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REGISTERED NUMBER: SC415627 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Craigie Property Investments Ltd.

Craigie Property Investments Ltd. (Registered number: SC415627)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Craigie Property Investments Ltd.

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Mr A Lusk





REGISTERED OFFICE: Unit 2
Southhook Road
Kilmarnock
Ayrshire
KA1 2NN





REGISTERED NUMBER: SC415627 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Craigie Property Investments Ltd. (Registered number: SC415627)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 311,125 21,510
Investment property 5 11,218,237 11,475,312
11,529,362 11,496,822

CURRENT ASSETS
Debtors 6 2,043,362 872,620
Cash at bank and in hand 1,554,818 1,048,823
3,598,180 1,921,443
CREDITORS
Amounts falling due within one year 7 2,785,197 2,677,144
NET CURRENT ASSETS/(LIABILITIES) 812,983 (755,701 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,342,345

10,741,121

CREDITORS
Amounts falling due after more than one
year

8

(2,316,163

)

(2,493,608

)

PROVISIONS FOR LIABILITIES (1,279,061 ) (1,279,958 )
NET ASSETS 8,747,121 6,967,555

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable fair value
reserve 10 3,938,687 3,938,687
Retained earnings 4,808,334 3,028,768
SHAREHOLDERS' FUNDS 8,747,121 6,967,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Craigie Property Investments Ltd. (Registered number: SC415627)

Balance Sheet - continued
30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 June 2025 and were signed by:





Mr A Lusk - Director


Craigie Property Investments Ltd. (Registered number: SC415627)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Craigie Property Investments Ltd. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The current and future cash position of the company has been reviewed by the Director. This included a comprehensive review of current trading performance and of the forecasted cash requirements, covering a period beyond one year from the date of approval of the financial statements.The director has confirmed that this support will exist for the next year at least.

On the basis of all of the above the director considers it appropriate to prepare the financial statements on a going concern basis.

Turnover/revenue recognition
The figure in the accounts represents rental income earned and services provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 amount 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.

Investment property
Under FRS 102, investment properties are measured at their fair value at each reporting date, with changes in fair value recognised through the Profit & Loss Account.

FRS 102, also requires the company to provide for deferred tax on the timing difference arising on the date of transition, which represents the full revaluation gain less indexed cost, to the appropriate date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Craigie Property Investments Ltd. (Registered number: SC415627)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Craigie Property Investments Ltd. (Registered number: SC415627)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 - 36,267 36,267
Additions 293,200 - 293,200
At 30 June 2024 293,200 36,267 329,467
DEPRECIATION
At 1 July 2023 - 14,757 14,757
Charge for year - 3,585 3,585
At 30 June 2024 - 18,342 18,342
NET BOOK VALUE
At 30 June 2024 293,200 17,925 311,125
At 30 June 2023 - 21,510 21,510

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 11,475,312
Disposals (257,075 )
At 30 June 2024 11,218,237
NET BOOK VALUE
At 30 June 2024 11,218,237
At 30 June 2023 11,475,312

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2014 293,995
Valuation in 2019 2,150,114
Valuation in 2021 2,769,159
Cost 6,004,969
11,218,237

Investment properties have been included at fair value based on a combination of factors to include the knowledge and expertise of the sector by the director and in conjunction with the company's professional advisers. The calculation of fair value takes account of formal valuations carried out by professionally qualified chartered surveyors and taking account of this the director believes the appropriate fair value is included in the accounts.

Craigie Property Investments Ltd. (Registered number: SC415627)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 153,913 252,443
Amounts due from related parties 520,506 392,870
Other debtors 6,528 13,575
680,947 658,888

Amounts falling due after more than one year:
Amounts owed by associates 1,362,415 213,732

Aggregate amounts 2,043,362 872,620

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 177,444 177,444
Trade creditors 10,142 8,214
Amounts due to related parties 2,159,514 2,137,514
Taxation and social security 373,799 307,160
Other creditors 64,298 46,812
2,785,197 2,677,144

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 2,316,163 2,493,608

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,493,607 2,671,052

Bank borrowings are secured by a bond and floating charge over the company's assets and by a standard security over certain investment properties.

The bounce back loan is secured and repayable by 60 equal monthly instalments one year after draw down.

Interest is charged on bank borrowings at a commercial rate of interest.

Craigie Property Investments Ltd. (Registered number: SC415627)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. RESERVES
Non-distributable
fair
value
reserve
£   
At 1 July 2023
and 30 June 2024 3,938,687

11. RELATED PARTY DISCLOSURES

During the year the company undertook transactions with the following companies in which Mr & Mrs A Lusk have an interest:

(a) The company undertook transactions with Lusk Construction Limited to the value of £50,000. Mr & Mrs Lusk have ultimate control of this company. As at 30 June 2024, £1,379,980 remained outstanding and due to Lusk Construction Limited (2023: £1,429,980).

(b) The company undertook transactions with Lumax Homes Limited to the value of £10,000 (2023 - £nil). Mr & Mrs Lusk have ultimate control of this company. The amount outstanding and due to Lumax Homes Limited as at 30 June 2024 was £18,006 (2023: £28,006).

(c) During the year the company had transactions with A L Plumbing & Heating Limited to the value of £127,636 (2023: £17,394). Mr & Mrs Lusk have ultimate control of this company. As at 30 June 2024, £492,987 was due and payable by A L Plumbing & Heating Limited (2023: £365,351).

(d) During the year the company entered into net transactions to a value of £30,000 (2023: £18,870) with Lumax Homes (Holdings) Limited, a company in which Mr & Mrs A Lusk own 100% of the issued share capital. As at 30 June 2024, £325,662 remained outstanding and due to Lumax Homes (Holdings) Limited (2023: £295,662).

(e) During previous years the company received income on behalf of Magnum Contracts Limited, a company in which the Director has a 50% interest. As at 30 June 2024, £20,259 remains due to that company (2023: £20,259)

(f) During the year the company undertook transactions with A & D Properties, a business in which the Director is the principal, of £nil (2023: £95). As at 30 June 2024, £27,519 was due from A & D Properties (2023: £27,519).

(g) During the year the company contracted the services of Lumac Construction Ltd to the value of £52,000 (2023: £78,675). Mr A Lusk owns the entire share capital of Lumac Construction Ltd. As at 30 June 2024 the amount outstanding and due by Craigie Property Investments Ltd was £415,607 (2023: £363,607).

(h) During the year the company advanced £1,148,683 (2023: £213,732) to Craigie Property Investments International, S.L. This is a company registered in Spain and owned by Mr A Lusk. The debtor outstanding at the year end was £1,362,415 (2023: £213,732).The amount owed to the company is repayable with 1 year and 1 day's notice.

12. CONTROLLING PARTY

The company is under the control of Mr and Mrs A Lusk by virtue of their combined 100% shareholding.