Company No: SC772538 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		30.06.2024
		£		£
Fixed assets
Tangible assets	3	1,862		0
Investment property	4	677,880		677,880
		679,742		677,880
Current assets
Debtors	5	1,500		0
Cash at bank and in hand		18,022		8,969
		19,522		8,969
Creditors: amounts falling due within one year	6	( 689,425)		( 685,910)
Net current liabilities		(669,903)		(676,941)
Total assets less current liabilities		9,839		939
Net assets		9,839		939
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		9,739		839
Total shareholders' funds		9,839		939

For the financial period 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 period 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 Three Quines Limited (registered number: SC772538) were approved and authorised for issue by the Board of Directors on 02 September 2025. They were signed on its behalf by:

Peter Chapman Director

1. Accounting policies

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

General information and basis of accounting

Three Quines 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 South Redbog, Strichen, Fraserburgh, AB43 6RP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and to include investment properties and certain items 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The Company has amended its accounting reference date to 31 March 2025. The financial statements for the current period therefore cover the period from 1 July 2024 to 31 March 2025 with the comparative period covering 1 July 2023 to 30 June 2024. As a result, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent received. Rentals are recorded on the accruals basis.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 and freehold land, 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:

Fixtures and fittings

15 % 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.

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest 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.

2. Employees

	Period from 01.07.2024 to 31.03.2025		Year ended 30.06.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 July 2024	0		0
Additions	2,085		2,085
At 31 March 2025	2,085		2,085
Accumulated depreciation
At 01 July 2024	0		0
Charge for the financial period	223		223
At 31 March 2025	223		223
Net book value
At 31 March 2025	1,862		1,862
At 30 June 2024	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 July 2024	677,880
As at 31 March 2025	677,880

The directors believe that the value of £677,880 is an appropriate valuation as at 31 March 2025. No depreciation is provided in respect of properties on the basis that their value is maintained through regular maintenance.

5. Debtors

	31.03.2025		30.06.2024
	£		£
Other debtors	1,500		0

6. Creditors: amounts falling due within one year

	31.03.2025		30.06.2024
	£		£
Trade creditors	0		35
Amounts owed to related parties	682,760		682,659
Taxation and social security	2,140		291
Other creditors	4,525		2,925
	689,425		685,910

7. Called-up share capital

	31.03.2025		30.06.2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Other related party transactions

	31.03.2025		30.06.2024
	£		£
Amount due to related parties	682,760		682,660

The above loan is unsecured, interest free and has no fixed terms of repayment.