Mills & Multon (Edinburgh) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: SC074250

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		744,636		6,359,914
Investments	5		275,652		248,394

			1,020,288		6,608,308
CURRENT ASSETS
Debtors	6	127,848		4,120,237
Cash at bank and in hand		113,453		1,146,520

		241,301		5,266,757
Creditors: Amounts Falling Due Within One Year	7	(213,752 )		(171,159 )

NET CURRENT ASSETS (LIABILITIES)			27,549		5,095,598

TOTAL ASSETS LESS CURRENT LIABILITIES			1,047,837		11,703,906

Creditors: Amounts Falling Due After More Than One Year	8		(248,394 )		(1,248,394 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	10		(12,030 )		(939,962 )

NET ASSETS			787,413		9,515,550

CAPITAL AND RESERVES
Called up share capital	11		4,000		20,000
Profit and Loss Account			783,413		9,495,550

SHAREHOLDERS' FUNDS			787,413		9,515,550

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Mills & Multon (Edinburgh) Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Fraser Mills

Director

13/08/2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Mills & Multon (Edinburgh) Limited Registered number SC074250 is a limited by shares company incorporated in Scotland. The Registered Office is Barge La Belle Esperance, Shore, Leith, EH6 6QW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention , as modified regarding the revaluation of investment properties, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

2.2. Turnover

Turnover is the total amount receivable by the company for the rental of its investment properties.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

10% on cost

2.4. Investment Properties

Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.

Investment properties shall be included in the balance sheet at their fair value.

2.5. Taxation

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 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 periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

2.6. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	3	2

	3	2

4. Tangible Assets

	Investment Properties	Plant & Machinery	Total
	£	£	£
Cost or Valuation
As at 1 January 2024	6,347,661	33,219	6,380,880
Additions	4,595,002	-	4,595,002
Disposals	(10,198,484 )	(67,467 )	(10,265,951 )
Transfers	-	35,898	35,898

As at 31 December 2024	744,179	1,650	745,829

Depreciation
As at 1 January 2024	-	20,966	20,966

...CONTINUED

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Mills & Multon (Edinburgh) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Provided during the period	-	153	153
Disposals	-	(54,454 )	(54,454 )
Transfers	-	34,528	34,528

As at 31 December 2024	-	1,193	1,193

Net Book Value
As at 31 December 2024	744,179	457	744,636

As at 1 January 2024	6,347,661	12,253	6,359,914

Investment properties were valued by the Directors as at 31 December 2024. The basis of valuation used was open market value including allowance for differing uses where appropriate.

on 12th June 2024 a substantial proportion of Investment Properties were distributed in specie to two other group entities, Mills (Edinburgh) Limited and Multon(Edinburgh) Limited, the note under Statemt of Changes in Equity explains.

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2024	248,394
Additions	4,651,271

As at 31 December 2024	4,899,665

Provision
As at 1 January 2024	-
Disposals	4,624,013

As at 31 December 2024	4,624,013

Net Book Value
As at 31 December 2024	275,652

As at 1 January 2024	248,394

The company owns 100% of the issued share capital, of Forth & Tay Property Company Limited, a dormant property investment company. Forth & Tay property Company's sole asset is a loan to Mills & Multon (Edinburgh) Limited of £248,394 which is detailed within the creditors due after more than one year note to these accounts.

During the year the company acquired all the shares in Mills Multon Partnership Limited, on receiving a subsquent distribution in Specie from that company, the investment has been impaied, the carrying vale being now £27,258.

Full details are given under Statement of Changes in Equity.

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	3,484	14,594
Net wages	15	-
Amounts owed by associates	124,349	4,105,643

	127,848	4,120,237

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Mills & Multon (Edinburgh) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Included in amounts owed by associates are the following loans to other entities related to the directors:

2024

These are relate to stamp duty paid on behalf of these companies during the reconstruction and repayable by same-

Mills (Edinburgh) Limited £30,625

Multon (Edinburgh) Limited £30,625

Mills (Edinburgh) Holdings Limited £30,625

Multon (Edinburgh) Holdings Limited £30,625

This relates to expenses and costs paid on itsr behalf-

Water of Leith 2000 Limited £1,849

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	3,452	-
Corporation tax	85,241	77,190
Other taxes and social security	5,200	-
Other creditors	35,159	93,969
Amounts owed to subsidiaries	24,700	-
Amounts owed to associates	60,000	-

	213,752	171,159

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Amounts owed to subsidiaries	248,394	248,394
Preference shares treated as liabilities under FRS25	-	1,000,000

	248,394	1,248,394

9. Secured Creditors

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Mills & Multon (Edinburgh) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Deferred Taxation

The provision for deferred taxation is made up of the latent corporation tax that would be payable were the company to dispose of its investment properties, at their stated fair values, on the balance sheet date. The large decrease is due to the disposal of a significant proportion of the Investment Property Portfolio during the demerger.

	2024	2023
	£	£
Other timing differences	12,030	939,962

11. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
0 Ordinary Shares of £ 0 each	-	20,000
4,000 Ordinary C shares of £ 1 each	4,000	-

	4,000	20,000


Shares issued during the period:	£
10,000 Ordinary A shares of £ 1 each	10,000
10,000 Ordinary B shares of £ 1 each	10,000
4,000 Ordinary C shares of £ 1 each	4,000

	24,000


Shares disposed during the period:	£
20,000 Ordinary Shares of £ 1 each	(20,000)
10,000 Ordinary A shares of £ 1 each	(10,000)
10,000 Ordinary B shares of £ 1 each	(10,000)

	(40,000)

Details of shares shown as liabilities at 2023 are as follows:

Allotted, issued and fully paid:

1,000,000 £ 8% Cumulative Preference Shares

On 12th June 2024, as part of the partition demerger, these shares were redeemed via a capital reduction.

12. Related Party Transactions

Water of Leith 2000 Limited

A company controlled by the directors of Mills & Multon (Edinburgh) Limited

During the year £1,541 of expenses for Water of Leith 2000 Limited were paid on its behalf by the Company. Water of Leith 2000 Limited reimbursed the Company for £1,138,costs. The balance outstanding at 31 December 2024 was £1,849 (2023-£1,446)

Stamp duty of £122,500 was paid on behalf of various companies, as part of the partition demerger, details are given in note 9.

13. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Mills and Multon Group Limited . Mills and Multon Group Limited was incorporated in Scotland. . The ultimate controlling party is who controls 100% of the shares of Mills & Multon (Edinburgh) Limited .

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