Silverfin false false 30/11/2024 01/12/2023 30/11/2024 Mr A Hay 10/02/2025 Mr J J O'Hara 31/05/2005 08 August 2025 The principal activity of the company during the financial year continued to be that of ownership and development of retail property. SC285524 2024-11-30 SC285524 bus:Director1 2024-11-30 SC285524 bus:Director2 2024-11-30 SC285524 2023-11-30 SC285524 core:CurrentFinancialInstruments 2024-11-30 SC285524 core:CurrentFinancialInstruments 2023-11-30 SC285524 core:Non-currentFinancialInstruments 2024-11-30 SC285524 core:Non-currentFinancialInstruments 2023-11-30 SC285524 core:ShareCapital 2024-11-30 SC285524 core:ShareCapital 2023-11-30 SC285524 core:RevaluationReserve 2024-11-30 SC285524 core:RevaluationReserve 2023-11-30 SC285524 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC285524 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC285524 core:OtherPropertyPlantEquipment 2023-11-30 SC285524 core:OtherPropertyPlantEquipment 2024-11-30 SC285524 core:CostValuation 2023-11-30 SC285524 core:AdditionsToInvestments 2024-11-30 SC285524 core:CostValuation 2024-11-30 SC285524 core:CurrentFinancialInstruments core:Secured 2024-11-30 SC285524 core:MoreThanFiveYears 2024-11-30 SC285524 core:MoreThanFiveYears 2023-11-30 SC285524 bus:OrdinaryShareClass1 2024-11-30 SC285524 2023-12-01 2024-11-30 SC285524 bus:FilletedAccounts 2023-12-01 2024-11-30 SC285524 bus:SmallEntities 2023-12-01 2024-11-30 SC285524 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 SC285524 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC285524 bus:Director1 2023-12-01 2024-11-30 SC285524 bus:Director2 2023-12-01 2024-11-30 SC285524 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-12-01 2024-11-30 SC285524 2022-12-01 2023-11-30 SC285524 core:OtherPropertyPlantEquipment 2023-12-01 2024-11-30 SC285524 core:CurrentFinancialInstruments 2023-12-01 2024-11-30 SC285524 core:Non-currentFinancialInstruments 2023-12-01 2024-11-30 SC285524 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 SC285524 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC285524 (Scotland)

LG 04 LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

LG 04 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

LG 04 LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2024
LG 04 LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 328
Investment property 4 18,502,003 8,291,960
Investments 5 76,820 0
18,578,823 8,292,288
Current assets
Debtors 6 97,440 326,735
Cash at bank and in hand 124,528 481,396
221,968 808,131
Creditors: amounts falling due within one year 7 ( 10,075,596) ( 5,982,537)
Net current liabilities (9,853,628) (5,174,406)
Total assets less current liabilities 8,725,195 3,117,882
Creditors: amounts falling due after more than one year 8 ( 5,863,553) ( 1,188,621)
Provision for liabilities 9 ( 259,076) ( 88,301)
Net assets 2,602,566 1,840,960
Capital and reserves
Called-up share capital 10 100 100
Revaluation reserve 642,155 156,548
Profit and loss account 1,960,311 1,684,312
Total shareholders' funds 2,602,566 1,840,960

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of LG 04 Limited (registered number: SC285524) were approved and authorised for issue by the Board of Directors on 08 August 2025. They were signed on its behalf by:

Mr A Hay
Director
LG 04 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
LG 04 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LG 04 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Pavillion 3 12 Marchburn Drive, Glasgow Airport Business Park, Paisley, PA3 2SJ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property , at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2023 1,538 1,538
At 30 November 2024 1,538 1,538
Accumulated depreciation
At 01 December 2023 1,210 1,210
Charge for the financial year 328 328
At 30 November 2024 1,538 1,538
Net book value
At 30 November 2024 0 0
At 30 November 2023 328 328

4. Investment property

Investment property
£
Valuation
As at 01 December 2023 8,291,960
Additions 9,724,436
Fair value movement 485,607
As at 30 November 2024 18,502,003

Valuation

Opening investment property comprises ten commercial properties. The company acquired two additional properties during the financial year. The fair value of investment property has been arrived at on the basis of a valuation carried out within the last year by DM Hall.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 December 2023 0 0
Additions 76,820 76,820
At 30 November 2024 76,820 76,820
Carrying value at 30 November 2024 76,820 76,820
Carrying value at 30 November 2023 0 0

6. Debtors

2024 2023
£ £
Trade debtors 71,183 36,746
Other debtors 26,257 289,989
97,440 326,735

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 1,444,642 112,075
Trade creditors 14,165 872,028
Amounts owed to Group undertakings 8,257,089 4,907,089
Taxation and social security 190,711 52,561
Other creditors 168,989 38,784
10,075,596 5,982,537

Bank borrowings are secured by fixed and floating charges over the investment properties.

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 5,863,553 1,188,621

Bank borrowings are secured by fixed and floating charges over the investment properties.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 1,950,285 740,322

9. Provision for liabilities

2024 2023
£ £
Deferred tax 259,076 88,301

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 1,575,000 1,600,000

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel 952 952

These loans are unsecured, interest free and have no fixed date for repayment.

Other related party transactions

2024 2023
£ £
Amounts due to other related parties 8,257,089 4,907,089

These loans are unsecured, interest free and have no fixed date for repayment.