REGISTERED NUMBER: SC087372 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FREEPORT SCOTLAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S H Rough

Z C Kilpatrick

T A Burgham

K Braidwood

REGISTERED OFFICE:

County Buildings

Wellington Square

Ayr

Ayrshire

KA7 2PL

REGISTERED NUMBER:

SC087372 (Scotland)

AUDITORS:

McLay, McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St. Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Investment property

4

1,730,000

1,730,000

CURRENT ASSETS

Debtors

5

40,551

1,632

Cash at bank

613,485

526,021

654,036

527,653

CREDITORS

Amounts falling due within one year

6

78,044

71,187

NET CURRENT ASSETS

575,992

456,466

TOTAL ASSETS LESS CURRENT LIABILITIES

2,305,992

2,186,466

PROVISIONS FOR LIABILITIES

7

46,000

46,000

NET ASSETS

2,259,992

2,140,466

CAPITAL AND RESERVES

Called up share capital

200,000

200,000

Fair value reserve

681,828

681,828

Retained earnings

1,378,164

1,258,638

2,259,992

2,140,466

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 Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

S H Rough - Director

1.	STATUTORY INFORMATION

Freeport Scotland 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principle accounting policies adopted are set out below.

Turnover

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

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.

Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of the responsibility the directors have considered the company's ability to meet its liabilities as they fall due.

The company's going concern assessment considers its principle risks. The main risks faced include:

- Reduced future rental income;

The current and future financial position of the company, its cash flows and liquidity position have been reviewed by the directors. Following this review, the directors believe they have sufficient funding even if there is a downturn in rental income. As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

1,730,000

NET BOOK VALUE

At 31 December 2024

1,730,000

At 31 December 2023

1,730,000

If investment property had not been revalued it would have been included at the historical cost of £1,002,172 (2023 - £1,002,172).

Investment property was valued on an open market basis on 31 December 2014 by Shepherd Chartered Surveyors.

The directors believe this valuation is still valid at 31 December 2024.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade debtors

36,521

-

Other debtors

4,030

1,632

40,551

1,632

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Taxation and social security

45,365

38,465

Other creditors

32,679

32,722

78,044

71,187

7.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

as restated

£

£

Deferred tax

46,000

46,000

Deferred

tax

£

Balance at 1 January 2024

46,000

Balance at 31 December 2024

46,000

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

The Report of the Auditors was unqualified.

George Macshannon (Senior Statutory Auditor)

for and on behalf of McLay, McAlister & McGibbon LLP

9.	RELATED PARTY DISCLOSURES

During the year £17,083 (2023 - £17,078) of management fees were paid to Rough Accounts Ltd, a company in which Mrs Donna Rough is a director. Mrs Donna Rough is a related party due to her family relationship with a director of Freeport Scotland Ltd, Mr Rough. At the year end, £nil (2023 - £nil) was outstanding to Rough Accounts Ltd.

10.	ULTIMATE CONTROLLING PARTY

There is no single shareholder with a controlling interest in the issued share capital of the company.

11.	PRIOR YEAR ADJUSTMENTS

The comparative year balances have been restated in respect of the deferred tax provision on the previous revaluation of property.