REGISTERED NUMBER: SC544489 (Scotland)

Belhaven Developments Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Gilmour

REGISTERED OFFICE:

1 Whinny View

Aberlady

EH32 0UJ

REGISTERED NUMBER:

SC544489 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

FIXED ASSETS

Tangible assets

4

3,920

7,868

Investment property

5

600,000

371,136

603,920

379,004

CURRENT ASSETS

Debtors

6

66,176

46,161

Cash at bank

1,010

38,141

67,186

84,302

CREDITORS

Amounts falling due within one year

7

253,187

241,070

NET CURRENT LIABILITIES

(186,001

)

(156,768

)

TOTAL ASSETS LESS CURRENT LIABILITIES

417,919

222,236

CREDITORS

Amounts falling due after more than one year

8

(230,114

)

(237,683

)

PROVISIONS FOR LIABILITIES

(34,925

)

-

NET ASSETS/(LIABILITIES)

152,880

(15,447

)

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

10

231,053

-

Retained earnings

10

(78,174

)

(15,448

)

152,880

(15,447

)

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:

D Gilmour - Director

1.	STATUTORY INFORMATION

Belhaven Developments 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 represents net receipt of holiday lets excluding value added tax. Turnover is recognised when rent is received.

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 etc

-

20% on cost and 15% on cost

Investment property

Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade in the foreseeable future. In order to do so the company will require the continued support of its directors and lenders. The directors and lenders will continue to support the company and are confident of the continued support of the creditors.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

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

52,923

Additions

1,489

At 31 December 2024

54,412

DEPRECIATION

At 1 January 2024

45,055

Charge for year

5,437

At 31 December 2024

50,492

NET BOOK VALUE

At 31 December 2024

3,920

At 31 December 2023

7,868

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

371,136

Revaluations

228,864

At 31 December 2024

600,000

NET BOOK VALUE

At 31 December 2024

600,000

At 31 December 2023

371,136

Fair value at 31 December 2024 is represented by:

£

Valuation in 2017

36,369

Valuation in 2024

228,864

Cost

334,767

600,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

334,767

334,767

The properties were valued at £600,000 at 31 December 2024 by Shepherd Chartered Surveyors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

16,242

11,241

Other debtors

49,934

34,920

66,176

46,161

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

5,252

3,033

Taxation and social security

60,055

47,951

Other creditors

187,880

190,086

253,187

241,070

Other creditors includes the balance owed from a family loan of £185,486 (2023 - £182,556).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

2,114

9,683

Other creditors

228,000

228,000

230,114

237,683

2024

2023

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

228,000

228,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other loans

228,000

228,000

Other creditors more than 5 years represents a mortgage of £228,000 which is secured by way of a standard security over the properties plus a floating charge over the assets of the company.

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2024

(15,448

)

-

(15,448

)

Profit for the year

168,327

168,327

Deferred tax movement

34,180

(34,180

)

-

Transfer of fair value

(265,233

)

265,233

-

At 31 December 2024

(78,174

)

231,053

152,879

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

11.	CONTINGENT LIABILITIES

If the company's investment properties were sold at valuation, a chargeable gain of £257,198 for corporation tax will arise (2023 £28,334).

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

D Gilmour

Balance outstanding at start of year

(33,945

)

(24,681

)

Amounts advanced

11,639

19,851

Amounts repaid

(26,456

)

(29,115

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(48,762

)

(33,945

)

The balance on the director's current account is unsecured and has no set repayment date. Interest is charged at 2.25% per annum.