Partmile Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC226031 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Partmile Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I M Shand

G Shand

SECRETARY:

I M Shand

REGISTERED OFFICE:

58 Morrison Street

Edinburgh

EH3 8BP

REGISTERED NUMBER:

SC226031 (Scotland)

ACCOUNTANTS:

J S Accounting Services Limited

13-15 Morningside Drive

EDINBURGH

EH10 5LZ

FIXED ASSETS

Tangible assets

4

-

Investment property

5

2,640,000

CURRENT ASSETS

Debtors

6

113,569

116,713

Cash at bank

22,832

249,793

136,401

366,506

CREDITORS

Amounts falling due within one year

7

52,042

46,303

NET CURRENT ASSETS

84,359

320,203

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,724,359

2,960,203

CREDITORS

Amounts falling due after more than one
year

8

(515,000

)

(850,000

)

PROVISIONS FOR LIABILITIES

(138,782

)

(138,782

)

NET ASSETS

2,070,577

1,971,421

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

9

2,070,575

1,971,419

2,070,577

1,971,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

I M Shand - Director

1.	STATUTORY INFORMATION

Partmile Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration of rent received and receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

11,899

DEPRECIATION

At 1 January 2024

and 31 December 2024

11,899

NET BOOK VALUE

At 31 December 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

2,640,000

NET BOOK VALUE

At 31 December 2024

2,640,000

At 31 December 2023

2,640,000

The 2021 valuations were made by the directors, on an open market value basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

-

540

Amounts owed by associates

109,496

113,646

Other debtors

4,073

2,527

113,569

116,713

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

72

1,193

Amounts owed to associates

4,000

-

Taxation and social security

33,042

29,983

Other creditors

14,928

15,127

52,042

46,303

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Amounts owed to associates

515,000

850,000

9.

RESERVES

Retained

earnings

£

At 1 January 2024

1,971,419

Profit for the year

99,156

At 31 December 2024

2,070,575

The profit and loss accounts represents accumulative profits and losses for the Company less distributions to shareholders.

Included in the profit and loss reserves of the company is £995,996 (2023 - £995,996) of investment property gains (net of related deferred tax liability) which are non distributable.

10.	RELATED PARTY DISCLOSURES

At the year end the following balances were outstanding:

- amounts owed by entities under common control is £54,150 (2023 - £65,150).

- amounts owed by fellow subsidiaries was £515,000 (2023 - £850,000)

- amounts due by the immediate parent company was £59,496 (2023 - £59,496)

.

Amounts owed are unsecured, interest free.