REGISTERED NUMBER: SC488699 (Scotland)

Unaudited Financial Statements for the Year Ended 5 April 2025

for

George Russell Estates Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

37,338

-

Investment property

5

3,257,847

1,489,325

3,295,185

1,489,325

CURRENT ASSETS

Debtors

6

364,706

169,908

Cash at bank

15,860

12,542

380,566

182,450

CREDITORS

Amounts falling due within one year

7

(2,368,937

)

(456,270

)

NET CURRENT LIABILITIES

(1,988,371

)

(273,820

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,306,814

1,215,505

CREDITORS

Amounts falling due after more than one year

8

(110,775

)

(91,409

)

PROVISIONS FOR LIABILITIES

(259,334

)

(190,000

)

NET ASSETS

936,705

934,096

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

936,605

933,996

936,705

934,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 August 2025 and were signed by:

George Lithgow Russell Jnr - Director

1.	STATUTORY INFORMATION

George Russell Estates (Airth Mains) Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC488699. The registered office is Lesliepark, Headswood, Denny, Stirlingshire, FK6 6BW.

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.

Turnover

The turnover shown in the profit & loss account represents amounts receivable during the year from rental income. Income is recognised at the point the service is provided.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

38,640

At 5 April 2025

38,640

DEPRECIATION

Charge for year

1,302

At 5 April 2025

1,302

NET BOOK VALUE

At 5 April 2025

37,338

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

38,640

At 5 April 2025

38,640

DEPRECIATION

Charge for year

1,302

At 5 April 2025

1,302

NET BOOK VALUE

At 5 April 2025

37,338

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2024

1,489,325

Additions

1,768,522

At 5 April 2025

3,257,847

NET BOOK VALUE

At 5 April 2025

3,257,847

At 5 April 2024

1,489,325

Fair value at 5 April 2025 is represented by:

£

Valuation in 2021

999,999

Cost

2,257,848

3,257,847

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

5.4.25

5.4.24

£

£

Cost

2,257,848

489,326

Investment property was valued on an open market value basis on 5 April 2021 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.25

5.4.24

£

£

Trade debtors

22,885

6,078

Amounts owed by related parties

239,777

163,830

Other debtors

102,044

-

364,706

169,908

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.25

5.4.24

£

£

Bank loans and overdrafts

7,148

6,065

Hire purchase contracts

13,183

-

Trade creditors

22,380

41

Amounts owed to related parties

133,560

108,600

Taxation and social security

12,180

6,977

Other creditors

2,180,486

334,587

2,368,937

456,270

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5.4.25

5.4.24

£

£

Bank loans

83,836

91,409

Hire purchase contracts

26,939

-

110,775

91,409

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

47,240

67,150

9.	SECURED DEBTS

The following secured debts are included within creditors:

5.4.25

5.4.24

£

£

Hire purchase contracts

40,122

-

Amounts due on hire purchase are secured over the assets to which they relate.

10.	RELATED PARTY DISCLOSURES

Amount due from companies under common control at the year end was £26,625 (2024: £20,695).

Amount owed to a company under common control at the year end was £133,560 (2024: £108,600).

Amount owed from a family member of the director at the year end was £213,152 (2024: £143,135).