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Registered number: SC435221
EAST LOTHIAN DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 MARCH 2025
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EAST LOTHIAN DEVELOPMENTS LIMITED
REGISTERED NUMBER: SC435221
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Provisions for liabilities
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Capital redemption reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
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EAST LOTHIAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
East Lothian Developments Limited is a private company, limited by shares and registered in Scotland. The company's registered number is SC435221 and registered office is Fourth Floor, 68-70 George Street, Edinburgh, EH2 2LR. The company's principal activity during the year was that of land acquisition and property development.
The financial statements are prepared in Sterling and rounded to the nearest £.
The current financial period has been shortened to a nine month period ending 31 March 2025. As a result, the figures presented in these financial statements are not directly comparable to those of the previous reporting period.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Cashflow forecasts have been prepared by the directors that show that the company has sufficient resources available to fund the forecast expenditures required for its continued operations for a period of at least twelve months from the date of approval of the financial statements. The company is in a net asset and current net asset position as at the year end.
The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.
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. Revenue is attributable to the company's principal activity of land acquisition and property development.
Interest payable is recognised in the income statement and accrues using the effective interest rate
method.
Interest income is recognised in profit or loss using the effective interest method.
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EAST LOTHIAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
At each reporting date, work in progress is assessed for impairment. If the value of work in progress is impaired, the carrying amount is reduced to selling price less costs to complete and sell. The impairment loss is recognised in the income statement.
Finance costs incurred in the development of the land until completion of all groundwork and the provision of utilities in summer 2018 have been capitalised within the cost of work in progress. Thereafter interest is charged to the income statement and not capitalised in work in progress.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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EAST LOTHIAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from other third parties.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means the actual outcomes could differ from those estimates. The following judgement and estimate has had the most significant effect on amounts recognised in the financial statements:
Carrying value work in progress
The directors consider the carrying value of work in progress having regard to current sales transactions and future costs to develop the site. There is an element of judgement required in the determination of the future sales value and the costs to complete the development.
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The average monthly number of employees, including directors, during the period was 2 (2024 - 3).
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EAST LOTHIAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The loan notes were unsecured, repayable on demand, and interest is charged at a rate of 8% (2024 - 8%). Interest of £51,602 (2024 - £118,323) was charged in the year.
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EAST LOTHIAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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On transition to FRS102 an adjustment was reflected to record loans at fair value. The fair value adjustment of £1,221,603 at 31 December 2015 is subject to a charge to tax. The charge is payable over
a period of ten years. The current period liability is recorded as part of the corporation tax liability with the
balance disclosed as a provision as it is deferred as explained above.
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Allotted, called up and fully paid
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1,000 (2024 - 1,000) Ordinary A shares of £1.00 each
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933 (2024 - 933) Ordinary B1 shares of £1.00 each
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67 (2024 - 67) Ordinary B2 shares of £1.00 each
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Related party transactions
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The amount due to group undertakings at the year end was £Nil (2024: £1,507,874).
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EAST LOTHIAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
The immediate parent company is Highland and Universal Securities Limited, a company registered in England.
The directors regard Souter Investments Limited, a company incorporated in Scotland, as the ultimate parent company. The financial statements of Souter Investments Limited are available at its registered office, Level 3, 6 St Andrew Square, Edinburgh, EH2 2BD.
In the opinion of the directors, there is no ultimate controlling party.
The auditor's report on the financial statements for the period ended 31 March 2025 was unqualified.
The audit report was signed on 11 December 2025 by Nicola MacLennan (Senior Statutory Auditor) on behalf of AAB Audit & Accountancy Limited.
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