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

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

MSBL Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Norwood, 3 Beech Road, Lenzie, United Kingdom, G66 4HN.

The entity extended the reporting period from 31 July to 30 October in line with other group and related entities. The 15 month period reported to 30 October 2024 will therefore not be wholly comparable to future 12 month periods or the prior period.

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 under the historical cost convention. The principal accounting policies adopted are set out below.

The directors are obliged to prepare statutory financial statements on a going concern basis unless it istrue inappropriate to assume that the company will continue in business.

The group in which the company is part of, is in the process of refinancing its borrowings. If these borrowings are not refinanced, then the group and thus company would not be able to continue to trade. These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

After due consideration of the above, the directors are satisfied that they consider that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

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:

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.

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.

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.

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.

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

There was a breach in group covenants during the period therefore loans have been classified as less than 1 year. Interest of 3.895% is charged on this loan.

Bank of Scotland plc holds one standard security over the property 85-89 High Street, Dunfermline KY12 7DR.

Bank of Scotland plc holds one floating charge covering all property or undertaking of the company.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Material uncertainty related to going concern

We draw attention to Note 1.3 in the financial statements, which notes that the group in which the company is part of, is in the process of refinancing its borrowings. If these borrowings are not refinanced, then the group and thus the company would not be able to continue to trade. As stated in Note 1.3, these events or conditions, along with other matters as set forth in Note 1.3, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Historically, the property owned by MSBL Property Limited (which is used by a fellow subsidiary in the group Barrie Dear Limited) has been accounted for as an investment property within the company accounts. However, in the year under review, the directors have made a voluntary change to the accounting policy of the company and elected to present the property as Property, plant & equipment in the company financial statements.

This change in accounting policy has led to the reclassification of the property from investment properties to tangible fixed assets as well as a prior period adjustment to recognise the appropriate depreciation charge.

Included in creditors at the year end is £456,870 (2023: nil) owed to companies under common control with MSBL Properties Limited. These amounts are unsecured, interest free and have no terms of repayment.

The ultimate controlling party is Scotpharm (MNA) Limited, a company registered in Scotland (SC567980). Scotpharm (MNA) Limited is controlled by Mr M Nickkho-Amiry by virtue of his own and his family's shareholding in the company. The registered office of Scotpharm (MNA) Limited is Norwood, 3 Beech Road, Lenzie, G66 4HN.