Company registration number SC146348 (Scotland)
HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,638
6,155
Investment properties
4
865,000
865,000
867,638
871,155
Current assets
Debtors
5
1,457,268
1,427,284
Cash at bank and in hand
146,143
170,061
1,603,411
1,597,345
Creditors: amounts falling due within one year
6
(759,913)
(758,700)
Net current assets
843,498
838,645
Total assets less current liabilities
1,711,136
1,709,800
Provisions for liabilities
(15,245)
(20,939)
Net assets
1,695,891
1,688,861
Capital and reserves
Called up share capital
100
100
Other reserves
287,025
287,025
Profit and loss reserves
1,408,766
1,401,736
Total equity
1,695,891
1,688,861

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

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 December 2025
J HALLIDAY
J Halliday
Director
Company Registration No. SC146348
HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Halliday Fraser Munro (Properties) Limited is a private company limited by shares incorporated in Scotland. The registered office is 8 Victoria Street, Aberdeen, AB10 1XB.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.true

As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised for the period to which it relates to. Any rentals invoiced in advance are deferred accordingly over the year end.

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 and fittings
3 years straight line

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.

HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

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 at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
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

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2024 and 31 March 2025
10,551
Depreciation and impairment
At 1 April 2024
4,396
Depreciation charged in the year
3,517
At 31 March 2025
7,913
Carrying amount
At 31 March 2025
2,638
At 31 March 2024
6,155
4
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
865,000

The 2025 valuation was made by the director, on an open market value basis.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
30,083
-
0
Amounts owed by related undertakings
1,424,520
1,424,520
Other debtors
2,665
2,764
1,457,268
1,427,284
HALLIDAY FRASER MUNRO (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
1,138
18,370
Other taxation and social security
4,798
-
0
Other creditors
753,977
740,330
759,913
758,700
7
Related party transactions

During the year, the company made no advances and received no credits from a company under common control. This resulted in a balance due to the company at the year end of £1,424,520 (2024 - £1,424,520).

The company also received rental income of £6,833 from a company under common control. At 31 March 2025 there was a balance due from the company under common control of £NIL (2024 - £NIL).

During the year, the company made no advances and received no credits from the director's wife, resulting in a balance due by the company at the year end of £734,766 (2024 - £734,766). The loan is unsecured and interest free with no fixed repayment terms in place.

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