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REGISTERED NUMBER: SC694073 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Firthside House Limited

Firthside House Limited (Registered number: SC694073)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Firthside House Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Ms Malin Sofia Wallmark Hogset
Mr Svein Hogset
Ms Eva Sophie Alexandra Rietz-Elvefors





REGISTERED OFFICE: 29 Brandon Street
Hamilton
ML3 6DA





REGISTERED NUMBER: SC694073 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

Firthside House Limited (Registered number: SC694073)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,117,774 3,096,232

CURRENT ASSETS
Debtors 6 324,600 533,273
Cash at bank 9,039 18,117
333,639 551,390
CREDITORS
Amounts falling due within one year 7 49,516 214,847
NET CURRENT ASSETS 284,123 336,543
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,401,897

3,432,775

CREDITORS
Amounts falling due after more than one
year

8

4,448,300

4,133,300
NET LIABILITIES (1,046,403 ) (700,525 )

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 10 (1,047,403 ) (701,525 )
SHAREHOLDERS' FUNDS (1,046,403 ) (700,525 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Firthside House Limited (Registered number: SC694073)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





Mr Svein Hogset - Director


Firthside House Limited (Registered number: SC694073)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Firthside House Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts have been prepared on a going concern basis as the director has undertaken to continue supporting the company through their director's loan account, and dependant on support of parent company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 10% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment loss.
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Firthside House Limited (Registered number: SC694073)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2024 1,417,950 1,644,456 237,427 - 3,299,833
Additions - 153,292 - 13,752 167,044
At 31 December 2024 1,417,950 1,797,748 237,427 13,752 3,466,877
DEPRECIATION
At 1 January 2024 70,898 107,562 25,141 - 203,601
Charge for year 28,359 92,629 23,742 772 145,502
At 31 December 2024 99,257 200,191 48,883 772 349,103
NET BOOK VALUE
At 31 December 2024 1,318,693 1,597,557 188,544 12,980 3,117,774
At 31 December 2023 1,347,052 1,536,894 212,286 - 3,096,232

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 170,000
VAT 19,579 153,421
Deferred tax asset 291,492 197,485
Prepayments and accrued income 13,529 12,367
324,600 533,273

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,551 -
Social security and other taxes 808 1,909
Other creditors 266 -
Directors' current accounts - 170,426
Accrued expenses 40,891 42,512
49,516 214,847

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 4,448,300 4,133,300

Firthside House Limited (Registered number: SC694073)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary shares 1000 1,000 1,000

10. RESERVES
Retained
earnings
£   

At 1 January 2024 (701,525 )
Deficit for the year (345,878 )
At 31 December 2024 (1,047,403 )

11. RELATED PARTY DISCLOSURES

The company operates a loan account with the directors.

During the year, the company repaid loans totalling £170,426. At the year end, there was no balance due to the directors. (2023:£170,426).

This loan is unsecured, interest free and has no fixed repayment terms.


The company also operates a loan with its parent company, Lochlann Properties Ltd.

During the year, Firthside House Ltd received loans totalling £315,000 from Lochlann Properties Ltd. At the year end, the balance due to Lochlann Properties Ltd was £4,448,300 (2023:£4,133,300).

This loan is unsecured, interest free and has no fixed repayment terms.

12. ULTIMATE CONTROLLING PARTY

The controlling party is the parent company, Lochlann Properties Ltd.

The controlling party of Lochlann Properties Ltd is its parent company, Hogset Holding AS.

The ultimate controlling party are the two directors and shareholders of Hogset Holding AS.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Firthside House Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Firthside House Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Firthside House Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Firthside House Limited and state those matters that we have agreed to state to the Board of Directors of Firthside House Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Firthside House Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Firthside House Limited. You consider that Firthside House Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Firthside House Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


27 June 2025