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Registration number: SC024186

Grange (Edinburgh) Heritable Investment Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 November 2024

 

Grange (Edinburgh) Heritable Investment Company Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Grange (Edinburgh) Heritable Investment Company Limited

Company Information

Director

J S Miller

Registered office




Registered number

12 James Gall Wynd
Edinburgh
EH16 5FF

SC024186
 

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
EH9 3DP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Grange (Edinburgh) Heritable Investment Company Limited
for the Year Ended 28 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grange (Edinburgh) Heritable Investment Company Limited for the year ended 28 November 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grange (Edinburgh) Heritable Investment Company Limited and state those matters that we have agreed to The Board of Directors, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. 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 Grange (Edinburgh) Heritable Investment Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Grange (Edinburgh) Heritable Investment Company Limited. You consider that Grange (Edinburgh) Heritable Investment Company Limited 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 accounts of Grange (Edinburgh) Heritable Investment Company Limited. 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 accounts.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
EH9 3DP

26 August 2025

 

Grange (Edinburgh) Heritable Investment Company Limited

(Registration number: SC024186)
Balance Sheet as at 28 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

1

1

Investment property

7

4,255,000

4,357,500

 

4,255,001

4,357,501

Current assets

 

Debtors

8

52,599

72,298

Cash at bank and in hand

 

78,316

34,486

 

130,915

106,784

Creditors: Amounts falling due within one year

9

(827,842)

(845,146)

Net current liabilities

 

(696,927)

(738,362)

Total assets less current liabilities

 

3,558,074

3,619,139

Creditors: Amounts falling due after more than one year

9

(343,602)

(343,602)

Provisions for liabilities

10

(501,248)

(520,697)

Net assets

 

2,713,224

2,754,840

Capital and reserves

 

Called up share capital

11

2,000

2,000

Capital redemption reserve

229,367

229,367

Non distributable reserve

2,448,892

2,531,943

Other reserves

(4,067)

(7,389)

Retained earnings

37,032

(1,081)

Shareholders' funds

 

2,713,224

2,754,840

For the financial year ending 28 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 26 August 2025
 

.........................................
J S Miller
Director

 

Grange (Edinburgh) Heritable Investment Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
12 James Gall Wynd
Edinburgh
EH16 5FF
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is sterling.

Revenue recognition

Turnover represents the amount of rental income receivable for the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less accumulated depreciation and accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, less residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% per annum straight line

Office equipment

20% per annum straight line

Investment property

Investment properties are carried at fair value. Changes in fair value are recognised in profit or loss. This is transferred, for ease of identification, to a non-distributable reserve which displays the cumulative unrealised surplus or deficit on revaluation net of deferred tax.

 

Grange (Edinburgh) Heritable Investment Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Financial instruments

Classification
A loan balance due from a former subsidiary is classified as an other debtor.
 Recognition and measurement
The balance due from the former subsidiary was recognised initially at the transaction price and is subsequently measured at amortised cost using the effective interest method, less provision for impairment.
 Impairment
A provision for the impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the terms of the receivable.

Current versus non-current classification

The non-current portion of the balance due from the former subsidiary is due after one year and is disclosed in the debtors note.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Management fees

48,000

48,000

5

Taxation

2024

2023

£

£

Current tax:

UK Corporation tax

13,239

7,863

Deferred tax

(19,449)

41,250

(6,210)

49,113

 

Grange (Edinburgh) Heritable Investment Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 29 November 2023

118,804

118,804

At 28 November 2024

118,804

118,804

Depreciation

At 29 November 2023

118,803

118,803

At 28 November 2024

118,803

118,803

Carrying amount

At 28 November 2024

1

1

At 28 November 2023

1

1

7

Investment properties

At fair value

2024
£

At 29 November

4,357,500

Fair value adjustments

(102,500)

At 28 November

4,255,000

The investment properties which have capitalised costs totalling £1,319,907 (2023 £1,319,907) were valued by the director on 28 November 2024 at £4,255,000 (2023 £4,357,500) at their fair value.

8

Debtors

2024
£

2023
£

Other debtors

52,599

72,298

52,599

72,298

Details of non-current trade and other debtors

£35,485 (2023 -£54,370) of the other debtor balance is classified as non current. The total balance of £52,599 (2022 £72,298 ) is due from a former subsidiary

 

Grange (Edinburgh) Heritable Investment Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

-

347,668

Amounts owed to group undertakings and undertakings in which the company has a participating interest

803,851

483,183

Taxation and social security

 

13,239

7,863

Accruals and deferred income

 

10,752

6,432

 

827,842

845,146


Amounts owed to group undertakings are due to Stewart's (Edinburgh) Holdings Limited, are interest free and have no set repayment date.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

343,602

343,602

10

Provision for liabilities

2024

2023

£

£

Deferred tax

501,248

520,697

Deferred tax

Balance at

29 November 2023

520,697

Charge / (credit) to P & L account during the year

(19,449)

Balance at

28 November 2024

501,248

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

       
 

Grange (Edinburgh) Heritable Investment Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2024

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

343,602

343,602

2024

2023

£

£

Loans repayable in one to two years

-

-

Loans repayable in more than five years

343,602

343,602

343,602

343,602

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

347,668

Loans include five loans from Mortgage Trust Limited, each secured by a standard security over one of the company's investment properties. The director has provided personal guarantees to the Mortgage Trust Limited in respect of these secured loans. Two of the loans, whose balances together amount to £347,668, were repaid in full in December 2023.