Company Registration No. SC724051 (Scotland)
Challenger Estate Limited
Unaudited financial statements
for the year ended 28 February 2025
Pages for filing with the registrar
Challenger Estate Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Challenger Estate Limited
Statement of financial position
As at 28 February 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,397,360
1,391,688
Current assets
Debtors
5
70,907
5,138
Cash at bank and in hand
2,297
5,277
73,204
10,415
Creditors: amounts falling due within one year
6
(1,067,994)
(920,815)
Net current liabilities
(994,790)
(910,400)
Total assets less current liabilities
402,570
481,288
Creditors: amounts falling due after more than one year
7
(616,000)
(616,000)
Net liabilities
(213,430)
(134,712)
Capital and reserves
Called up share capital
9
9
Profit and loss reserves
(213,439)
(134,721)
Total equity
(213,430)
(134,712)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Challenger Estate Limited
Statement of financial position (continued)
As at 28 February 2025
2
The financial statements were approved by the board of directors and authorised for issue on 6 October 2025 and are signed on its behalf by:
Shanta Stevens
Naveen Shivalingam
Director
Director
Company Registration No. SC724051
Challenger Estate Limited
Notes to the financial statements
For the year ended 28 February 2025
3
1
Accounting policies
Company information

Challenger Estate Limited is a private company limited by shares incorporated in Scotland. The registered office is Level 4, 9 Haymarket Square, Edinburgh, EH3 8RY.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

The company has a net liability balance sheet total of £213,430 (2024: £134,712) and has made a loss after taxation of £78,718 (2024: £99,936). The company is therefore reliant on the support of directors', to whom there is a net debt repayable of £1,031,377 (2024: £918,415), to meet the on-going liabilities as they fall due for repayment. The directors' have confirmed that repayment of this loan shall not be sought whilst this may damage the interests of the other creditors and they will continue to fully support the company. As a result of this these financial statements have been prepared on a going concern basis.true

1.3
Turnover

Turnover represents the rental income from the letting of investment properties.

The turnover is recognised at the point of invoice which is when the customer has an obligation to make the payment for services rendered or in the case of rental income in advance.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Nil
Leasehold improvements
15% reducing balance
Plant and equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.

Challenger Estate Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies (continued)
4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Challenger Estate Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Challenger Estate Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
6
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 February 2024
1,412,145
-
0
1,412,145
Additions
25,648
5,410
31,058
At 28 February 2025
1,437,793
5,410
1,443,203
At 29 February 2024
20,457
-
0
20,457
Depreciation charged in the year
24,304
1,082
25,386
At 28 February 2025
44,761
1,082
45,843
Carrying amount
At 28 February 2025
1,393,032
4,328
1,397,360
At 28 February 2024
1,391,688
-
0
1,391,688

Fixed assets include Challenger Estate that was purchased in 2023 for £1,275,768 including LBTT and other relevant legal fees.

The property is secured by a standard security granted by Weatherby's Bank Limited.

Challenger Estate Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
7
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
23,023
-
0
Other debtors
47,884
5,138
70,907
5,138
6
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
1,067,994
920,815

Included within the other creditors is amounts due to directors of £1,031,177 (2024: £918,415). This balance is interest free and repayable on demand

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
616,000
616,000

Included within Creditors are bank loans, which comprises a 10 year fixed rate loan and a 3 year variable rate loan which are secured over the properties owned by the company. Additional security is also held by the bank in the form of personal guarantees from the directors.

The maturity date of the fixed rate loan is September 2032, with repayments being interest only and the full amount repayable on this date.

The maturity date of the variable rate loan is September 2026, with repayments being interest only and the full amount repayable on this date.

8
Related party transactions

The directors are of the opinion that relates party transactions are conducted under normal market conditions and on an arm’s length basis and therefore do not need to disclosed under FRS 102 section 1A appendix C.

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