REGISTERED NUMBER: SC041802 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

FOR

THISTLE REALTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C Martin

Mrs G Martin

D Martin

SECRETARY:

J C Martin

REGISTERED OFFICE:

14 Miller Road

Ayr

KA7 2AY

REGISTERED NUMBER:

SC041802 (Scotland)

ACCOUNTANTS:

Galbraith Pritchards

Chartered Accountants

20 Barns Street

Ayr

Ayrshire

KA7 1XA

FIXED ASSETS

Tangible assets

4

27,592

27,621

Investment properties

5

3,635,000

3,600,000

3,662,592

3,627,621

CURRENT ASSETS

Stocks

1,136,750

1,370,868

Debtors

6

500

15,543

Investments

7

8,800

8,800

Cash at bank and in hand

727,090

270,510

1,873,140

1,665,721

CREDITORS

Amounts falling due within one year

8

121,124

146,264

NET CURRENT ASSETS

1,752,016

1,519,457

TOTAL ASSETS LESS CURRENT LIABILITIES

5,414,608

5,147,078

CAPITAL AND RESERVES

Called up share capital

44,016

44,016

Capital redemption reserve

22,006

22,006

General reserves

278,685

278,685

Retained earnings

5,069,901

4,802,371

SHAREHOLDERS' FUNDS

5,414,608

5,147,078

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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 23 December 2025 and were signed on its behalf by:

D Martin - Director

1.	STATUTORY INFORMATION

Thistle Realty 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.

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 as modified by the revaluation of certain assets.

Turnover

Represents net rents received from properties excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

General Fixed Assets

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

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.

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.

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

General

Fixtures

Freehold

Fixed

and

Computer

property

Assets

fittings

equipment

Totals

£

£

£

£

£

COST

At 6 April 2024

and 5 April 2025

27,500

3,924

13,644

26,620

71,688

DEPRECIATION

At 6 April 2024

-

3,922

13,640

26,505

44,067

Charge for year

-

-

1

28

29

At 5 April 2025

-

3,922

13,641

26,533

44,096

NET BOOK VALUE

At 5 April 2025

27,500

2

3

87

27,592

At 5 April 2024

27,500

2

4

115

27,621

5.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 6 April 2024

3,600,000

Revaluations

35,000

At 5 April 2025

3,635,000

NET BOOK VALUE

At 5 April 2025

3,635,000

At 5 April 2024

3,600,000

Cost or valuation at 5 April 2025 is represented by:

£

Valuations up to 2006

855,431

Valuation in 2007

45,000

Valuation in 2008

(56,266

)

Valuation in 2009

(35,000

)

Valuation in 2010

(90,000

)

Valuation in 2011

(145,000

)

Valuation in 2012

(85,000

)

Valuation in 2013

(105,000

)

Valuation in 2014

(235,000

)

Valuation in 2015

(110,000

)

Valuation in 2016

(215,000

)

Valuation in 2017

(189,216

)

Valuation in 2018

(170,000

)

Valuation in 2019

(65,000

)

Valuation in 2020

(2,485,000

)

Valuation in 2022

(260,000

)

Valuation in 2023

(76,575

)

Valuation in 2024

(5000

)

Valuation in 2025

35,000

Cost

7,026,626

3,635,000

If Investment Properties had not been revalued they would have been included at the following historical cost:

5/4/24

5/4/23

£

£

Cost

7,026,626

7,026,626

Investment Properties were valued on an open market basis on 5 April 2024 by the Company Directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/25

5/4/24

£

£

Deferred tax asset

-

9,783

Prepayments

500

5,760

500

15,543

7.	CURRENT ASSET INVESTMENTS

5/4/25

5/4/24

£

£

Unlisted investments

8,800

8,800

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/25

5/4/24

£

£

Tax

91,500

98,750

VAT

3,243

5,541

Other creditors

1,191

15

Directors' current accounts

4

15,953

Accrued expenses

25,186

26,005

121,124

146,264

9.	ULTIMATE CONTROLLING PARTY

The controlling party is J C Martin.