REGISTERED NUMBER: SC267916 (Scotland)

BRAESIDE LIMITED

Financial Statements for the Year Ended 30 August 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T R F Murray

C K Murray

J A Murray

E V Murray

D C Forsyth CA

REGISTERED OFFICE:

The Mansefield Hotel

Mayne Road

Elgin

IV30 1NY

REGISTERED NUMBER:

SC267916 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

FIXED ASSETS

Tangible assets

4

5,687,739

5,404,697

CURRENT ASSETS

Stocks

136,539

111,121

Debtors

5

94,409

64,063

Cash at bank and in hand

319,224

609,824

550,172

785,008

CREDITORS

Amounts falling due within one year

6

520,278

528,348

NET CURRENT ASSETS

29,894

256,660

TOTAL ASSETS LESS CURRENT LIABILITIES

5,717,633

5,661,357

CREDITORS

Amounts falling due after more than one year

7

(2,521,081

)

(2,527,319

)

PROVISIONS FOR LIABILITIES

(93,167

)

(65,939

)

NET ASSETS

3,103,385

3,068,099

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,103,285

3,067,999

3,103,385

3,068,099

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 August 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

T R F Murray - Director

C K Murray - Director

J A Murray - Director

E V Murray - Director

D C Forsyth CA - Director

1.	STATUTORY INFORMATION

Braeside Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future

periods.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% depreciation on cost

Fixtures and fittings

-

15% depreciation on reducing balance

Motor vehicles

-

25% depreciation on reducing balance

Chattels are held at cost and therefore not depreciated.

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 fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or

cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2024 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Chattels

Totals

£

£

£

£

£

COST

At 31 August 2024

5,358,844

618,492

136,665

93,797

6,207,798

Additions

330,225

63,337

92,736

7,125

493,423

Disposals

-

(27,526

)

(5,556

)

(634

)

(33,716

)

At 30 August 2025

5,689,069

654,303

223,845

100,288

6,667,505

DEPRECIATION

At 31 August 2024

476,065

268,116

58,920

-

803,101

Charge for year

107,177

55,109

30,499

-

192,785

Eliminated on disposal

-

(12,880

)

(3,240

)

-

(16,120

)

At 30 August 2025

583,242

310,345

86,179

-

979,766

NET BOOK VALUE

At 30 August 2025

5,105,827

343,958

137,666

100,288

5,687,739

At 30 August 2024

4,882,779

350,376

77,745

93,797

5,404,697

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

92,736

At 30 August 2025

92,736

DEPRECIATION

Charge for year

11,642

At 30 August 2025

11,642

NET BOOK VALUE

At 30 August 2025

81,094

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.8.25

30.8.24

£

£

Trade debtors

89,409

39,000

Other debtors

5,000

25,063

94,409

64,063

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.8.25

30.8.24

£

£

Bank loans and overdrafts

211,920

170,520

Hire purchase contracts

31,566

12,530

Trade creditors

33,932

56,392

Taxation and social security

175,949

220,119

Other creditors

66,911

68,787

520,278

528,348

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.8.25

30.8.24

£

£

Bank loans

2,506,111

2,520,597

Hire purchase contracts

14,970

3,910

Other creditors

-

2,812

2,521,081

2,527,319

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.8.25

30.8.24

£

£

Bank loans

2,718,031

2,691,117

The bank loans are secured by fixed and floating charges over the land and buildings at The Mansefield

Hotel, Elgin.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £31,700 were paid to the directors .

Included within creditors falling due within one year is a balance of £10,743 due to the directors (2024 - £18,619 due to the company by the directors). The loan from the directors is interest free and is repayable on demand.

During the year the company purchased a property from J Murray, director, to be used as a serviced apartment. This transaction took place at market value, with the purchase price being £300,000..