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Registered number: SC125163
PRIMESPOT ESTATES LIMITED
Financial Statements
For The Year Ended 31 May 2025
Khokhar McAdam Ltd
Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC125163
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,840,506 1,837,415
1,840,506 1,837,415
CURRENT ASSETS
Debtors 5 4,643 4,643
Cash at bank and in hand 13,349 23,029
17,992 27,672
Creditors: Amounts Falling Due Within One Year 6 (23,158 ) (33,390 )
NET CURRENT ASSETS (LIABILITIES) (5,166 ) (5,718 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,835,340 1,831,697
Creditors: Amounts Falling Due After More Than One Year 7 - (9,358 )
NET ASSETS 1,835,340 1,822,339
CAPITAL AND RESERVES
Called up share capital 8 3 3
Revaluation reserve 9 487,437 487,437
Profit and Loss Account 1,347,900 1,334,899
SHAREHOLDERS' FUNDS 1,835,340 1,822,339
Page 1
Page 2
For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Omar Balal Raza
Director
4 March 2026
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PRIMESPOT ESTATES LIMITED Registered number SC125163 is a limited by shares company incorporated in Scotland. The Registered Office is First Floor Right, 5 Douglas Street, Dunfermline, KY12 7EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
Fixtures & Fittings 15%
Computer Equipment 33%
2.3. Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
4Average number of employees, including directors, during the year was: 4 (2024: 4)
4 4
4. Tangible Assets
Investment Properties Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2024 1,810,404 736 88,118 6,248 1,905,506
Additions - 1,431 7,031 110 8,572
As at 31 May 2025 1,810,404 2,167 95,149 6,358 1,914,078
Depreciation
As at 1 June 2024 - 147 61,819 6,125 68,091
Provided during the period - 404 5,000 77 5,481
As at 31 May 2025 - 551 66,819 6,202 73,572
Net Book Value
As at 31 May 2025 1,810,404 1,616 28,330 156 1,840,506
As at 1 June 2024 1,810,404 589 26,299 123 1,837,415
5. Debtors
2025 2024
£ £
Due within one year
Other debtors (2) 4,643 4,643
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 1 1
Bank loans and overdrafts 9,996 10,639
Corporation tax 5,651 15,534
Other taxes and social security 1,464 2,089
Net wages 1,012 -
Other creditors 2,521 2,521
...CONTINUED
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Other creditors (1) 2,325 2,325
Other creditors (2) 41 -
Directors' loan accounts 147 281
23,158 33,390
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans - 9,358
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 3 3
9. Reserves
Revaluation reserve Profit and Loss Account
£ £
As at 1 June 2024 487,437 1,334,899
Profit for the year and total comprehensive income - 27,001
Dividends paid - (14,000)
As at 31 May 2025 487,437 1,347,900
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