Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Teagan Developments 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 Teagan Developments Ltd for the year ended 31 December 2024 as set out on pages 3 to 7 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 www.icas.com.

This report is made solely to the Board of Directors of Teagan Developments 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 Teagan Developments Ltd and state those matters that we have agreed to state to the Board of Directors of Teagan Developments Ltd, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Teagan Developments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Teagan Developments 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 Teagan Developments Ltd. You consider that Teagan Developments 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 Teagan Developments 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.

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

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

12 September 2025

Teagan Developments Ltd

(Registration number: SC616826)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	23,708	-
Current assets
Stocks	5	271,340	271,340
Debtors	6	3,725	-
Cash at bank and in hand		34	-
		275,099	271,340
Creditors: Amounts falling due within one year	7	(301,252)	(277,783)
Net current liabilities		(26,153)	(6,443)
Net liabilities		(2,445)	(6,443)
Capital and reserves
Called up share capital		1	1
Retained earnings		(2,446)	(6,444)
Shareholders' deficit		(2,445)	(6,443)

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.

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 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 September 2025
 

......................................... D A Cameron Director

Teagan Developments 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.

The address of its registered office is:
5 Hamilton Place
Perth
PH1 1BB

These financial statements were authorised for issue by the director on 12 September 2025.

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.

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.

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 machinery	15% on reducing balance

Teagan Developments Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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.

Stocks

Work in progress is valued by the director at the lower of cost and net realisable value. Work in progress costs consist of direct purchase of land, professional and material costs in relation to the development. Net realisable value represents the director's estimate of the future development's ultimate selling price less costs expected to be incurred in order to complete the development.

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.

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

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.

 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

Teagan Developments Ltd

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

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 0 (2023 - 0).

4	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	-	-
Additions	25,630	25,630
At 31 December 2024	25,630	25,630
Depreciation
At 1 January 2024	-	-
Charge for the year	1,922	1,922
At 31 December 2024	1,922	1,922
Carrying amount
At 31 December 2024	23,708	23,708

5

Stocks

	2024 £	2023 £
Other inventories	271,340	271,340

6

Debtors

Current	Note	2024 £	2023 £
Amounts owed by related parties	9	3,725	-
		3,725	-

Teagan Developments 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
Loans and borrowings	8	298,832	273,168
Trade creditors		1,100	-
Accruals and deferred income		1,320	1,140
Other creditors		-	3,475
		301,252	277,783

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Other borrowings	298,832	273,168

9	Related party transactions

Transactions with the director

2024	At 1 January 2024 £	Advances from director £	At 31 December 2024 £
D A Cameron
Interest free loan from director	273,168	25,664	298,832

2023	At 1 January 2023 £	Advances from director £	At 31 December 2023 £
D A Cameron
Interest free loan from director	270,828	2,340	273,168