Company No: SC471966 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	20,598		27,560
Tangible assets	4	32,580		17,117
Investment property	5	3,549,883		3,549,883
		3,603,061		3,594,560
Current assets
Debtors	6	323,832		190,774
Cash at bank and in hand		13,755		26,653
		337,587		217,427
Creditors: amounts falling due within one year	7	( 370,217)		( 233,170)
Net current liabilities		(32,630)		(15,743)
Total assets less current liabilities		3,570,431		3,578,817
Creditors: amounts falling due after more than one year	8	( 1,975,446)		( 2,045,728)
Provision for liabilities	9	( 112,733)		( 116,009)
Net assets		1,482,252		1,417,080
Capital and reserves
Called-up share capital	10	100		100
Revaluation reserve		1,050,540		1,050,540
Profit and loss account		431,612		366,440
Total shareholders' funds		1,482,252		1,417,080

For the financial year ending 30 June 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 Verstand Properties Limited (registered number: SC471966) were approved and authorised for issue by the Board of Directors on 08 December 2025. They were signed on its behalf by:

K A Wilson 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

Verstand Properties 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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Website costs	not amortised

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	5 years straight line
Computer equipment	3 years straight line

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 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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, 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 creditors: amounts falling due within one year.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		4

3. Intangible assets

	Goodwill		Website costs		Total
	£		£		£
Cost
At 01 July 2024	155,000		0		155,000
Additions	0		8,538		8,538
At 30 June 2025	155,000		8,538		163,538
Accumulated amortisation
At 01 July 2024	127,440		0		127,440
Charge for the financial year	15,500		0		15,500
At 30 June 2025	142,940		0		142,940
Net book value
At 30 June 2025	12,060		8,538		20,598
At 30 June 2024	27,560		0		27,560

4. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 July 2024	194,401		4,290		198,691
Additions	26,135		0		26,135
At 30 June 2025	220,536		4,290		224,826
Accumulated depreciation
At 01 July 2024	177,284		4,290		181,574
Charge for the financial year	10,672		0		10,672
At 30 June 2025	187,956		4,290		192,246
Net book value
At 30 June 2025	32,580		0		32,580
At 30 June 2024	17,117		0		17,117

5. Investment property

	Investment property
	£
Valuation
As at 01 July 2024	3,549,883
As at 30 June 2025	3,549,883

Valuation

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 June 2022 by Christie & Co. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the directors' opinion, that valuation of the properties is still appropriate at 30 June 2025.

6. Debtors

	2025		2024
	£		£
Trade debtors	269,000		127,000
Amounts owed by Group undertakings	8,500		0
Other debtors	46,332		63,774
	323,832		190,774

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	84,136		84,136
Trade creditors	5,338		30,010
Amounts owed to related parties	3,000		0
Taxation and social security	93,059		82,698
Other creditors	184,684		36,326
	370,217		233,170

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

	2025		2024
	£		£
Bank loans	1,611,378		1,695,514
Other creditors	364,068		350,214
	1,975,446		2,045,728

There are no amounts included above in respect of which any security has been given by the small entity.

9. Provision for liabilities

	2025		2024
	£		£
Deferred tax	112,733		116,009

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts due to key management personnel	364,068		350,213

This balance is unsecured and has no fixed terms of repayment. Interest is charged at 4% per annum.

Other related party transactions

	2025		2024
	£		£
Amounts due to other related parties	90,028		23,884
Amounts due by other related parties	8,500		0

This balance is due to a company in which one of the director's has an interest. This balance is unsecured, interest free, and repayable on demand.

12. Ultimate controlling party

At 30 June 2025, the company was a joint venture between Strategic Management Europe Ltd and Intelligent Management Europe Ltd. Both companies are registered at Summit House, 4 - 5 Mitchell Street, Edinburgh, EH6 7BD. In the directors' opinion, there is no one ultimate controlling party.