REGISTERED NUMBER: SC612610 (Scotland)

Unaudited Financial Statements

for the Period

1 December 2023 to 31 December 2024

for

Canongate Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

N Farmer

D M Petrie

G M Rawlinson

REGISTERED OFFICE:

14 Rutland Square

Edinburgh

Lothians

EH1 2BD

REGISTERED NUMBER:

SC612610 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Burrows Limited

28 Rutland Square

Edinburgh

EH1 2BW

FIXED ASSETS

Tangible assets

4

3,209,442

3,297,485

CURRENT ASSETS

Debtors

5

261,871

260,210

Cash at bank and in hand

85,074

272,595

346,945

532,805

CREDITORS

Amounts falling due within one year

6

3,843,030

4,227,583

NET CURRENT LIABILITIES

(3,496,085

)

(3,694,778

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(286,643

)

(397,293

)

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

(286,653

)

(397,303

)

(286,643

)

(397,293

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 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 22 December 2025 and were signed on its behalf by:

D M Petrie - Director

1.	STATUTORY INFORMATION

Canongate Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of property development for sale or serviced residential accommodation.

Tangible fixed assets

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

Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments 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.

Land is not depreciated.

Land and buildings - nil to over 30 years

Fixtures & fittings - 25% reducing balance

Depreciation and impairment losses are charged to the Statement of Comprehensive Income within administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively

Financial instruments

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 payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 December 2023

2,964,479

676,584

3,641,063

Additions

2,146

-

2,146

At 31 December 2024

2,966,625

676,584

3,643,209

DEPRECIATION

At 1 December 2023

-

343,578

343,578

Charge for period

-

90,189

90,189

At 31 December 2024

-

433,767

433,767

NET BOOK VALUE

At 31 December 2024

2,966,625

242,817

3,209,442

At 30 November 2023

2,964,479

333,006

3,297,485

The directors are of the opinion that cost is a fair valuation of the property.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

261,871

260,210

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

13,105

21,793

Taxation and social security

40,790

38,569

Other creditors

3,789,135

4,167,221

3,843,030

4,227,583

7.	RELATED PARTY DISCLOSURES

At 31 December 2024 the company is due £3,481,514 (2023 - £3,829,311) to Fund Crown Ltd a company controlled by Mr N Farmer and his wife. Included in this loan balance is interest of £1,157,208 (2023 - £945,070). At 31 December 2024 the company is due £249,202 (2023- £249,202) to Northumberland Street Mews Company Ltd a company controlled by Mr D Petrie and Mr G Rawlinson. The loan from Northumberland Street Mews Company Ltd is interest free and has no set repayment terms. The loan from Fund Crown Ltd attracts interest of 8% per annum and is due within 1 year. During the year interest of £212,137 (2023 - £232,802) has been charged by Fund Crown Ltd.