REGISTERED NUMBER: SC434645 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Compass Castle Scotland Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

F Rehman

REGISTERED OFFICE:

9-11 Bosville Terrace

Portree

Isle of Skye

IV51 PDG

REGISTERED NUMBER:

SC434645 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

FIXED ASSETS

Tangible assets

4

85,333

93,333

Investment property

5

3,250,000

3,250,000

3,335,333

3,343,333

CURRENT ASSETS

Debtors

6

52,145

24,175

Cash at bank

29,736

366,848

81,881

391,023

CREDITORS

Amounts falling due within one year

7

322,217

141,073

NET CURRENT (LIABILITIES)/ASSETS

(240,336

)

249,950

TOTAL ASSETS LESS CURRENT LIABILITIES

3,094,997

3,593,283

CREDITORS

Amounts falling due after more than one year

8

(1,721,317

)

(2,176,322

)

PROVISIONS FOR LIABILITIES

-

(13,703

)

NET ASSETS

1,373,680

1,403,258

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

704,495

704,495

Retained earnings

669,085

698,663

1,373,680

1,403,258

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 Profit and Loss has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

F Rehman - Director

1.	STATUTORY INFORMATION

Compass Castle 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.

The presentation currency of the financial statements is the Pound 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The director considers the existing and ongoing resources of the company in the assessment of its ability to meet commitments as they fall due. Having carried out this exercise the director believes that there are sufficient resources to meet its obligations for the next year and beyond.

The director also recognises that the company is reliant on the financial support of a related party under his control. There are no plans to withdraw this funding.

On the basis of all of the above the Director considers it appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates

The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover/revenue recognition

Turnover represents net invoiced sales of services, excluding value added tax. The figure in the accounts represents rental income earned and recharged expenses.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Tangible fixed assets

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

Plant and machinery

-

at varying rates on cost

Tangible fixed assets are stated at cost less depreciation.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any surplus or deficit on revaluation is recognised in the profit or loss account and ultimately the fair value reserve.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Provision of Liabilities

A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

120,000

DEPRECIATION

At 1 January 2024

26,667

Charge for year

8,000

At 31 December 2024

34,667

NET BOOK VALUE

At 31 December 2024

85,333

At 31 December 2023

93,333

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

3,250,000

NET BOOK VALUE

At 31 December 2024

3,250,000

At 31 December 2023

3,250,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2018

827,911

Cost

2,422,089

3,250,000

The fair value of the investment property was determined by the director based on a number of factors; his knowledge of the market place, the current level of rental income generated and covenants provided; together with offers of interest in acquiring the investment property, from independent parties. In the Director's opinion, this value continues to reflect the fair value at 31 December 2024.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

14,000

11,700

Other debtors

38,145

12,475

52,145

24,175

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

-

9,280

Amounts owed to related party

30,428

42,117

Taxation and social security

44,412

57,248

Other creditors

247,377

32,428

322,217

141,073

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

1,721,317

2,176,322

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans

1,721,317

2,176,322

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans

1,721,317

2,176,322

Other loans represent amounts due to Middlebridge Partners PTE Limited, a related party. This loan is due to be repaid by December 2030. The loan will bear interest, calculated and compounded annually on the 31st December each year.

The loan is secured by way of a bond and floating charge over all of the company's assets.

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

7,000

7,000

11.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

704,495

12.	RELATED PARTY DISCLOSURES

Amounts due to Perle Hotels Limited at 31 December 2024 amounted to £30,428 (2023: £42,117). Perle Hotels Limited is a company under the control of Mr Fasih Rehman.

As at 31 December 2024, loan capital of £1,721,317 (2023: £2,176,322) had been provided by Middlebridge Partners PTE Limited, a company registered in Singapore. This company is under the control of Mr Fasih Rehman.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is F Rehman.