Company No: SC224247 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	98,262		129,915
Investment property	4	431,030		431,030
		529,292		560,945
Current assets
Debtors	5	64,954		402,877
Cash at bank and in hand		938,783		664,204
		1,003,737		1,067,081
Creditors: amounts falling due within one year	6	( 258,502)		( 254,175)
Net current assets		745,235		812,906
Total assets less current liabilities		1,274,527		1,373,851
Creditors: amounts falling due after more than one year	7	( 250,000)		( 250,000)
Provision for liabilities	8	0		( 4,357)
Net assets		1,024,527		1,119,494
Capital and reserves
Called-up share capital	9	175		175
Fair value reserve		14,943		14,943
Profit and loss account		1,009,409		1,104,376
Total shareholders' funds		1,024,527		1,119,494

For the financial 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.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Huntly Properties Ltd (registered number: SC224247) were approved and authorised for issue by the Board of Directors on 09 September 2025. They were signed on its behalf by:

Robert Hugh Mackay Director

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

Huntly Properties Ltd (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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom. The business address is Cromdale House, Broomhill Road, Keith, AB55 5EX.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items 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 £.

Turnover

Turnover represents amounts receivable in respect of property rental, property development and vehicle and equipment hire, net of VAT.

Revenue from property rental is recognised on the accruals basis and in accordance with a rental agreement.

Revenue from property development is recognised at the point at which an irrevocable contract exists and all material conditions have been met.

Revenue from vehicle and equipment hire is recognised by reference to the period of rental on accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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.

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 and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Other property, plant and equipment	10 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.

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.

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 external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price. 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£
Cost
At 01 January 2024	51,880		78,182		140,846		270,908
Disposals	( 29,239)		0		0		( 29,239)
At 31 December 2024	22,641		78,182		140,846		241,669
Accumulated depreciation
At 01 January 2024	30,271		46,851		63,871		140,993
Charge for the financial year	5,422		7,833		13,753		27,008
Disposals	( 24,594)		0		0		( 24,594)
At 31 December 2024	11,099		54,684		77,624		143,407
Net book value
At 31 December 2024	11,542		23,498		63,222		98,262
At 31 December 2023	21,609		31,331		76,975		129,915

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	431,030
As at 31 December 2024	431,030

The fair value of the investment properties have been arrived at on the basis of valuation carried out at 31 December 2024 by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

Valuation

The fair value of the investment properties have been arrived at on the basis of valuation carried out at 31 December 2023 by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

	2024		2023
	£		£
Trade debtors	64,000		147,390
Other debtors	954		255,487
	64,954		402,877

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	2,643		5,704
Other taxation and social security	5,086		6,484
Other creditors	250,773		241,987
	258,502		254,175

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

	2024		2023
	£		£
Other creditors	250,000		250,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

	2024		2023
	£		£
Deferred tax	0		4,357

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
75 Ordinary shares of £ 1.00 each	75		75
50 A Ordinary shares of £ 1.00 each	50		50
50 B Ordinary shares of £ 1.00 each	50		50
	175		175

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts due to key management personnel	486,149		471,889

£250,000 of the above balance is included in long term liabilities.