Company registration number SC040703 (Scotland)
The Lancian Investment Trust Company Limited
unaudited financial statements
for the year ended 5 April 2025
Pages for filing with registrar
The Lancian Investment Trust Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
The Lancian Investment Trust Company Limited
Balance sheet
as at 5 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,234
1,645
Investment property
5
1,566,640
1,566,640
Investments
6
192,319
211,447
1,760,193
1,779,732
Current assets
Debtors
7
23,068
17,592
Cash at bank and in hand
195,622
123,053
218,690
140,645
Creditors: amounts falling due within one year
8
(79,408)
(71,950)
Net current assets
139,282
68,695
Total assets less current liabilities
1,899,475
1,848,427
Provisions for liabilities
(52,581)
(52,581)
Net assets
1,846,894
1,795,846
Capital and reserves
Called up share capital
240,000
240,000
Non-distributable reserves
9
599,044
610,491
Profit and loss reserves
1,007,850
945,355
Total equity
1,846,894
1,795,846
The Lancian Investment Trust Company Limited
Balance sheet (continued)
as at 5 April 2025
- 2 -

For the financial year ended 5 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 November 2025 and are signed on its behalf by:
N Barclay
Director
Company registration number SC040703 (Scotland)
The Lancian Investment Trust Company Limited
Notes to the Financial Statements
for the year ended 5 April 2025
- 3 -
1
Accounting policies
Company information

The Lancian Investment Trust Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Investment income
Investment income is included in revenue on the date on which it is receivable.
Rental income
Rental income is included in revenue on the date on which it is receivable.
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:

Fixtures, fittings & equipment
25% 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
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

The Lancian Investment Trust Company Limited
Notes to the Financial Statements (continued)
for the year ended 5 April 2025
1
Accounting policies (continued)
- 4 -
1.6
Fixed asset investments

Listed and unlisted investments have been included in the balance sheet at fair value. Realised and unrealised gains and losses are recognised in the profit and loss account in the period in which they arise. Income from investments is recognised in the year in which it falls due. Investment manager fees are included within administration expenses.

1.7
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.

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.

1.8
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.

1.9
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 balance sheet 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.

The Lancian Investment Trust Company Limited
Notes to the Financial Statements (continued)
for the year ended 5 April 2025
1
Accounting policies (continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.11
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 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
The tax expense represents the sum of the corporation tax and deferred tax charge for the year.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
The Lancian Investment Trust Company Limited
Notes to the Financial Statements (continued)
for the year ended 5 April 2025
1
Accounting policies (continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
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
2
2
The Lancian Investment Trust Company Limited
Notes to the Financial Statements (continued)
for the year ended 5 April 2025
- 7 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 6 April 2024 and 5 April 2025
16,425
Depreciation and impairment
At 6 April 2024
14,780
Depreciation charged in the year
411
At 5 April 2025
15,191
Carrying amount
At 5 April 2025
1,234
At 5 April 2024
1,645
5
Investment property
2025
£
Fair value
At 6 April 2024 and 5 April 2025
1,566,640

Investment property comprises of commercial and residential properties. The fair value of the investment property has been arrived at on the basis of valuations carried out at 13 October and 19 November 2021 by J&E Shepherd. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The Lancian Investment Trust Company Limited
Notes to the Financial Statements (continued)
for the year ended 5 April 2025
- 8 -
6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
192,319
211,447
Movements in fixed asset investments
Investments
£
Cost or valuation
At 6 April 2024
211,447
Valuation changes
(19,128)
At 5 April 2025
192,319
Carrying amount
At 5 April 2025
192,319
At 5 April 2024
211,447

The historical cost of investments is £200,000.

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
23,068
17,592
8
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
13,378
23,366
Other creditors
66,030
48,584
79,408
71,950
9
Non-distributable reserves

Non-distributable reserves represent the valuation of investment s to fair value less any associated deferred tax liability. Non-distributable reserves are not distributable to shareholders.

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