Other creditors
152,022
59,327
169,835
74,324
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
718,720
729,260
Analysis of loan
Wholly repayable within five years
729,260
739,800
Included in current liabilities
(10,540)
(10,540)
718,720
729,260
The bank holds legal mortgages over various properties owned by the company: 1 High Street, Market Harborough, Leicestershire and 13a and 13b Kirk Road, Johnstone, Renfrewshire in respect of all sums due. In addition, the bank holds a bond and floating charge over all of the assets of the company. The bank holds a personal guarantee from Mark Crichton Maitland, a director, supported by standard securities on Botherickfield and Ennelly Farms, Renfrewshire and Wellees Farm, Renfrewshire.
Elderslie Property & Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
-- (continued)
9
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
11
Related party transactions
Mark Crichton Maitland is the director of the company. Elderslie Estates is a business wholly owned by Mark Crichton Maitland. Elderslie Renewables Limited is a company of which Mark Crichton Maitland is a director.
There is an amount due to the director of £2,237 at the year end (2023: £2,237). During the year there was an amount advanced of £nil and amount paid of £nil.
Elderslie Estates is owed £130,144 from the company. In 2023 Eldersile Estates owed £44,856 to the company. During the year there was an amount advanced of £nil and amount paid of £175,000.
Elderslie Renewable Limited owes the company £625 (2023: £625). There was an amount paid of £nil (2023: £nil).
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