REGISTERED NUMBER: SC186547 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

LOVIE (NEW PITSLIGO) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W W Lovie

Mrs D Lovie

M W Lovie

M C Lovie

SECRETARY:

W W Lovie

REGISTERED OFFICE:

Cowbog

New Pitsligo

Fraserburgh

Aberdeenshire

AB43 6PR

REGISTERED NUMBER:

SC186547 (Scotland)

AUDITORS:

Leiper & Summers

Registered Auditors

4 Charlotte Street

Fraserburgh

Aberdeenshire

AB43 9JE

FIXED ASSETS

Tangible assets

5

1,042,802

1,042,802

CURRENT ASSETS

Debtors

6

11,492

21,361

Cash at bank

146,406

117,782

157,898

139,143

CREDITORS

Amounts falling due within one year

7

606,103

601,249

NET CURRENT LIABILITIES

(448,205

)

(462,106

)

TOTAL ASSETS LESS CURRENT LIABILITIES

594,597

580,696

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

594,595

580,694

SHAREHOLDERS' FUNDS

594,597

580,696

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 15 October 2025 and were signed on its behalf by:

W W Lovie - Director

1.	STATUTORY INFORMATION

Lovie (New Pitsligo) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and

disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying

amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of

determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value

changes recognised in profit or loss and in other comprehensive income;

- Section 26 'Share based Payment' - Share-based payment expense charged to profit or loss, reconciliation

of opening and closing number and weighted average exercise price of share options, how the fair value of

options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based

payments, explanation of modifications to arrangements;

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Going concern

Following the year-end, the company ceased trading and all trade, assets and liabilities were transferred to a fellow subsidiary and the company will be wound up in a controlled manner. This assumption is based upon

assurances received from the directors and shareholders that it is their intention to provide such assistance

as is required to enable the company to meet its financial commitments.

Significant judgements and estimates

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.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover is recognised at the point when waste is deposited, as this is when the performance obligation is fulfilled and the customer has received the full benefit of the service, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Land and associated costs - 50 years - no depreciation until in use.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and 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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in 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.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2024

and 31 March 2025

1,042,802

NET BOOK VALUE

At 31 March 2025

1,042,802

At 31 March 2024

1,042,802

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

6,896

13,650

Amounts owed by group undertakings

4,549

7,667

Other debtors

47

44

11,492

21,361

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,256

-

Amounts owed to group undertakings

584,648

584,598

Taxation and social security

12,959

10,632

Other creditors

6,240

6,019

606,103

601,249

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary

1

2

2

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

The Report of the Auditors was unqualified.

Susan Hepburn CA ATT (Senior Statutory Auditor)

for and on behalf of Leiper & Summers