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Company No: SC104234 (Scotland)

# F.S. PROPERTIES LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH THE REGISTRAR

F.S. PROPERTIES LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2025

Contents

F.S. PROPERTIES LIMITED

## BALANCE SHEET

AS AT 30 APRIL 2025
F.S. PROPERTIES LIMITED

## BALANCE SHEET (continued)

AS AT 30 APRIL 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 7,745 |  | 7,748
Investment property | 4 | 7,144 |  | 7,144
|  | 14,889 |  | 14,892
Current assets |  |  |  |
Stocks |  | 0 |  | 33,914
Debtors | 5 | 200,598 |  | 10,190
Cash at bank and in hand |  | 9,297 |  | 190,047
|  | 209,895 |  | 234,151
Creditors: amounts falling due within one year | 6 | ( 72,299) |  | ( 104,323)
Net current assets |  | 137,596 |  | 129,828
Total assets less current liabilities |  | 152,485 |  | 144,720
Provision for liabilities |  | ( 1,464) |  | ( 1,465)
Net assets |  | 151,021 |  | 143,255
Capital and reserves |  |  |  |
Called-up share capital | 7 | 11,000 |  | 11,000
Profit and loss account |  | 140,021 |  | 132,255
Total shareholders' funds |  | 151,021 |  | 143,255

For the financial year ending 30 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of F.s. Properties Limited (registered number: SC104234) were approved and authorised for issue by the Director on 15 January 2026. They were signed on its behalf by:

Martin Slowey Director |

F.S. PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2025
F.S. PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2025

##### 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

F.s. Properties 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 60 Hamilton Drive, Elgin, IV30 4NJ, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover represents rent receivable from rental properties and income received from the sale of properties.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### 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 | 25 % reducing balance
Office equipment | 25 % 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.

##### Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### 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.

##### Stocks

Work in Progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.
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.

##### 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.

##### 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.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 1 |  | 1

#### 3. Tangible assets

| Plant and machinery |  | Office equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 May 2024 | 11,076 |  | 0 |  | 11,076
Additions | 0 |  | 2,159 |  | 2,159
At 30 April 2025 | 11,076 |  | 2,159 |  | 13,235
Accumulated depreciation |  |  |  |  |
At 01 May 2024 | 3,328 |  | 0 |  | 3,328
Charge for the financial year | 1,937 |  | 225 |  | 2,162
At 30 April 2025 | 5,265 |  | 225 |  | 5,490
Net book value |  |  |  |  |
At 30 April 2025 | 5,811 |  | 1,934 |  | 7,745
At 30 April 2024 | 7,748 |  | 0 |  | 7,748

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 May 2024 | 7,144
As at 30 April 2025 | 7,144

The directors valued the investment properties at £7,144 on fair value basis at 30 April 2025.

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by connected companies | 0 |  | 2,795
Other debtors | 200,598 |  | 7,395
| 200,598 |  | 10,190

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Taxation and social security | 4,130 |  | 7,632
Other creditors | 68,169 |  | 96,691
| 72,299 |  | 104,323

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
11,000 Ordinary shares of £ 1.00 each | 11,000 |  | 11,000

#### 8. Related party transactions

Transactions with the entity's director

| 2025 |  | 2024
| £ |  | £
Key Management Personnel | 0 |  | 872

Advances

During the year, advances of £204,321 were made with interest charged at a rate of 2.25%. Repayments for the year totalled £8,412 therefore, at 30 April 2025 the balance due from the directors to the company is £196,348. There are no fixed terms of repayment on this balance.