ACCOUNTS - Final Accounts

Company Registration Number: SC633869

EDISTON (RES) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EDISTON (RES) LIMITED

REGISTERED NUMBER: SC633869

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		2,848,192		3,284,554
Investments	6		5,000		5,000
Investment property	7		12,305,141		12,298,582
			15,158,333		15,588,136
Current assets
Stocks		26,343		37,398
Debtors: amounts falling due within one year	8	941,269		1,117,286
Cash at bank and in hand	9	338,070		479,293
		1,305,682		1,633,977
Creditors: amounts falling due within one year	10	(22,473,885)		(26,999,792)
Net current liabilities			(21,168,203)		(25,365,815)
Total assets less current liabilities			(6,009,870)		(9,777,679)

Net liabilities			(6,009,870)		(9,777,679)

Capital and reserves
Called up share capital		925	925
Capital redemption reserve	11	75	75
Investment property reserve	11	1,843,000	1,843,000
Profit and loss account	11	(7,853,870)	(11,621,679)
		(6,009,870)	(9,777,679)

Page 1

EDISTON (RES) LIMITED

REGISTERED NUMBER: SC633869

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Rankin Vallance Laing

Director

Date: 29 September 2025

The notes on pages 5 to 18 form part of these financial statements.

Page 2

EDISTON (RES) LIMITED

REGISTERED NUMBER: SC633869

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	6		93,139		93,139
			93,139		93,139
Current assets
Debtors: amounts falling due within one year	8	20,253,389		20,292,218
Cash at bank and in hand	9	2,682		2,648
		20,256,071		20,294,866
Creditors: amounts falling due within one year	10	(20,317,738)		(24,842,620)
Net current liabilities			(61,667)		(4,547,754)
Total assets less current liabilities			31,472		(4,454,615)


Net assets/(liabilities)			31,472		(4,454,615)

Capital and reserves
Called up share capital			925		925
Capital redemption reserve	11		75		75
Profit and loss account brought forward		(4,455,615)		(2,630,137)
Profit/(loss) for the year		4,486,087		(1,825,478)
Profit and loss account carried forward			30,472		(4,455,615)
			31,472		(4,454,615)

Page 3

EDISTON (RES) LIMITED

REGISTERED NUMBER: SC633869

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The Directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Rankin Vallance Laing

Director

Date: 29 September 2025

The notes on pages 5 to 18 form part of these financial statements.

Page 4

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Ediston (RES) Limited is a private company, limited by shares, incorporated in the UK, registered in Scotland.
The company's registration number and registered office can be found on the company information page.
The principal activity of the Group in the period under review was that of a multiple leisure venue operator and property rental Group.
These financial statements have been prepared in pound sterling as this is the currency of the primary economic environment in which the Group and Company operates.
All amounts disclosed in the financial statements and notes have been rounded to the nearest £1 unless otherwise stated.

2.Accounting policies

2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 5

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Going concern

In preparing of these financial statements, the Directors of the Company and Group have given careful consideration to current and anticipated future solvency requirements of the Group and its ability to continue as a going concern for at least twelve months from the date of issue of these financial statements.
The Directors have prepared the financial statements on a going concern basis, notwithstanding the impact of hybrid working in the post COVID-19 era, net current liabilities of £21,168,203 (2023 - £25,365,815) as at 31 December 2024, a profit excluding property revaluations for the 12 month period then ended of £3,767,810 (2023 - loss of £1,319,148) for the following reasons.
As at the date of this report and opinion, there continues to be the residual impact of hybrid working on the economic performance of Glasgow and the city centre, however there are currently signs of an increase in office occupation with a number of large employers reducing hybrid working which should have a positive impact on the estate.
Looking to the future, the business contains significant high quality real estate assets. The redevelopment post Covid of these assets has commenced. Citation Wedding and Events is in its third full year of trading and continues to progress. The letting of 23-29 Royal Exchange Square / 74 Buchanan Street is now delivering rental receipts which underpin the value of the asset. The Directors expect the further development of the estate to occur in 2025-26 which will allow Ediston (RES) to meet its objective of achieving the most economically efficient and profitable way forward.

