REGISTERED NUMBER: SC301022

ELMBANK LEASE LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,184,116

1,215,186

Investments

6

311,599

311,599

Investment property

7

710,000

710,000

2,205,715

2,236,785

CURRENT ASSETS

Stocks

46,033

40,898

Debtors

8

81,781

705,781

Cash at bank and in hand

237,875

286,615

365,689

1,033,294

CREDITORS

Amounts falling due within one year

9

1,668,093

1,208,114

NET CURRENT LIABILITIES

(1,302,404

)

(174,820

)

TOTAL ASSETS LESS CURRENT LIABILITIES

903,311

2,061,965

CREDITORS

Amounts falling due after more than one year

10

-

(1,038,733

)

PROVISIONS FOR LIABILITIES

(37,077

)

(56,083

)

NET ASSETS

866,234

967,149

CAPITAL AND RESERVES

Called up share capital

150

150

Share premium

34,950

34,950

Retained earnings

831,134

932,049

866,234

967,149

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 Other Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

O J Norman - Director

1.	STATUTORY INFORMATION

Elmbank Lease Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Itison House 29 Cochrane Street, Glasgow, G1 1HL.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Going concern

After reviewing the company's financial forecasts to December 2026, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Although the company has net current liabilities, the majority of this relates to group balances presented within one year and support from the group is available if required. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover

Turnover represents net invoiced sales of goods excluding value added tax. The company's policy is to recognise income at the point of sale on goods when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Other income

Rental income is recognised on a straight line basis in accordance with the terms of the lease.

Goodwill

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the company’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment annually or when indicators of impairment are identified and any impairment is charged to the profit and loss. No reversals of impairment are recognised.

Tangible fixed assets

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

Land and buildings

-

10% on cost and 2% straight line

Plant and machinery etc

-

15% on cost

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Investments in associates

Investments in associated undertakings are recognised at cost less impairment losses.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non- distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Stocks

Stocks are valued at the lower of cost and selling price less cost to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.

Debt instruments like accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the scheme are in charged to profit and loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

38,000

AMORTISATION

At 1 January 2024

and 31 December 2024

38,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

1,279,863

119,401

1,399,264

Additions

-

34,784

34,784

Disposals

(48,059

)

(29,196

)

(77,255

)

At 31 December 2024

1,231,804

124,989

1,356,793

DEPRECIATION

At 1 January 2024

126,527

57,551

184,078

Charge for year

38,541

27,313

65,854

Eliminated on disposal

(48,059

)

(29,196

)

(77,255

)

At 31 December 2024

117,009

55,668

172,677

NET BOOK VALUE

At 31 December 2024

1,114,795

69,321

1,184,116

At 31 December 2023

1,153,336

61,850

1,215,186

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2024

and 31 December 2024

311,599

NET BOOK VALUE

At 31 December 2024

311,599

At 31 December 2023

311,599

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

710,000

NET BOOK VALUE

At 31 December 2024

710,000

At 31 December 2023

710,000

The fair value of the investment property at 31 December 2024, has been arrived at on the basis of a valuation carried out at that date by the company directors, who are not professionally qualified valuers. The valuation was determined by reference to a recent professional valuation conducted by Christie & Co on 8 May 2024. The directors are of the opinion after taking into account market evidence of transaction prices for similar properties in this location and the current state of the rental market in the area where the property is situated, that the fair value at the balance sheet date would not be materially different

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

24,195

25,543

Amounts owed by group undertakings

-

660,000

Other debtors

57,586

20,238

81,781

705,781

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 11)

-

163,986

Trade creditors

188,360

233,361

Amounts owed to group undertakings

931,097

360,000

Taxation and social security

303,443

181,539

Other creditors

245,193

269,228

1,668,093

1,208,114

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 11)

-

1,038,733

11.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

-

163,986

2024

2023

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

1,038,733

The bank loan was secured by a floating charge over all assets including the properties.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Colette Callaghan FCCA (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge in the year in respect of this scheme amounted to £18,863 (2023: £15,401).

An amount of £3,937 (2023: £3,723) is outstanding at the year end.

14.	RELATED PARTY DISCLOSURES

At the year end, £241,200 (2023: £401,010) was owed to Dada Events Ltd, the parent company in the form of loans and trade creditors. During the year, the company was charged £453,570 (2023: £459,550) in management charges from Dada Events Ltd. The company made sales of £12,281 (2023: £3,046) to Dada Events Ltd in the year. The company also distributed dividends of £223,338 (2023: £81,638) to its parent company during the year.

Included in trade debtors is a balance of £6,589 (2023: £4,858) owing from Ashton Properties (Glasgow) Limited, a company controlled by Dada Events Ltd. During the year, the company made sales of £93,589 (2023: £66,439) to Ashton Properties (Glasgow) Limited. Included in trade creditors is a balance of £345 (2032: £99) owing to Ashton Properties (Glasgow) Limited. During the year, purchases of £268,980 (2023: £2,923) were made from this company. At the year end, included in creditors is a loan balance of £721,097 (2023: £660,000 included in debtors) owing to Ashton Properties (Glasgow) Limited.

The company received £85,550 (2023: £46,650) in dividends during the year from Ashton Properties (Glasgow) Limited.

During the year, the company made sales of £111,733 (2023: £86,471) and purchases of £25,227 (2023: £12,804) to a company controlled by the director.

All balances are interest free, unsecured and repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is O J Norman. The parent company is Dada Events Ltd. a company registered in Scotland, having its registered office at Caledonian House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ. Consolidated accounts are prepared by Dada Events Ltd and available at Companies House.