Registration number: SC258867

Middlebank Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Middlebank Limited

(Registration number: SC258867)
Statement of Financial Position as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	669	787
Investment property	5	1,437,999	1,437,999
		1,438,668	1,438,786
Current assets
Debtors	6	20,320	14,164
Cash at bank and in hand		107,153	45,168
		127,473	59,332
Creditors: Amounts falling due within one year	7	(438,967)	(448,463)
Net current liabilities		(311,494)	(389,131)
Total assets less current liabilities		1,127,174	1,049,655
Creditors: Amounts falling due after more than one year	7	-	(1,548)
Provisions for liabilities		(23,097)	(23,097)
Net assets		1,104,077	1,025,010
Capital and reserves
Called up share capital		2	2
Retained earnings	8	1,104,075	1,025,008
Shareholders' funds		1,104,077	1,025,010

For the financial year ending 28 February 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Middlebank Limited

(Registration number: SC258867)
Statement of Financial Position as at 28 February 2026

Approved and authorised by the Board on 26 May 2026 and signed on its behalf by:
 

 

Mrs R J Hutcheson
Company secretary and director

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

1	General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
3 Old Hawkhill
Dundee
DD1 5EU
Scotland

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax..

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 0 (2025 - 0).

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 March 2025	8,946	8,946
At 28 February 2026	8,946	8,946
Depreciation
At 1 March 2025	8,159	8,159
Charge for the year	118	118
At 28 February 2026	8,277	8,277
Carrying amount
At 28 February 2026	669	669
At 28 February 2025	787	787

5	Investment properties

	2026 £
At 1 March 2024	1,437,999
Additions	-
Disposals	-
Fair value adjustments	-
At 28 February 2025	1,437,999

The last valuation of the properties was at 28 February 2026 by the directors and they are of the opinion that they are stated at fair value in these accounts.

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

6

Debtors

Current	2026 £	2025 £
Other debtors	20,320	14,164
	20,320	14,164

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings		1,751	7,202
Taxation and social security		30,979	24,693
Accruals and deferred income		1,667	1,682
Other creditors		404,570	414,886
		438,967	448,463

The company has granted a bond and floating charge for all sums due to its bankers in support of its loan agreements along with standard securities over its investment properties.

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings		-	1,548

The company has granted a bond and floating charge for all sums due to its bankers in support of its loan agreements along with standard securities over its investment properties.

8

Reserves

	2026		2025
	£		£
Profit and loss account - distributable reserves	1,005,607		926,540
Revaluation on investment properties - undistributable reserve	121,564		121,564
Deferred tax - undistributable reserves	(23,096)		(23,096)
	1,104,075		1,025,008

Middlebank Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

9	Parent and ultimate parent undertaking

The Company's immediate parent is St Colmes Limited, incorporated in Scotland.