As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Whilst the Directors cannot envisage all possible circumstances that may impact the Company in the future, they believe that taking account of the forecasts, available cash resources and including the financial support from the groups owners and funders, the Company will have sufficient resources to meet all ongoing working capital and committed capital expenditure requirements as they fall due.
Based on the above, the Directors believe that at the date of signing these financial statements that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt upon the Company’s ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Page 6

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Events, food and beverage
Revenue arises primarily from the provision of wedding and events facilities and the service of food and beverage excluding discounts and value added tax. Revenue from weddings and events is recognised once the service is rendered. Where payment is received from the customer in advance of services provided, the amount is recorded in deferred income and included as part of creditors due within one year. Revenue from food and beverages is recognised at the point of sale and payment is received on the same day.
Rental income
Rental Income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the income can be reliably measured over the period of the lease. Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised in the period in which the rental service is provided, when the income and the associated costs can be measured reliably and it is probable that consideration will be received in respect of the rental service provided.
Ticket income
Ticket sales and sundry income are recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured.

2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 7

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 8

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2% on cost
Plant and machinery	-	25% on cost
Fixtures and fittings	-	25% to 33% on cost
Office equipment	-	25% to 33% on cost
Computer equipment	-	25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current period value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 9

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the

Page 10

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments (continued)

recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Page 11

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Financial instruments entered into that give rise to an accounting mismatch are initially recognised at fair value and are subsequently re-measured at their fair value. Changes in the fair value of these instruments are recognised in profit or loss as fair value adjustments within finance costs or income as appropriate.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements in compliance with FRS 102 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that present a potential risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(a) Freehold and Investment properties
Freehold and investment property values within the accounts are assessed annually by the Directors. Valuations are made based on external valuations derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.
(b) Unlisted investments
The Directors consider the value of investments on an ongoing basis by considering primarily but not exclusively the nature of the investment, its performance to date and its ongoing value to the Group. Any material indicators of impairment are quantified and reflected against the investment within the financial statements in the period in which they are identified.

Employees

The average monthly number of employees, including directors, during the year was 45 (2023 - 47).

Page 12

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Fixtures and fittings and office equipment	Assets under construction	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	2,866,000	218,945	121,373	397,239	3,603,557
Additions	-	-	13,732	-	13,732
Disposals	-	(218,945)	-	(397,239)	(616,184)
At 31 December 2024	2,866,000	-	135,105	-	3,001,105
Depreciation
At 1 January 2024	27,480	218,945	72,579	-	319,004
Charge for the year on owned assets	27,480	-	25,374	-	52,854
Disposals	-	(218,945)	-	-	(218,945)
At 31 December 2024	54,960	-	97,953	-	152,913
Net book value
At 31 December 2024	2,811,040	-	37,152	-	2,848,192
At 31 December 2023	2,838,520	-	48,795	397,239	3,284,554

Page 13

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Fixed asset investments
	Group

		Other fixed asset investments
		£
	Cost or valuation
	At 1 January 2024	5,000
	At 31 December 2024	5,000

	Net book value
	At 31 December 2024	5,000
	At 31 December 2023	5,000

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	93,139
	At 31 December 2024	93,139

	Net book value
	At 31 December 2024	93,139
	At 31 December 2023	93,139

Page 14

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Landfern Limited	Ordinary	100%
Lynnet Leisure (Properties) Limited	Ordinary	100%
Glenerrol Limited	Ordinary	100%
Gowton Limited	Ordinary	100%
Lansforth Limited	Ordinary	100%
Bathsheba (Citation) Limited	Ordinary	100%
Forthwell Limited	Ordinary	100%
Lynnet Leisure (Rogano) Limited	Ordinary	100%
Bathsheba (Holdings) Limited	Ordinary	100%
Bathsheba (Properties) Limited	Ordinary	100%
Southcove Limited	Ordinary	100%
Kyleloch Limited	Ordinary	100%
Ensco 1533 Limited	Ordinary	100%
Mereacre Limited	Ordinary	100%

All the above noted entities are included within the consolidated results of Ediston (RES) Limited.
The registered office for all of the above entities is the 3rd Floor, 11 Royal Exchange Square, Glasgow, G1 3AJ.

