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REGISTERED NUMBER: SC550891 (Scotland)








































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: A G Wemyss
Dr I A Sutherland





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Business address: Angraflat Road
Kelso
Roxburghshire
TD5 7NS





Registered number: SC550891 (Scotland)





Auditors: Sumer Auditco Limited
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 5,712,252 5,825,862

Current assets
Debtors 5 190 240
Cash at bank 37,766 7,095
37,956 7,335
Creditors
Amounts falling due within one year 6 4,507,126 4,185,956
Net current liabilities (4,469,170 ) (4,178,621 )
Total assets less current liabilities 1,243,082 1,647,241

Creditors
Amounts falling due after more than one
year

7

(1,260,449

)

(1,719,244

)

Provisions for liabilities (79,424 ) (39,112 )
Net liabilities (96,791 ) (111,115 )

Capital and reserves
Called up share capital 1 1
Retained earnings (96,792 ) (111,116 )
(96,791 ) (111,115 )

Angraflat Development Company Limited (Registered number: SC550891)

Statement of Financial Position - continued
31st 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 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 24th July 2025 and were signed on its behalf by:




Dr I A Sutherland - Director



A G Wemyss - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Equipment, furniture and fittings - 10% on cost

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 6,201,846 175,728 6,377,574
Depreciation
At 1st January 2024 466,156 85,556 551,712
Charge for year 96,037 17,573 113,610
At 31st December 2024 562,193 103,129 665,322
Net book value
At 31st December 2024 5,639,653 72,599 5,712,252
At 31st December 2023 5,735,690 90,172 5,825,862

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 190 240

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 258,590 77,170
Trade creditors 1,141 1,441
Amounts owed to group undertakings 4,049,489 3,901,822
Other creditors 197,906 205,523
4,507,126 4,185,956

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 1,260,449 1,719,244

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 1,519,039 1,796,414

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.

Caroline Tice BA CA (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

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.