| REGISTERED NUMBER: |
| Angraflat Development Company Limited |
| Audited Financial Statements |
| for the Year Ended 31st December 2024 |
| REGISTERED NUMBER: |
| Angraflat Development Company Limited |
| Audited Financial Statements |
| for the Year Ended 31st December 2024 |
| Angraflat Development Company Limited (Registered number: SC550891) |
| Contents of the Financial Statements |
| for the year ended 31st December 2024 |
| Page |
| Company information | 1 |
| Statement of financial position | 2 | to | 3 |
| Notes to the financial statements | 4 | to | 7 |
| Angraflat Development Company Limited |
| Company Information |
| for the year ended 31st December 2024 |
| Directors: |
| Registered office: |
| Business address: |
| Registered number: |
| Auditors: |
| 47-49 The Square |
| Kelso |
| Roxburghshire |
| TD5 7HW |
| Angraflat Development Company Limited (Registered number: SC550891) |
| Statement of Financial Position |
| 31st December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| Angraflat Development Company Limited (Registered number: SC550891) |
| Statement of Financial Position - continued |
| 31st December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Angraflat Development Company Limited (Registered number: SC550891) |
| Notes to the Financial Statements |
| for the year ended 31st December 2024 |
| 1. | Statutory information |
| Angraflat Development Company Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents rent received from the company's parent, Queen's House (Kelso) Limited. |
| Turnover is recognised over the period to which it relates to. |
| Tangible fixed assets |
| Freehold property | - |
| Equipment, furniture and fittings | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Financial instruments |
| The following liabilities are classified as financial instruments - trade creditors, accruals, bank loans and other loans. |
| Bank loans are recognised at transaction price and subsequently measured at amortised cost using the effective interest rate. |
| Trade creditors, accruals and other loans are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
| 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 statement of financial position date. |
| Angraflat Development Company Limited (Registered number: SC550891) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 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 statement of financial position 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. |
| Provisions |
| Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
| Employee benefits |
| Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
| Going concern |
| The directors acknowledge the negative reserves at the year end. From the company's incorporation to December 2018 they had been constructing the new care units with no trading income. From 1st January 2019 the company started receiving rental income and the company has shown a net profit before tax in the years since then with the exception of 2023 when a loss was incurred. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
| 3. | Employees and directors |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | Tangible fixed assets |
| Equipment, |
| furniture |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| Cost |
| At 1st January 2024 |
| and 31st December 2024 |
| Depreciation |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| Net book value |
| At 31st December 2024 |
| At 31st December 2023 |
| Included in freehold property is freehold land of £283,913 (2023 - £283,913) which is not depreciated. |
| The aggregate amount of finance costs capitalised in land and buildings is £43,068 (2023 - £43,068). |
| Angraflat Development Company Limited (Registered number: SC550891) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 5. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| 7. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans due after five years | 866,087 | 1,235,188 |
| 8. | Secured debts |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The Royal Bank of Scotland Plc holds security over an area of land owned by the company and by way of a floating charge over the property. |
| 9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the auditors was unqualified. |
| for and on behalf of |
| Angraflat Development Company Limited (Registered number: SC550891) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2024 |
| 10. | Related party disclosures |
| Angraflat Development Company Limited is a fully owned subsidiary of Queen's House (Kelso) Limited. Queen's House (Kelso) Limited is a private company, limited by guarantee, registered in Scotland. |
| During the year Queen's House (Kelso) Limited paid for goods and services totalling £4,383 (2023 - £14,193) on behalf of Angraflat Development Company Limited. |
| During the year the company received rent of £300,000 (2023 - £200,000) from Queen's House (Kelso) Limited. |
| At 31st December 2024 Angraflat Development Company Limited were due Queen's House (Kelso) Limited £4,049,489 (2023 - £3,901,822). This loan is unsecured, interest free and is repayable on demand. |
| 11. | Queen's House (Kelso) Limited |
| These financial statements are consolidated in the financial statements of Queen's House (Kelso) Limited. The registered office of Queen's House (Kelso) Limited is Rennie Welch, Academy House, Shedden Park Road, Kelso, Roxburghshire, TD5 7AL. |