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Landfern Limited	(49,867)	(103,753)
Lynnet Leisure (Properties) Limited	1,076,622	(9,399)
Glenerrol Limited	(3,292,869)	48,336
Gowton Limited	252,403	(948)
Lansforth Limited	2	-
Bathsheba (Citation) Limited	-	-
Forthwell Limited	(2,677,869)	(250,135)
Lynnet Leisure (Rogano) Limited	318,030	(107,680)
Bathsheba (Holdings) Limited	100	-
Bathsheba (Properties) Limited	765,225	102,938
Southcove Limited	(147,154)	18,968
Kyleloch Limited	(216,466)	(1,627)
Ensco 1533 Limited	(934,879)	(42,123)
Mereacre Limited	(791,345)	(372,855)

The following subsidiaries were dormant throughout the period:
Lansforth Limited
Bathsheba (Holdings) Limited
Bathsheba (Citation) Limited

Page 15

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 January 2024	12,298,582
	Additions at cost	18,559
	Disposals	(12,000)
	At 31 December 2024	12,305,141

The most recent valuations of the properties held by the Company were carried out in March 2023 by Jones Lang LaSalle Limited. Investment property is carried at fair value determined annually by the Directors with reference to external valuations and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The Director therefore believe the values presented to be an accurate reflection of the fair value of the investment properties as at 31 December 2024.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2024	2023
	£	£

Historic cost	15,712,214	15,705,655
Accumulated depreciation and impairments	(2,419,392)	(2,119,402)
	13,292,822	13,586,253

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	215,804	162,418	27,534	28,069
Amounts owed by group undertakings	-	-	20,191,214	20,115,753
Other debtors	302,946	376,793	1,000	35,403
Prepayments and accrued income	422,519	578,075	33,641	112,993
	941,269	1,117,286	20,253,389	20,292,218

Page 16

EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	338,070	479,293	2,682	2,648
	338,070	479,293	2,682	2,648

10.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Other loans	20,224,637	24,644,618	20,224,637	24,644,618
Trade creditors	240,888	397,116	92,811	96,357
Other taxation and social security	116,014	131,393	290	-
Other creditors	1,205,977	1,153,936	-	23,100
Accruals and deferred income	686,369	672,729	-	78,545
	22,473,885	26,999,792	20,317,738	24,842,620

The following liabilities were secured:
	Group	Group	Company	Company
	2024	2023	2024	2023
	£	£	£	£

	Other loans	19,930,567	24,301,049	19,930,567	24,301,049
		19,930,567	24,301,049	19,930,567	24,301,049

Details of security provided:

A loan totalling £19,930,567 is secured by a floating charge covering all the property and undertakings of Ediston (RES) Limited and its subsidiaries. This security contains a negative pledge. The loan accrues interest per annum at LIBOR plus 3%.

11.

Reserves

Capital redemption reserve

Includes amounts arising from the redemption or purchase of the Group and Company's own shares.

Investment property revaluation reserve

Includes aggregate surplus or deficit arising from changes in fair value of investment properties.

Profit and loss account

Includes all current and prior period retained profits and losses.

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EDISTON (RES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £10,852 (2023 - £48,023). Contributions totalling £7,449 (2023 - £1,754) were payable to the fund at the reporting date and are included in creditors.

13.

Related party transactions

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.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
A company under common directorship issued a loan to Ediston (RES) Limited in the 2020 totalling £25,000. The loan accrues interest at the Bank of England base rate plus 3% per annum and is repayable on demand. In the financial period this loan was fully repaid. As at the 31st of December 2024 the loan balance including accrued interest was valued at £Nil (2023 - £18,761).
On 1 January 2024 Ediston (RES) Limited owed a company under common control £17,571. During the year there were repayments of £1,471. No interest was charged on this loan and it is repayable on demand. As at the 31st of December 2024 the loan balance including accrued interest was valued at £16,100 (2023 - £17,571).
During the year a company under common control advanced Ediston (RES) Limited £12,000. During the year there were no repayments. No interest is charged on this loan and it is repayable on demand. As at the 31st of December 2024 the loan balance was valued at £12,000 (2023 - £Nil).
A related party through being a connected party to one of the Directors issued a loan to Ediston (RES) Limited in 2020 totalling £250,000. The loan accrues interest at the Bank of England base rate plus 3% per annum and is repayable on demand. At the balance sheet date the loan balance including accrued interest was valued at £266,000 (2023 - £307,236).
A subsidiary of the Group acquired the rights to a loan payable by a company under common subsidiary directorship in 2022. As at 31 December 2024 the value of the loan receivable was £98,463 (2023 - £98,463). The loan is not currently accruing interest and is repayable on demand.
As at 31 December 2024 a company under common subsidiary directorship owed a subsidiary of the Group a loan balance of £199,867 (2023 - £199,867). The loan is not currently accruing interest and is repayable on demand.

14.	Ultimate controlling party

The ultimate controlling party at the date the accounts were issued was Daniel O'Neill.

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