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Registered number: SC745994 PRIMERO PROPERTIES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
PRIMERO PROPERTIES LIMITED COMPANY INFORMATION
Directors | Mr B Donnachie
| Mrs G Donnachie
Registered number | SC745994
Registered office | 3 Tom Johnston Road
| West Pitkerro Industrial Estate
| Dundee
| Tayside
| DD4 8XD
Accountants | EQ Accountants Limited
| Chartered Accountants
| 14 City Quay
| Dundee
| DD1 3JA
PRIMERO PROPERTIES LIMITED REGISTERED NUMBER: SC745994 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 326,999 |  | 326,999
Investments | 5 |  | 315,400 |  | 315,400
Investment property | 6 |  | 455,000 |  | 499,970
|  |  | 1,097,399 |  | 1,142,369
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 168,488 |  | 3,242 |
Bank and cash balances |  | 18,900 |  | 21,277 |
|  | 187,388 |  | 24,519 |
Creditors: amounts falling due within one year | 8 | (904,877) |  | (875,103) |
Net current liabilities |  |  | (717,489) |  | (850,584)
Total assets less current liabilities |  |  | 379,910 |  | 291,785
Creditors: amounts falling due after more than one year | 9 |  | (153,000) |  | -
Net assets |  |  | 226,910 |  | 291,785
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account |  |  | 226,810 |  | 291,685
|  |  | 226,910 |  | 291,785
Page 1
PRIMERO PROPERTIES LIMITED REGISTERED NUMBER: SC745994 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 JUNE 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 January 2026.
Mr B Donnachie
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
PRIMERO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Primero Properties Limited is a private company, limited by shares, domiciled in Scotland with registration number SC745994. The registered office is 3 Tom Johnston Road, West Pitkerro Industrial Estate, Dundee, DD4 8XD. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
PRIMERO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line (excluding land)
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. Page 4
PRIMERO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Tangible fixed assets
|  | Freehold property
|  | £
| Cost or valuation |
| At 1 July 2024 | 326,999
| At 30 June 2025 | 326,999
| Net book value |
| At 30 June 2025 | 326,999
| At 30 June 2024 | 326,999
5. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 July 2024 | 315,400
| At 30 June 2025 | 315,400
Page 5
PRIMERO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 July 2024 | 499,970
| Surplus on revaluation | (44,970)
| At 30 June 2025 | 455,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 163,444 | -
| Prepayments and accrued income | 5,044 | -
| Deferred taxation | - | 3,242
|  | 168,488 | 3,242
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 904,877 | 875,103
|  | 904,877 | 875,103
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 153,000 | -
|  | 153,000 | -
| The above loan is secured by a 1st Standard charge over the investment property, a Bond and Floating charge over the company assets and a Cash Deposit charge of £18,000 held in account.
Page 6
PRIMERO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
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