REGISTERED NUMBER: SC054267 (Scotland)

Milne Elgin Ltd

Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr S G Milne

REGISTERED OFFICE:

20 Glen Elgin Drive

Elgin

Moray

IV30 6JH

REGISTERED NUMBER:

SC054267 (Scotland)

ACCOUNTANTS:

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

BANKERS:

Bank of Scotland

Po box 1000

Elgin

BX2 1LB

FIXED ASSETS

Tangible assets

4

67,955

24,192

Investments

5

536,977

467,435

604,932

491,627

CURRENT ASSETS

Debtors

6

175,009

175,535

Cash at bank

322,326

402,914

497,335

578,449

CREDITORS

Amounts falling due within one year

7

253,689

355,985

NET CURRENT ASSETS

243,646

222,464

TOTAL ASSETS LESS CURRENT LIABILITIES

848,578

714,091

PROVISIONS FOR LIABILITIES

8

38,068

19,579

NET ASSETS

810,510

694,512

CAPITAL AND RESERVES

Called up share capital

9

2,000

2,000

Retained earnings

10

808,510

692,512

SHAREHOLDERS' FUNDS

810,510

694,512

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 director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

Mr S G Milne - Director

1.	STATUTORY INFORMATION

Milne Elgin Ltd 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or 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.

Equipment

-

33% on cost and 25% on reducing balance

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.

Pension costs and other post-retirement benefits

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

Investments

Listed investments are stated at market value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Equipment

vehicles

Totals

£

£

£

COST

At 1 January 2024

31,718

52,079

83,797

Additions

4,098

58,341

62,439

Disposals

(3,332

)

(52,079

)

(55,411

)

At 31 December 2024

32,484

58,341

90,825

DEPRECIATION

At 1 January 2024

19,436

40,169

59,605

Charge for year

3,675

5,207

8,882

Eliminated on disposal

(2,722

)

(42,895

)

(45,617

)

At 31 December 2024

20,389

2,481

22,870

NET BOOK VALUE

At 31 December 2024

12,095

55,860

67,955

At 31 December 2023

12,282

11,910

24,192

5.	FIXED ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Other investments not loans

536,977

467,435

Additional information is as follows:

Listed

investments

£

COST OR VALUATION

At 1 January 2024

467,435

Revaluations

54,942

At 31 December 2024

522,377

NET BOOK VALUE

At 31 December 2024

522,377

At 31 December 2023

467,435

Cost or valuation at 31 December 2024 is represented by:

Listed

investments

£

Valuation in 2024

522,377

The cost of the investments at 31 December 2024 was £374,276 (2023 - £374,276)

Investments (neither listed nor unlisted) were as follows:

31.12.24

31.12.23

£

£

Additions

14,600

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

175,009

175,535

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

15,001

35,711

Other creditors

238,688

320,274

253,689

355,985

8.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

38,068

19,579

Deferred

tax

£

Balance at 1 January 2024

19,579

Provided during year

18,489

Balance at 31 December 2024

38,068

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

2,000

Ordinary

1

2,000

2,000

10.

RESERVES

Retained

earnings

£

At 1 January 2024

692,512

Profit for the year

115,998

At 31 December 2024

808,510

11.	OTHER FINANCIAL COMMITMENTS

The company has given a cross guarantee to the Bank of Scotland in respect of the borrowings of Milne

Holdings Limited. At 31 December 2024 borrowings covered by the guarantee amounted to £Nil (2023 - £Nil).

12.	RELATED PARTY DISCLOSURES

At 31 December 2024, the company had accrued costs of £Nil (2023 - £76,507) in respect of charges from The Milne Pension Plan, the company's pension plan.

The company holds £15,000 (2023 - £15,000) on behalf of The Milne Pension Plan for a third party deposit. The deposit is held with no interest or terms attached.

At 31 December 2023 and 31 December 2024 the company was owed £169,566 by Milne Holdings Limited, the company’s holding company. This loan is interest free and has no fixed terms of repayment.

At 31 December 2023 the company owed £210,627 to the director. During the year the company met expenses on behalf of the director totalling £3,589. At 31 December 2024 the company owed the director £207,038. This loan is interest free and has no fixed terms of repayment.

13.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Milne Holdings Limited, a company registered at 20 Glen Elgin

Drive, Elgin, Scotland. S Milne is the ultimate controlling party through being the beneficial owner of the

company's parent company, Milne Holdings Limited.