Silverfin false false 31/08/2024 01/09/2023 31/08/2024 Gemma Burnett 12/11/2024 11/11/2024 Claire Duncan 11/11/2024 29/08/2014 David Duncan 29/08/2014 13 October 2025 The principal activity of the company continued to be that of property leasing. SC485512 2024-08-31 SC485512 bus:Director1 2024-08-31 SC485512 bus:Director2 2024-08-31 SC485512 bus:Director3 2024-08-31 SC485512 2023-08-31 SC485512 core:CurrentFinancialInstruments 2024-08-31 SC485512 core:CurrentFinancialInstruments 2023-08-31 SC485512 core:Non-currentFinancialInstruments 2024-08-31 SC485512 core:Non-currentFinancialInstruments 2023-08-31 SC485512 core:ShareCapital 2024-08-31 SC485512 core:ShareCapital 2023-08-31 SC485512 core:RevaluationReserve 2024-08-31 SC485512 core:RevaluationReserve 2023-08-31 SC485512 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC485512 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC485512 core:OtherPropertyPlantEquipment 2023-08-31 SC485512 core:OtherPropertyPlantEquipment 2024-08-31 SC485512 core:CurrentFinancialInstruments core:Secured 2024-08-31 SC485512 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-08-31 SC485512 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-08-31 SC485512 bus:OrdinaryShareClass1 2024-08-31 SC485512 2023-09-01 2024-08-31 SC485512 bus:FilletedAccounts 2023-09-01 2024-08-31 SC485512 bus:SmallEntities 2023-09-01 2024-08-31 SC485512 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC485512 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC485512 bus:Director1 2023-09-01 2024-08-31 SC485512 bus:Director2 2023-09-01 2024-08-31 SC485512 bus:Director3 2023-09-01 2024-08-31 SC485512 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-09-01 2024-08-31 SC485512 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-09-01 2024-08-31 SC485512 2022-09-01 2023-08-31 SC485512 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 SC485512 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 SC485512 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC485512 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC485512 (Scotland)

# DUNCAN LEASING LTD

### Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

DUNCAN LEASING LTD

## Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

DUNCAN LEASING LTD

## BALANCE SHEET

As at 31 August 2024
DUNCAN LEASING LTD

## BALANCE SHEET (continued)

As at 31 August 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 74,311 |  | 57,389
Investment property | 4 | 2,660,000 |  | 2,555,167
|  | 2,734,311 |  | 2,612,556
Current assets |  |  |  |
Debtors | 5 | 294,340 |  | 145,697
Cash at bank and in hand |  | 62,445 |  | 94,053
|  | 356,785 |  | 239,750
Creditors: amounts falling due within one year | 6 | ( 897,553) |  | ( 537,116)
Net current liabilities |  | (540,768) |  | (297,366)
Total assets less current liabilities |  | 2,193,543 |  | 2,315,190
Creditors: amounts falling due after more than one year | 7 | ( 31,347) |  | ( 239,967)
Provision for liabilities |  | ( 290,878) |  | ( 277,027)
Net assets |  | 1,871,318 |  | 1,798,196
Capital and reserves |  |  |  |
Called-up share capital | 8 | 1 |  | 1
Revaluation reserve |  | 851,617 |  | 903,644
Profit and loss account |  | 1,019,700 |  | 894,551
Total shareholder's funds |  | 1,871,318 |  | 1,798,196

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

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Duncan Leasing Ltd (registered number: SC485512) were approved and authorised for issue by the Director on 13 October 2025. They were signed on its behalf by:

David Duncan Director |

DUNCAN LEASING LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
DUNCAN LEASING LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Duncan Leasing Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 2nd Floor Office St. Sairs Business Park, Colpy, Insch, AB52 6TG, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

##### Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 5 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### 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 each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

##### Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the company during the year, including the director | 2 |  | 2

#### 3. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 September 2023 | 474,570 |  | 474,570
Additions | 53,315 |  | 53,315
Disposals | ( 68,848) |  | ( 68,848)
At 31 August 2024 | 459,037 |  | 459,037
Accumulated depreciation |  |  |
At 01 September 2023 | 417,181 |  | 417,181
Charge for the financial year | 36,393 |  | 36,393
Disposals | ( 68,848) |  | ( 68,848)
At 31 August 2024 | 384,726 |  | 384,726
Net book value |  |  |
At 31 August 2024 | 74,311 |  | 74,311
At 31 August 2023 | 57,389 |  | 57,389

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 September 2023 | 2,555,167
Additions | 150,184
Fair value movement | (45,351)
As at 31 August 2024 | 2,660,000

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 28 June 2024 by J & E Shepherd, Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director considers this value remains reasonable at 31 August 2024.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2024 |  | 2023
| £ |  | £
Historic cost | 1,524,510 |  | 1,374,326

#### 5. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 57,530 |  | 131,476
Corporation tax | 54,354 |  | 0
Other debtors | 182,456 |  | 14,221
| 294,340 |  | 145,697

#### 6. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans (secured) | 721,000 |  | 39,799
Trade creditors | 12,823 |  | 212,163
Amounts owed to related parties | 66 |  | 4,617
Corporation tax | 88,981 |  | 110,882
Other taxation and social security | 19,301 |  | 14,342
Obligations under finance leases and hire purchase contracts (secured) | 14,467 |  | 13,206
Other creditors | 40,915 |  | 142,107
| 897,553 |  | 537,116

Together Commercial Finance Limited hold a standard security over the freehold property of the company

#### 7. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Bank loans (secured) | 0 |  | 239,967
Obligations under finance leases and hire purchase contracts (secured) | 31,347 |  | 0
| 31,347 |  | 239,967

#### 8. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1 Ordinary share of £ 1.00 | 1 |  | 1

#### 9. Financial commitments

Commitments

| 2024 |  | 2023
| £ |  | £
Total future minimum lease payments under non-cancellable operating lease | 1,230,684 |  | 745,339

At the reporting end date the company has contracted with tenants for the following minimum lease payments

#### 10. Related party transactions

Transactions with the entity's director

| 2024 |  | 2023
| £ |  | £
Amount the company is due the director | 0 |  | 106,695
Amount the director is due the company | 161,048 |  | 0

Other related party transactions

| 2024 |  | 2023
| £ |  | £
Amounts due from related parties | 43,224 |  | 125,747