Company Registration No. SC171447 (Scotland)
ARDMUIR LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
ARDMUIR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ARDMUIR LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
742,971
603,468
Investment properties
5
32,000,000
32,270,000
Investments
6
1
24,896
32,742,972
32,898,364
Current assets
Debtors
8
619,868
509,893
Cash at bank and in hand
1,051
1,283,068
620,919
1,792,961
Creditors: amounts falling due within one year
9
(28,469,272)
(677,914)
Net current (liabilities)/assets
(27,848,353)
1,115,047
Total assets less current liabilities
4,894,619
34,013,411
Creditors: amounts falling due after more than one year
10
(35,297,618)
Net assets/(liabilities)
4,894,619
(1,284,207)
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss reserves
12
4,884,619
(1,294,207)
Total equity/(deficit)
4,894,619
(1,284,207)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
4 June 2025 and are signed on its behalf by:
2025-06-04
R Thom
Director
Company Registration No. SC171447
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
Company information
Ardmuir Limited is a private company limited by shares incorporated and domiciled in Scotland. The registered office is 16 Charlotte Square, Edinburgh, EH2 4DF. The company's registered number is SC171447.
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” 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 pound (£).
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 'Related Party Disclosure' not to disclose transactions entered between two or more wholly owned members of the same group.
1.2
Prior period restatement
As disclosed in note 16, the comparatives have been restated to include recognition of movements in fair value on investment properties within the profit or loss account rather than being recognised to other comprehensive income and taken to a revaluation reserve.
1.3
Going concern
At the balance sheet reporting date, the company has net current liabilities of £27,848,353 (2023: £1,115,047 net current assets) which include amounts owed to the parent company of £27,241,857 (2023: £nil). The parent company, ATK Property Group Limited, has confirmed that repayment of this amount will not be sought for a period of at least 12 months from signature of these financial statements.true
The company has prepared projections covering a period of at least 12 months from the date of signing which demonstrate that the company will have sufficient funding to meeting their obligations as they fall due.
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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Reporting period
During the period, the company extended its accounting year end from 31 March to 31 August. As such, these financial statements represent a 17 month financial period. Therefore the comparative amounts presented in the financial statements (including the related notes) are not directly comparable.
1.5
Turnover
Turnover represents rent receivable, excluding VAT, and is recognised in the financial statements on an accruals basis, in line with the lease agreements in place.
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Fixtures and fittings
15% on reducing balance
1.7
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.
1.8
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
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. Impairment losses are recognised in the profit and loss account.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.11
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.
All of the company's financial assets are classified as basic.
Basic financial assets
Basic financial assets, which include amounts due from group undertakings, debtors and cash and bank balances, are measured at transaction price including transaction costs.
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
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.
All of the company's financial liabilities are classified as basic.
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.
1.12
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.
1.13
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.
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.
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fair value of investment properties
Investment properties are carried at fair value which is based on an open market basis. This requires the directors to exercise due care in taking into account the condition of the property, the location and the current property market conditions in determining the appropriate fair value at the year end.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
Period
Year
ended
ended
31 August
31 March
2024
2023
Number
Number
Total
34
29
The directors are not remunerated via this entity.
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
1,477,593
Additions
293,696
At 31 August 2024
1,771,289
Depreciation and impairment
At 1 April 2023
874,125
Depreciation charged in the period
154,193
At 31 August 2024
1,028,318
Carrying amount
At 31 August 2024
742,971
At 31 March 2023
603,468
5
Investment property
2024
£
Fair value
At 1 April 2023
32,270,000
Disposals
(2,030,000)
Fair value movement
1,760,000
At 31 August 2024
32,000,000
The fair value of the investment properties have been determined by the directors, taking into consideration a previous valuation undertaken by Cushman and Wakefield on 23 November 2021, and adjusting for the directors assessment of impact since this regarding location, condition of the properties and current proprerty market conditions.
On a historical cost basis, the properties would have been included at cost of £25,591,503 (2023 - £26,044,122).
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
Other investments
24,895
1
24,896
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
6
Fixed asset investments
(Continued)
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
1
24,895
24,896
Disposals
-
(24,895)
(24,895)
At 31 August 2024
1
-
1
Carrying amount
At 31 August 2024
1
-
1
At 31 March 2023
1
24,895
24,896
7
Subsidiaries
Details of the company's subsidiary at 31 August 2024 are as follows:
Name of undertaking
Country of incorporation
Nature of business
Class of
% Held
shares held
Direct
Ardmuir (Pittodrie Place) Limited
16 Charlotte Square, Edinburgh, EH2 4DF
Property development
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
440,987
238,589
Amounts owed by group undertakings
153,885
153,418
Other debtors
24,996
117,886
619,868
509,893
Amounts owed by group undertakings are interest free and repayable on demand.
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,143
115,499
Amounts owed to group undertakings
27,241,857
Taxation and social security
1,862
Other creditors
1,219,272
560,553
28,469,272
677,914
Amounts owed to group undertakings are interest free and repayable on demand.
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
35,264,156
Other creditors
33,462
35,297,618
On 11 August 2023, the bank loan and facility was settled as part of the company's acquisition by ATK Property Group Limited. The charge in relation to the cash deposit and assignation over various insurance policies in favour of the bank were also released on this date.
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.
12
Profit and loss reserves
The profit and loss reserves represents cumulative realisable profits and losses.
13
Related party transactions
On 10 August 2023, the company's non-student accommodation properties valued at £2,030,000 as at 31 March 2023 were sold without vacant possession to a related party for £1,250,000. Included within the exceptional loss of £804,895 are legal and other fees incurred on disposal.
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ARDMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
14
Ultimate controlling party
Until 11 August 2023, the immediate parent company was Ardmuir Holdings Limited, a company registered in Jersey.
From 11 August 2023, the immediate parent company is ATK Property Group Limited. ATK Property Group Limited is equally owned by R Thom, director, and Ogilvie Construction Limited, whose ultimate controlling party is D Ogilvie, director.
The company is not considered to have a single controlling party.
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Allison Dalton and the auditor was Johnston Carmichael LLP.
16
Prior period adjustment
1 April
31 March
2022
2023
£
£
Analysis of the effect upon equity
Revaluation reserve
-
(7,112,936)
Profit and loss reserves
-
7,112,936
-
-
Notes to adjustments
Recognition of FV changes in the profit and loss account
Restatement to recognise movements in fair value on investment properties within the profit or loss account rather than being recognised as other comprehensive income and taken to a revaluation reserve.
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