Llafranc Properties Limited

	Page
Accountant's Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—6

In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.

You have acknowledged on the balance sheet as at year ended 31 December 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

Signed

10 September 2025

AMCounting Services Ltd

Unit 7 R F L House

Anderson Street

Dunblane

FK15 9AJ

Page 1

Page 2

Llafranc Properties Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: SC213190

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		850,000		850,000

			850,000		850,000
CURRENT ASSETS
Debtors	5	367,655		371,446
Cash at bank and in hand		15,985		6,815

		383,640		378,261
Creditors: Amounts Falling Due Within One Year	6	(89,728 )		(194,266 )

NET CURRENT ASSETS (LIABILITIES)			293,912		183,995

TOTAL ASSETS LESS CURRENT LIABILITIES			1,143,912		1,033,995

Creditors: Amounts Falling Due After More Than One Year	7		(331,000 )		(331,000 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(77,794 )		-

NET ASSETS			735,118		702,995

CAPITAL AND RESERVES
Called up share capital	8		1		1
Profit and Loss Account			735,117		702,994

SHAREHOLDERS' FUNDS			735,118		702,995

Page 2

Page 3

Llafranc Properties Limited

Balance Sheet (continued)

As At 31 December 2024

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

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Simon Littlejohn

Director

10 September 2025

The notes on pages 4 to 6 form part of these financial statements.

Page 3

Page 4

Llafranc Properties Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Llafranc Properties Limited is a private company, limited by shares, incorporated in Scotland, registered number SC213190 . The registered office is Unit 9, Rfl House, Anderson Street, Dunblane, Stirlingshire, FK15 6AJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

33% Cost

2.3. Financial Instruments

The following assets and liabilities are clasified as finacial instruments - trade debtors, trade creditors, bank loans and directors loans.

Bank Loans are initally measured at the present value of future payments, discounted at a market rate of interest, subsequently at amortised cost using the effective interest method.

Directors Loans (being repayable on demand), trade debtors and trade creditors 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 Retainind Earnings.

2.4. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.5. Leases

Rentals payable under operationg leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease exept where another more systematic basis is more representatvive of the time pattern in which economic benefits from the leases asset are consumed.

Page 4

Page 5

Llafranc Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Judgements and key sources of estimation uncertainty

In the application of the companies accounting policies, the director is 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 andd 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 priod in which the estimate is revised wher the revision affects only that period, or in the period of the revision and future periods wherethe revision affects both current and future periods.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: NIL)

4. Tangible Assets

	Investment Properties	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	850,000	850	850,850

As at 31 December 2024	850,000	850	850,850

Depreciation
As at 1 January 2024	-	850	850

As at 31 December 2024	-	850	850

Net Book Value
As at 31 December 2024	850,000	-	850,000

As at 1 January 2024	850,000	-	850,000

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	32,954	58,384
Prepayments and accrued income	3,701	3,062
Other debtors	-	310,000

	36,655	371,446
Due after more than one year
Amounts owed by other participating interests	331,000	-

	367,655	371,446

Page 5

Page 6

Llafranc Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	(1 )	-
Bank loans and overdrafts	56,856	93,236
Corporation tax	9,254	8,582
VAT	4,015	4,890
Other creditors	-	67,794
Accruals and deferred income	19,061	19,221
Director's loan account	543	543

	89,728	194,266

The following securities have been granted to Royal Bank of Scotland PLC:

Standard security held over The Pavillion Tearooms, St. Andrews, Fife.
Bond & Floating charge held over undertaking and all property and assets present and future of the company including uncalled capital.

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	331,000	331,000

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1	1

9. Related Party Transactions

As at the year end, the company owed £331,000.00 to companies either owned or part owned by the director. Details below.

Bridge of Allan Office Suites Limited

Company 50% owned by the director.

Balance at year end £285,000, 2023 £310,000

Littlejohn Investments Limited

Company 50% owned by the director.

Balance at year end £10,000, 2023 £10,000

Leaders (Scotland) Limited

Company majority owned by the director.

Balance at year end £36,000, 2023 £NIL

Page 6