Registration number: SC717340

On Tranquil Shores Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6
Accountants' Report	7

On Tranquil Shores Ltd

Company Information

Directors

Mr Guy Crichton Ms Deborah Catarina Goncalves Dawson Mr Mark Ian Crichton

Registered office

14 Craigmore Road Rothesay Isle Of Bute PA20 9LB

Accountants

EQ Accountants Ltd Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

On Tranquil Shores Ltd

(Registration number: SC717340)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	79,469	70,386
Investment property	5	3,557,771	3,406,222
		3,637,240	3,476,608
Current assets
Debtors	6	102,490	61,791
Cash at bank and in hand		48,438	41,444
		150,928	103,235
Creditors: Amounts falling due within one year	7	(6,120,599)	(5,980,725)
Net current liabilities		(5,969,671)	(5,877,490)
Net liabilities		(2,332,431)	(2,400,882)
Capital and reserves
Called up share capital		1	1
Revaluation reserve		416,871	416,871
Retained earnings		(2,749,303)	(2,817,754)
Shareholders' deficit		(2,332,431)	(2,400,882)

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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 September 2025 and signed on its behalf by:
 

......................................... Mr Guy Crichton Director

On Tranquil Shores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

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

2	Accounting policies

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.

Going concern

It is the opinion of the directors that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 31 December 2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and equipment	10% Straight Line
Fixtures and fittings	5% Straight Line

On Tranquil Shores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3	Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 3).

On Tranquil Shores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	60,815	21,450	82,265
Additions	2,292	23,000	25,292
At 31 December 2024	63,107	44,450	107,557
Depreciation
At 1 January 2024	11,016	863	11,879
Charge for the year	12,499	3,710	16,209
At 31 December 2024	23,515	4,573	28,088
Carrying amount
At 31 December 2024	39,592	39,877	79,469
At 31 December 2023	49,799	20,587	70,386

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

5	Investment properties

	2024 £
At 1 January	3,406,821
Additions	151,549
Fair value adjustments	(599)
At 31 December	3,557,771

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current	2024 £	2023 £
Trade debtors	87,244	19,719
Prepayments	15,246	17,250
Other debtors	-	24,822
	102,490	61,791

On Tranquil Shores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		7,076	13,507
Amounts owed to parent	8	4,331,127	4,331,127
Taxation and social security		7,099	4,025
Other creditors		1,775,297	1,632,066
		6,120,599	5,980,725

8	Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

	2024  £	2023  £
Mr Guy Robert Crichton	1,484,000	1,440,000
Miss Deborah Catarina Goncalves Dawson	278,500	180,000
	1,762,500	1,620,000

The maximum balance outstanding during the year amounted to £1,762,500.

The directors current accounts are repayable on demand.

As at 31 December 2024, the company owed £4,331,127 (2023: £4,331,127) to its immediate parent company. This amount is repayable on demand and does not bear interest.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
On Tranquil Shores Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of On Tranquil Shores Ltd for the year ended 31 December 2024 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of On Tranquil Shores Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of On Tranquil Shores Ltd and state those matters that we have agreed to state to the Board of Directors of On Tranquil Shores Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than On Tranquil Shores Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that On Tranquil Shores Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of On Tranquil Shores Ltd. You consider that On Tranquil Shores Ltd 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 On Tranquil Shores Ltd. 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.

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

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

8 September 2025