REGISTERED NUMBER: SC035749 (Scotland)

Unaudited Financial Statements

for the Year Ended 15 May 2025

for

First Robert Lumsden Property

Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A F Counsell

V E Churchill

Mrs R F Rumbelow

REGISTERED OFFICE:

c/o Gillespie & Anderson

147 Bath Street

Glasgow

G2 4SN

REGISTERED NUMBER:

SC035749 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

FIXED ASSETS

Investments

4

141,332

167,531

Investment property

5

450,000

450,000

591,332

617,531

CURRENT ASSETS

Debtors

6

2,614

4,113

Cash at bank

34,195

9,265

36,809

13,378

CREDITORS

Amounts falling due within one year

7

108,270

11,025

NET CURRENT (LIABILITIES)/ASSETS

(71,461

)

2,353

TOTAL ASSETS LESS CURRENT LIABILITIES

519,871

619,884

PROVISIONS FOR LIABILITIES

120,186

117,579

NET ASSETS

399,685

502,305

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

399,485

502,105

SHAREHOLDERS' FUNDS

399,685

502,305

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 15 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 15 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2025 and were signed on its behalf by:

Mrs R F Rumbelow - Director

1.	STATUTORY INFORMATION

First Robert Lumsden Property Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue.

Significant judgements and estimates

The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Other operating income

Other operating income represents rental income. Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

Investment income

Investment income includes dividend income from fixed asset investments.

Investment property

Investment property is initially recognised at cost and subsequently measured at fair value at the year end. Realised and unrealised gains and losses, including those arising on revaluation are included in the profit and loss in the year in which they arise. No depreciation is provided on investment properties in line with FRS 102.

Financial instruments

The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors, creditors and non-puttable ordinary shares.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Ordinary shares are initially recognised at transaction cost and subsequently valued at fair value at the year end with any changes in fair value being recognised in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Provision for liabilities

A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 16 May 2024

167,531

Disposals

(26,692

)

Revaluations

493

At 15 May 2025

141,332

NET BOOK VALUE

At 15 May 2025

141,332

At 15 May 2024

167,531

Cost or valuation at 15 May 2025 is represented by:

Other

investments

£

Valuation in 2025

141,332

If the listed investments had not been revalued they would have been included at the following historical cost:

2025

2024

As restated

£

£

Cost

37,406

44,828

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 16 May 2024

and 15 May 2025

450,000

NET BOOK VALUE

At 15 May 2025

450,000

At 15 May 2024

450,000

Fair value at 15 May 2025 is represented by:

£

Valuation in 2025

450,000

If the investment property had not been revalued it would have been included at the following historical cost:

2025

2024

As restated

£

£

Cost

15,429

15,429

The investment property was disposed after the year end on 11 September 2025 when it had a fair value of £450,000. The directors are of the opinion that this reflects the fair value of the property at 15 May 2025.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

As restated

£

£

Due from property agents

1,374

1,368

Prepayments and accrued income

1,240

2,745

2,614

4,113

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

As restated

£

£

Corporation tax

1,190

-

Directors' current accounts

104,080

8,000

Accrued expenses

3,000

3,025

108,270

11,025

8.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the year ended 15 May 2025 and has restated the comparative amounts. The transition to the new standard has resulted in the changes showing in fixed assets and deferred tax which are now stated under FRS 102. Transition date was 16 May 2023.