Company registration number SC177744 (Scotland)
LOCHAY PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LOCHAY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
LOCHAY PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
2,950,000
2,950,000
Current assets
Stocks
4
5,612,679
3,640,069
Debtors
5
109,135
150,637
Cash at bank and in hand
31,997
1,684,994
5,753,811
5,475,700
Creditors: amounts falling due within one year
6
(1,893,341)
(463,425)
Net current assets
3,860,470
5,012,275
Total assets less current liabilities
6,810,470
7,962,275
Creditors: amounts falling due after more than one year
7
(1,615,596)
Provisions for liabilities
8
(257,345)
(257,345)
Net assets
6,553,125
6,089,334
Capital and reserves
Called up share capital
100
100
Revaluation reserve
9
1,087,045
1,087,045
Profit and loss reserves
9
5,465,980
5,002,189
Total equity
6,553,125
6,089,334
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
W G R Thomson
Director
Company registration number SC177744 (Scotland)
LOCHAY PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
100
1,087,045
4,708,406
5,795,551
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
293,783
293,783
Balance at 30 September 2023
100
1,087,045
5,002,189
6,089,334
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
463,791
463,791
Balance at 30 September 2024
100
1,087,045
5,465,980
6,553,125
LOCHAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Lochay Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Stafford Street, Edinburgh, EH3 7BD.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the group and the company's ability to continue as a going concern. trueAt the time of approving the financial statements, the directors have a reasonable expectation that the group and company have 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.
1.3
Turnover
Turnover represents rental income receivable during the year, exclusive of VAT, where there is a right to consideration from property investment activities.
1.4
Investment property
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.
1.5
Stocks and work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads, including financing costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
1.6
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 current liabilities.
1.7
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.
LOCHAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
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.
1.8
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.
1.9
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.
LOCHAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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. 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.
1.10
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 stock or 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
In the year director's emoluments of £64,506 (2023: £49,363) were recharged from Lochay Group Limited for work performed in this entity.
3
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
2,950,000
The investment properties were valued by Colliers International, property consultants, as at 30 November 2022 in accordance with the RICS Appraisal and Valuation Manual.
The directors have reviewed the carrying value of the Investment properties at year end and are satisfied that the value of these properties reflect the value in use at year end. The historical costs of the properties is £1,984,680 (2023: £1,984,680),
LOCHAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Stocks
2024
2023
£
£
Stocks and work in progress
5,612,679
3,640,069
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,807
581
Other debtors
91,328
150,056
109,135
150,637
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,615,368
89,983
Trade creditors
31,693
86,531
Amounts owed to group undertakings
20,000
Corporation tax
78,372
14,796
Other taxation and social security
13,816
Other creditors
134,092
272,115
1,893,341
463,425
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,615,596
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
257,345
257,345
9
Reserves
LOCHAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Reserves
(Continued)
- 7 -
Called up share capital - This reserve represents the nominal value of shares that have been issued.
Revaluation reserve - This reserve records the cumulative value of investment property revaluations and fair value movements on investment properties recognised in other comprehensive income.
Profit and loss account - This reserve records retained earnings and accumulated losses.
10
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.
Senior Statutory Auditor:
Alan Mitchell
Statutory Auditor:
Thomson Cooper
Date of audit report:
19 June 2025
LOCHAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
11
Related party transactions
During the year, £50,000 (2023: £50,000) of management fees were paid to the company's parent undertaking, Lochay Group Limited, with wages of £64,506 (2023; £49,363) also recharged by the parent.
Additionally, the company purchased services totalling £35,500 (2023: £42,850) from FT Linden, a connected company.
Included in creditors is £20,000 (2023: £nil), being a loan payable to Lochay Group Limited.