Company Registration No. SC699082 (Scotland)
LOVE LOAN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
LOVE LOAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LOVE LOAN LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,408,068
6,864,174
Current assets
Debtors
4
57,834
19,313
Cash at bank and in hand
28,584
1,613
86,418
20,926
Creditors: amounts falling due within one year
5
(9,494,385)
(6,884,999)
Net current liabilities
(9,407,967)
(6,864,073)
Net assets
101
101
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
100
100
Total equity
101
101

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 April 2026 and are signed on its behalf by:
C J Stewart
Director
Company Registration No. SC699082
LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
1
Accounting policies
Company information

Love Loan Limited is a private company limited by shares incorporated in Scotland. The registered office is The Tower, 7 Advocate's Close, Edinburgh, United Kingdom, EH1 1ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Notwithstanding net current liabilities of £9,407,967 (2024: £6,864,073) as at 30 June 2025, and no profit or loss for the year since the company has not yet commenced trading, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons: true

The directors have prepared a cash flow forecast for the company covering the going concern assessment period, being at least 12 months from the date of approval of these financial statements.

The company meets the day to day working capital requirements from a term facility agreement.

The directors have prepared a cash flow forecast and performed a going concern assessment which indicates that, taking account of reasonably possible downsides, the company will have sufficient funds, through the continued use of the external financing facility of £8.0m from RBS. The term facility of £8.0m was agreed on 29 July 2024 and is repayable 30 months from the date of the agreement. The facility was subsequently amended and restated on 18th December 2024 and extended with a repayment date of 1 June 2028.

At the balance sheet date, the group, of which the company is a part of, was in breach of certain covenants relating to its bank facility. Accordingly, the bank loans and overdrafts under the RBS facility have been classified as falling due within one year. Subsequent to the year end, RBS formally waived these covenant breaches and confirmed that the facility remains available in accordance with its original maturity profile, with no requirement for repayment within 12 months of the reporting date

The forecasts for this company assume that its creditors under common control of the ultimate controlling party, Christopher Stewart, will not withdraw amounts forwarded to it for the period covered by the forecasts. This has been confirmed in writing by those parties.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Assets under construction
Not depreciated

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 the profit and loss account.

1.4
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include certain 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including certain creditors, bank loans and loans from fellow group companies, 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 paymen ts 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. A m ounts 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2024 - 0).

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
3
Tangible fixed assets
Assets under construction
£
Cost
At 1 July 2024
6,864,174
Additions
2,543,894
At 30 June 2025
9,408,068
Depreciation and impairment
At 1 July 2024 and 30 June 2025
-
0
Carrying amount
At 30 June 2025
9,408,068
At 30 June 2024
6,864,174

Included within assets under construction are borrowing costs of £1,936,819 (2024: £1,263,362) directly attributable to the acquisition and development of the assets.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
38,160
13,318
Other debtors
19,674
5,995
57,834
19,313

Amounts owed by group undertakings are interest free and repayable on demand.

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,288,206
3,095,186
Trade creditors
160,210
9,228
Amounts owed to group undertakings
-
0
3,755,101
Amounts owed to related parties
3,737,246
-
Other creditors
308,723
25,484
9,494,385
6,884,999

Amounts owed to group undertakings are interest free and repayable on demand.

Current year bank loans outlined above include amounts drawn down by the company during the year against the company's allocation of a group facility agreement held with RBS. Bank borrowings are secured by fixed and floating charges over all of the property or undertaking of the company.

At the balance sheet date, the Group was in breach of certain covenants relating to its bank facility of which the company is a part. Accordingly, the bank loans and overdrafts under the RBS facility have been classified as falling due within one year. Subsequent to the year end, RBS formally waived these covenant breaches and confirmed that the facility remains available in accordance with its original maturity profile, with no requirement for repayment within 12 months of the reporting date.

6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was James Hamilton and the auditor was Johnston Carmichael LLP.
8
Financial commitments, guarantees and contingent liabilities

As a condition to the availability of the bank loan and overdraft facilities made available by The Royal Bank of Scotland plc to Lateral City Limited, CSG Glasgow Limited, Love Loan Limited and St Andrew Square (Property) Limited, all related by virtue of common ownership (the “Related Group”), The Royal Bank of Scotland plc (in its capacity as Security Agent) holds a floating charge over all the assets of the company and certain fixed charges over certain assets of the company. Under the terms of these finance documents the Related Group must meet certain financial covenants in relation to the Related Group’s financial position. The company’s liability in respect of these finance documents (including pursuant to the guarantees granted under these finance documents) as at 30 June 2025 amounted to £73.8 m.

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
9
Related party transactions

CSG Hotels and Apartments Limited is the smallest group in which the company's results are consolidated and the accounts of CSG Hotels and Apartments Limited can be obtained from the Companies House online register at https://www.gov.uk/government/organisations/companies-house. The registered address of CSG Hotels and Apartments Limited is 12 Hope Street, Edinburgh, EH2 4DB.

At 30 June 2025 an amount of £3,731,405 (2024 - £3,732,019) is due to CSG Projects Limited, formerly a fellow subsidiary undertaking but now a company under common control. During the year CSG Projects Limited provided services of £101,144 (2024: £46,300).

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

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