Company No: SC656749 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,628		2,430
Investment property	4	1,299,003		882,881
		1,300,631		885,311
Current assets
Debtors	5	4,768		39,332
Cash at bank and in hand		706		2,665
		5,474		41,997
Creditors: amounts falling due within one year	6	( 870,950)		( 602,833)
Net current liabilities		(865,476)		(560,836)
Total assets less current liabilities		435,155		324,475
Creditors: amounts falling due after more than one year	7	( 535,019)		( 393,803)
Net liabilities		( 99,864)		( 69,328)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 99,964 )		( 69,428 )
Total shareholder's deficit		( 99,864)		( 69,328)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 SFM Propco Limited (registered number: SC656749) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

Scott McKenna 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

SFM Propco 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 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT, 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 financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for at least twelve months from the date of signing the financial statements. This assumption is based upon assurances received from the directors that it is their intention to provide such assistance as is required to enable the Company to meet its financial commitments. If the Company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.

Turnover

Turnover represents amounts receivable for the letting of properties. The company recognises revenue over the period of a lease when collection of the resulting receivable is reasonably assured. Should the company consider that the criteria for revenue recognition are not met for a transaction, revenue recognition would be delayed until such time as the transaction becomes fully earned or collectability assured.

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:

Plant and machinery etc.

33 % reducing balance

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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	1		1

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	3,423		3,423
At 31 March 2025	3,423		3,423
Accumulated depreciation
At 01 April 2024	993		993
Charge for the financial year	802		802
At 31 March 2025	1,795		1,795
Net book value
At 31 March 2025	1,628		1,628
At 31 March 2024	2,430		2,430

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	882,881
Additions	416,122
As at 31 March 2025	1,299,003

Valuation

Investment properties comprise of residential properties. The investment properties were revalued by the director on 31 March 2025 at £1,299,003. The fair value of investment properties has been arrived at on the basis of a valuation carried out by the director with reference to market evidence transaction price of similar properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	1,364,682		948,560

5. Debtors

	2025		2024
	£		£
Other debtors	4,768		39,332

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	10,130		0
Other creditors	860,820		602,833
	870,950		602,833

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

	2025		2024
	£		£
Bank loans (secured)	535,019		358,803
Other creditors	0		35,000
	535,019		393,803

A Fixed Charge was created on 28 January 2021 in favour of Paragon Bank PLC and is secured over the whole of the property at 23D Fleming Gardens South, Dundee.

A Fixed Charge was created on 29 March 2021 in favour of Paragon Bank PLC and is secured over the whole of the property at 11 Glenmoy Avenue, Dundee.

A Fixed Charge was created on 06 June 2022 in favour of The Mortgage Lender Limited and is secured over the whole of the property at 268 Union Grove, Aberdeen.

A Fixed Charge was created on 07 November 2022 in favour of The Mortgage Works (UK) PLC and is secured over the whole of the property at 21 Wallfield Crescent, Aberdeen.

A Fixed Charge was created on 13 September 2023 in favour of Precise Mortgages Limited and is secured over the whole of the property at 187 Clepington Road, Dundee.

A Fixed Charge was created on 10 January 2024 in favour of LendInvest BTL Limited and is secured over the whole of the property at 67 Aboyne Avenue, Dundee.

A Fixed Charge was created on 03 March 2025 in favour of Mortgage Lender Limited and is secured over the whole of the property at 69 Duke Street, Edinburgh.

8. Called-up share capital

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

9. Financial commitments

Commitments

As at 31 March 2025 the company had contracted with tenants for the minimum lease payments of £5,717 (2024 - £3,853).

10. Related party transactions

Transactions with the entity's directors

As at 31 March 2025, the company was due the director £857,620 (2024 - £600,233). The loan is interest free and there are no set repayment terms.