Exchange Court Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC171872

EXCHANGE COURT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

-

Investments

5

-

3,000

Investment property

6

1,575,998

910,582

1,575,998

913,582

CURRENT ASSETS

Stocks

23,777

Debtors

7

490,316

700,313

Cash at bank

317,962

345,343

832,055

1,069,433

CREDITORS

Amounts falling due within one year

8

33,183

22,963

NET CURRENT ASSETS

798,872

1,046,470

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,374,870

1,960,052

PROVISIONS FOR LIABILITIES

52,000

-

NET ASSETS

2,322,870

1,960,052

CAPITAL AND RESERVES

Called up share capital

1,950,000

Fair value reserve

371,296

-

Retained earnings

1,574

10,052

SHAREHOLDERS' FUNDS

2,322,870

1,960,052

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 December 2025 and were signed by:

R C Hyndman - Director

1.	STATUTORY INFORMATION

Exchange Court Properties Limited is a private company, limited by shares, registered in Scotland. The registered office is 20 Dirleton Gate, Bearsden, Glasgow, G61 1NP.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements

The director considers there are no such significant judgements.

Turnover

Turnover represents property letting income and property sales, excluding value added tax. The company's policy is to recognise rental income in accordance with the terms of the lease agreements and recognise a sale when substantively all the risks and rewards in connection with the sale have been passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to sell.

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 accounts receivable and payable and other loans to or from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of future payments and subsequently, amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Investment properties

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:-

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Investments

Investments held as fixed and current assets are stated at cost which is deemed to be fair value as they are not materially different.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2024

and 30 September 2025

598

DEPRECIATION

At 1 October 2024

and 30 September 2025

598

NET BOOK VALUE

At 30 September 2025

-

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2025

2024

£

Race horse

3,000

Write off

(3,000

)

-

3,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2024

910,582

Additions

242,120

Revaluations

423,296

At 30 September 2025

1,575,998

NET BOOK VALUE

At 30 September 2025

1,575,998

At 30 September 2024

910,582

The company's investment properties are held for use under operating leases. The fair value of the investment property at 30 September 2025, has been arrived at on the basis of a valuation carried out at that date by the company director, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the current state of the rental market in the area where the property is situated.

Fair value at 30 September 2025 is represented by:

£

Valuation in 2025

423,296

Cost

1,152,702

1,575,998

7.

DEBTORS

2025

2024

£

Amounts falling due within one year:

Trade debtors

1,684

1,396

Other debtors

399,329

409,514

401,013

410,910

2025

2024

£

Amounts falling due after more than one year:

Other debtors

89,303

289,403

Aggregate amounts

490,316

700,313

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Taxation and social security

13,100

9,500

Other creditors

20,083

13,463

33,183

22,963

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2025 and 30 September 2024:

2025

2024

£

R C Hyndman

Balance outstanding at start of year

282,215

298,170

Amounts advanced

40,815

71,098

Amounts repaid

(41,000

)

(87,053

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

282,030

282,215

The director loan which is interest free and unsecured, is repayable on demand.

10.	RELATED PARTY DISCLOSURES

Included in other debtors is a loan due from an associate of the director of £21,000 (2024 : £31,000). The loan is interest free, unsecured and no repayment terms have been established.

11.	PARENT COMPANY

The company is a subsidiary of Exchange Court Limited. The registered address of the holding company is 20 Dirleton Gate, Bearsden, Glasgow, G61 1NP.