Lanero Property Company Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC035402

Lanero Property Company Ltd

Filleted Financial Statements

For the year ended

31 December 2024

Lanero Property Company Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	3	2,876,000	3,069,000
Investments	4	130,247	130,247
		------------	------------
		3,006,247	3,199,247

Current assets

Debtors	5	575,690	676,646
Cash at bank and in hand		1,214,479	1,215,274
		------------	------------
		1,790,169	1,891,920

Creditors: amounts falling due within one year	6	151,953	96,756
		------------	------------
Net current assets		1,638,216	1,795,164
		------------	------------
Total assets less current liabilities		4,644,463	4,994,411

Creditors: amounts falling due after more than one year	7	442,113	442,113

Provisions

Taxation including deferred tax	462,861	506,077
	------------	------------
Net assets	3,739,489	4,046,221
	------------	------------

Capital and reserves

Called up share capital	21,000	21,000
Profit and loss account	3,718,489	4,025,221
	------------	------------
Shareholders funds	3,739,489	4,046,221
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Miss K A Rattray

Director

Company registration number: SC035402

Lanero Property Company Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mercantile Chambers, 53 Bothwell Street, Glasgow, G2 6TB.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Investment properties

Investment properties are valued annually at their open market value in accordance with FRS 102. Any surplus or deficit on revaluation is transferred to the profit and loss.

No depreciation is provided on investment properties, which is a departure from the requirements of the Companies Act 2006. In the opinion of the Directors, these properties are held primarily for their investment potential, and so their current value is of more significance than any measure of consumption, and to depreciate them would not give a true and fair view.

A Provision is included for the deferred tax on these properties at the year end.

The provisions of the FRS 102 in respect of investment properties, have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made the profit for the year would have been reduced by depreciation.

However, the amount of depreciation cannot reasonably be quantified, and the amount which might otherwise have been shown cannot be separately identified.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Revenue from rental income is recognised on an entitlement basis, when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	3,069,000	2,503	3,071,503
Disposals	( 326,000)	–	( 326,000)
Revaluations	133,000	–	133,000
	------------	-------	------------
At 31 December 2024	2,876,000	2,503	2,878,503
	------------	-------	------------
Depreciation
At 1 January 2024 and 31 December 2024	–	2,503	2,503
	------------	-------	------------
Carrying amount
At 31 December 2024	2,876,000	–	2,876,000
	------------	-------	------------
At 31 December 2023	3,069,000	–	3,069,000
	------------	-------	------------

Tangible assets held at valuation

The Directors valued the investment properties in the year on the basis of open market value. The historic cost of the investment properties is £380,732 (2023: £389,411).

4. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	130,247
	---------
Impairment
At 1 January 2024 and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	130,247
	---------
At 31 December 2023	130,247
	---------

The company owns the following percentage of the issued share capital of the companies listed below:

Lipsonto Limited 98% of the ordinary share capital

Stobcross Street Property Co. Ltd 77.27% of the ordinary share capital

Cantime (Scotland) Limited 99% of the ordinary share capital

Principal activity 2023 2024

Lipsonto Limited Dormant Dormant

Stobcross Street Property Co. Limited Dormant Dormant

Cantime (Scotland) Limited Dormant Dormant

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

5. Debtors

	2024	2023
	£	£
Trade debtors	–	445
Other debtors	575,690	676,201
	---------	---------
	575,690	676,646
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	3,375	4,584
Corporation tax	133,794	78,085
Other creditors	14,784	14,087
	---------	--------
	151,953	96,756
	---------	--------

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

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	442,113	442,113
	---------	---------

8. Summary audit opinion

The auditor's report dated 25 September 2025 was unqualified .

The senior statutory auditor was Louise D McAulay BAcc , for and on behalf of Nelson Gilmour Smith .

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Miss K A Rattray	165,918	5,954	( 623)	171,249
Miss J D Rattray	154,639	3,095	–	157,734
	---------	-------	----	---------
	320,557	9,049	( 623)	328,983
	---------	-------	----	---------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Miss K A Rattray	161,871	4,047	–	165,918
Miss J D Rattray	150,867	3,772	–	154,639
	---------	-------	----	---------
	312,738	7,819	–	320,557
	---------	-------	----	---------

Interest of 2.5 percent per annum is charged on K A Rattray's Director Loan. Interest of 2.5 percent per annum is charged on J Rattray Director Loan until the date of death. All loans are unsecured and repayable on demand .

10. Related party transactions

Transactions: The balance owed to Lipsonto Limited , a subsidiary company, amounted to £ 42,091 at 31 December 2024 (2023: £42,091). The balance owed to Stobcross Street Property Co. Limited , a subsidiary company, amounted to £ 216,416 at 31 December 2024 (2023: £216,416). The balance owed to Cantime (Scotland) Limited , a subsidiary company, amounted to £ 183,606 at 31 December 2024 (2023: £183,606). The outstanding amount owed by K A Rattray and J Drugan were: beginning of year £123,626 (2023: £123,686): Repaid during the year £123,626 (2023: £60): closing balance £0 (2023: £123,626). Interest is charged at half a percent above base rate. The outstanding amount owed by Garrachoran Farm (owned by JD & K A Rattray) were: beginning of year £94,036 (2023: £89,222): paid to Garrachoran Farm in year £5,597 (2023: £4,814): closing balance £ 99,632 (2023: £94,036). No interest is charged.