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REGISTERED NUMBER: SC435288 (Scotland)















Unaudited Financial Statements for the Year Ended 31st October 2024

for

Upland Properties Ltd

Upland Properties Ltd (Registered number: SC435288)

Contents of the Financial Statements
for the year ended 31st October 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Upland Properties Ltd

Company Information
for the year ended 31st October 2024







Directors: D J Cameron
G J Gerrard
F Maclennan





Registered office: First Floor
111 Grampian Road
Aviemore
PH22 1RH





Registered number: SC435288 (Scotland)





Accountants: Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Upland Properties Ltd


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 Upland Properties Ltd for the year ended 31st October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Upland Properties Ltd, 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 Upland Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Upland Properties Ltd, 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 Upland Properties Ltd 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 profit of Upland Properties Ltd. You consider that Upland Properties Ltd 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 Upland Properties Ltd. 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.






Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT


23rd July 2025

Upland Properties Ltd (Registered number: SC435288)

Balance Sheet
31st October 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Investments 4 215,000 215,000
Investment property 5 13,155,207 13,155,207
13,370,207 13,370,207

Current assets
Stocks 590,810 590,810
Debtors 6 953,490 1,080,069
Cash at bank 379,015 284,986
1,923,315 1,955,865
Creditors
Amounts falling due within one year 7 1,274,403 1,283,375
Net current assets 648,912 672,490
Total assets less current liabilities 14,019,119 14,042,697

Creditors
Amounts falling due after more than one
year

8

(4,750,000

)

(5,050,000

)

Provisions for liabilities (83,393 ) (83,393 )
Net assets 9,185,726 8,909,304

Capital and reserves
Called up share capital 2 2
Revaluation reserve 1,226,477 1,226,477
Retained earnings 7,959,247 7,682,825
9,185,726 8,909,304

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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.

Upland Properties Ltd (Registered number: SC435288)

Balance Sheet - continued
31st October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd July 2025 and were signed on its behalf by:





D J Cameron - Director


Upland Properties Ltd (Registered number: SC435288)

Notes to the Financial Statements
for the year ended 31st October 2024


1. Statutory information

Upland Properties 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.

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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Fair value
Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

3. Employees and directors

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

Upland Properties Ltd (Registered number: SC435288)

Notes to the Financial Statements - continued
for the year ended 31st October 2024


4. Fixed asset investments
Interest
in joint
venture
£   
Cost
At 1st November 2023
and 31st October 2024 215,000
Net book value
At 31st October 2024 215,000
At 31st October 2023 215,000

5. Investment property
Total
£   
Fair value
At 1st November 2023
and 31st October 2024 13,155,207
Net book value
At 31st October 2024 13,155,207
At 31st October 2023 13,155,207

£11,700,000 of the company's investment properties were valued by J&E Shepherds, Chartered Surveyors on an open market value basis at 23 March 2023. The remainder of £1,455,207 were valued by the Directors. The basis of valuation was on market value and market rent.

Fair value at 31st October 2024 is represented by:
£   
Valuation in 2015 255,000
Valuation in 2018 76,477
Valuation in 2023 895,000
Cost 11,928,730
13,155,207

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 11,928,730 11,928,730

Upland Properties Ltd (Registered number: SC435288)

Notes to the Financial Statements - continued
for the year ended 31st October 2024


6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors - 17,215
Other debtors 953,490 1,062,854
953,490 1,080,069

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 300,000 300,000
Trade creditors 142,795 10,630
Taxation and social security 148,821 182,553
Other creditors 682,787 790,192
1,274,403 1,283,375

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 4,750,000 5,050,000

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,050,000 5,350,000

The bank loan is secured on the investment properties of the company in the form of a fixed and floating charge.

10. Controlling party

The company's immediate parent company is Upland Properties Investment Holdings Limited, a company registered in Scotland whose registered address is also First Floor, 111 Grampian Road, Aviemore, PH22 1RH. The parent is exempt from preparing consolidated financial statements in accordance with Section 399(2A) of the Companies Act 2006. The ultimate controlling party of the company is David J Cameron.