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COMPANY REGISTRATION NUMBER: SC530190

McQueen Residential Properties Limited

Filleted Unaudited Financial Statements

31 March 2025

McQueen Residential Properties Limited

Financial Statements

Year ended 31 March 2025

Contents | Page

Statement of financial position | 1

Notes to the financial statements | 3

McQueen Residential Properties Limited

Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 4 |  | 1,130,000 |  | 1,130,000

Current assets

Debtors | 5 | 1,250 |  | 1,250 |
Cash at bank and in hand | 29,080 |  | 4,749 |
| --------- |  | ------- |
| 30,330 |  | 5,999 |

Creditors: amounts falling due within one year | 6 | 544,643 |  | 300,818 |
| ---------- |  | ---------- |
Net current liabilities |  | 514,313 |  | 294,819
|  | ------------- |  | -------------
Total assets less current liabilities |  | 615,687 |  | 835,181

Creditors: amounts falling due after more than one year | 7 |  | 261,116 |  | 498,865

Provisions |  | 38,162 |  | 38,162
|  | ---------- |  | ----------
Net assets |  | 316,409 |  | 298,154
|  | ---------- |  | ----------

McQueen Residential Properties Limited

Statement of Financial Position (continued)

31 March 2025

| 2025 | 2024
Note | £ | £ | £ | £

Capital and reserves

Called up share capital | 8 |  | 20 |  | 20
Revaluation reserve |  | 232,263 |  | 232,263
Profit and loss account |  | 84,126 |  | 65,871
|  | ---------- |  | ----------
Shareholders funds |  | 316,409 |  | 298,154
|  | ---------- |  | ----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2025 , and are signed on behalf of the board by:

M R McQueen |
Director |

Company registration number: SC530190

McQueen Residential Properties Limited

Notes to the Financial Statements

Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Flat 2, 3 The Cedars, Edinburgh, EH13 0PL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets

| Investment properties
| £
Cost |
At 1 April 2024 and 31 March 2025 | 1,130,000
| -------------
Depreciation |
At 1 April 2024 and 31 March 2025 | –
| -------------
Carrying amount |
At 31 March 2025 | 1,130,000
| -------------
At 31 March 2024 | 1,130,000
| -------------

The investment properties were revalued by the Directors during March 2022 at open market value.
5. Debtors

| 2025 | 2024
| £ | £
Other debtors | 1,250 | 1,250
| ------- | -------

6. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Accruals and deferred income | 1,560 | 1,560
Corporation tax | 4,865 | 6,111
Director loan accounts | 538,218 | 293,147
| ---------- | ----------
| 544,643 | 300,818
| ---------- | ----------

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

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 261,116 | 498,865
| ---------- | ----------

The bank loans are secured over the freehold property of the company.
8. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £ 1 each | 10 | 10 | 10 | 10
Ordinary B shares of £ 1 each | 10 | 10 | 10 | 10
| ---- | ---- | ---- | ----
| 20 | 20 | 20 | 20
| ---- | ---- | ---- | ----

9. Related party transactions
The company was under the control of Ms M R McQueen throughout the current and previous year. Ms McQueen is a director and major shareholder. At 31 March 2025 the company was due £538,218 (31 March 2024 - £293,147) to Ms McQueen. The loan is interest free with no fixed terms for repayment.