Company No: SC105150 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	38,770		51,748
Investment property	4	1,631,838		1,676,838
		1,670,608		1,728,586
Current assets
Stocks	5	276,757		194,347
Cash at bank and in hand	6	17,893		60,253
		294,650		254,600
Creditors: amounts falling due within one year	7	( 105,778)		( 75,195)
Net current assets		188,872		179,405
Total assets less current liabilities		1,859,480		1,907,991
Creditors: amounts falling due after more than one year	8	( 16,504)		( 35,138)
Net assets		1,842,976		1,872,853
Capital and reserves
Called-up share capital	9	2		2
Revaluation reserve		347,615		392,615
Profit and loss account		1,495,359		1,480,236
Total shareholders' funds		1,842,976		1,872,853

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

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Timelarch Limited (registered number: SC105150) were approved and authorised for issue by the Board of Directors on 03 December 2025. They were signed on its behalf by:

Jill Mcewan Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Timelarch Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Mount Tabor House, Mount Tabor Road, Kinnoull, Perth, PH2 7DE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rental income from the letting of commercial properties net of VAT.

Rental income is recognised on a straight line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

0 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	67,211		67,211
Disposals	( 899)		( 899)
At 31 March 2025	66,312		66,312
Accumulated depreciation
At 01 April 2024	15,463		15,463
Charge for the financial year	12,833		12,833
Disposals	( 754)		( 754)
At 31 March 2025	27,542		27,542
Net book value
At 31 March 2025	38,770		38,770
At 31 March 2024	51,748		51,748

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	1,676,838
Fair value movement	(45,000)
As at 31 March 2025	1,631,838

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 18 April 2016 by Lambert Smith & Hampton and Commercial Property Consultants . A directors valuation was provided at 31 March 2025 and confirm these represent the current market value at the balance sheet date.

5. Stocks

	2025		2024
	£		£
Work in progress	276,757		194,347

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	17,893		60,253

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	12,287		11,216
Trade creditors	396		19,328
Corporation tax	16,320		26,014
Other taxation and social security	742		463
Obligations under finance leases and hire purchase contracts	5,275		5,276
Other creditors	70,758		12,898
	105,778		75,195

Bank borrowings amounting are secured by standard security over the company's assets including properties within investment properties.

Hire purchase obligations under finance leases are secured over the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	12,107		25,465
Obligations under finance leases and hire purchase contracts	4,397		9,673
	16,504		35,138

Bank borrowings amounting are secured by standard security over the company's assets including properties within investment properties.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

10. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

	2025		2024
	£		£
Directors current account	2,675		3,337

Advances have been made in the year to the Director totalling £79,168, with £78,540 being repaid. Interest of £34 has been charged at a rate of 2.25%. The above loan is unsecured and has no fixed terms of repayment.