Company registration number SC019536 (Scotland)
Charleston Holdings Limited
unaudited financial statements
for the year ended 31 December 2024
Pages for filing with registrar
Charleston Holdings Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Charleston Holdings Limited
Balance sheet
as at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
315
586
Investment properties
6
2,580,000
2,580,000
Investments
7
7,445,820
6,805,168
10,026,135
9,385,754
Current assets
Debtors
8
22,614
37,514
Cash at bank and in hand
169,506
286,099
192,120
323,613
Creditors: amounts falling due within one year
9
(144,030)
(109,493)
Net current assets
48,090
214,120
Total assets less current liabilities
10,074,225
9,599,874
Creditors: amounts falling due after more than one year
10
(70,000)
(70,000)
Provisions for liabilities
(647,677)
(560,507)
Net assets
9,356,548
8,969,367
Capital and reserves
Called up share capital
30,000
30,000
Non distributable reserves
3,525,463
3,282,301
Profit and loss reserves
5,801,085
5,657,066
Total equity
9,356,548
8,969,367
Charleston Holdings Limited
Balance sheet (continued)
as at 31 December 2024
31 December 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
WA Brand
Director
Company Registration No. SC019536
Charleston Holdings Limited
Notes to the financial statements
for the year ended 31 December 2024
- 3 -
1
Accounting policies
Company information

Charleston Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 Viewlands Place, Perth, PH1 1BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
3 to 5 years
Motor vehicles
4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Charleston Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 4 -
1.6
Fixed asset investments

Investments are included at fair value. Realised gains and losses, representing the difference between sale proceeds and cost or fair value are dealt with in the profit and loss account. Unrealised gains and losses, representing the movement in the fair value of investments over the financial year, or from their date of purchase if acquired during the financial year, are shown in notes to the financial statements.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Charleston Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Tax expense represents the corporation tax charge for the year.

The tax currently payable is based on taxable profit for the year.  The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date
Charleston Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
Charleston Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 7 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
69,170
41,210
Adjustments in respect of prior periods
(23)
-
0
Total current tax
69,147
41,210
Deferred tax
Origination and reversal of timing differences
87,170
(205,703)
Changes in tax rates
-
0
(158,942)
Total deferred tax
87,170
(364,645)
Total tax charge/(credit)
156,317
(323,435)

Deferred tax has been provided for at a rate of 25%, as this is the rate set per the Finance Bill 2021.

 

5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
14,736
Disposals
(12,104)
At 31 December 2024
2,632
Depreciation and impairment
At 1 January 2024
14,150
Depreciation charged in the year
271
Eliminated in respect of disposals
(12,104)
At 31 December 2024
2,317
Carrying amount
At 31 December 2024
315
At 31 December 2023
586
Charleston Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 8 -
6
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
2,580,000

Investment property is as shown above. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Scottish Homes holds a standard security over 548/550 George Street, Aberdeen. This property is included within investment properties.

7
Fixed asset investments
2024
2023
£
£
Other investments other than loans
7,445,820
6,805,168
Fixed asset investments revalued

The value of the investments has been determined by reference to market value. The listed investments are dealt on the UK stock exchange.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
6,805,168
Additions
1,172,504
Valuation changes
574,790
Disposals
(1,106,642)
At 31 December 2024
7,445,820
Carrying amount
At 31 December 2024
7,445,820
At 31 December 2023
6,805,168
Charleston Holdings Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 9 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,374
10,704
Corporation tax recoverable
634
634
Other debtors
11,606
26,176
22,614
37,514
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
21,650
12,560
Corporation tax
67,986
41,203
Other taxation and social security
2,404
4,158
Other creditors
51,990
51,572
144,030
109,493
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
70,000
70,000

The other borrowings falling due after more than one year relate to redeemable preference shares. The directors consider the value in the accounts to be the fair value at the year end.

11
Non distributable reserve

Non distributable reserves represent the revaluation gain arising on previous UK GAAP treatment of investments and further revaluations on the investments. To comply with the requirements of FRS 102 deferred tax has been applied on the gain.

12
Financial commitments, guarantees and contingent liabilities

In a prior year, Scottish Homes gave to the company a capital grant of £40,184 which was deducted from the cost of investment properties.

 

If this property is sold before the year 2025, a proportion of the grant has to be repaid to Scottish Homes. At present the contingent liability stands at £1,346 (2023 - £2,685).

13
Directors' transactions

Dividends totalling £84,547 (2023 - £84,587) were paid in the year in respect of shares held by the company's directors.

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