REGISTERED NUMBER: SC231864 (Scotland)

North Berwick Properties Limited

Unaudited Financial Statements

for the Year Ended 31 May 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Sheridan

A G Dawson

A M Reid-Thomas

REGISTERED OFFICE:

Grianan

Hoebridge Road East

Gattonside

Melrose

TD6 9NB

REGISTERED NUMBER:

SC231864 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

36 St Andrews Square

Edinburgh

EH2 2YB

FIXED ASSETS

Investments

4

50

50

Investment property

5

3,480,032

3,635,032

3,480,082

3,635,082

CURRENT ASSETS

Debtors

6

210,712

34,870

Cash at bank

145,316

266,909

356,028

301,779

CREDITORS

Amounts falling due within one year

7

98,062

94,659

NET CURRENT ASSETS

257,966

207,120

TOTAL ASSETS LESS CURRENT LIABILITIES

3,738,048

3,842,202

CREDITORS

Amounts falling due after more than one year

8

(796,061

)

(849,468

)

PROVISIONS FOR LIABILITIES

(186,711

)

(184,765

)

NET ASSETS

2,755,276

2,807,969

CAPITAL AND RESERVES

Called up share capital

10

40,010

40,010

Fair value reserve

11

934,365

963,477

Retained earnings

11

1,780,901

1,804,482

SHAREHOLDERS' FUNDS

2,755,276

2,807,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2026 and were signed on its behalf by:

A G Dawson - Director

1.	STATUTORY INFORMATION

North Berwick Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis, which assumes the company will continue to trade for the foreseeable future. The director's going concern assessment includes a period of at least 12 months from the date of signing of these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents net rental and consultancy fee income, excluding value added tax.

Rent is recognised in accordance with the lease agreement. Where rent is paid in advance, this is calculated and shown separately as deferred income.

Consultancy fees are recognised when the service has been provided and all obligations to the customers under the agreement have been fulfilled.

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuations in property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are repayable on demand.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date and is included in the accounts as a provision.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed assets investments

Unlisted fixed asset investments are stated at cost less any provision for impairment.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 3 ).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2024

and 31 May 2025

50

NET BOOK VALUE

At 31 May 2025

50

At 31 May 2024

50

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

3,635,032

Disposals

(155,000

)

At 31 May 2025

3,480,032

NET BOOK VALUE

At 31 May 2025

3,480,032

At 31 May 2024

3,635,032

Fair value at 31 May 2025 is represented by:

£

Valuation in 2017

322,301

Valuation in 2018

251,669

Valuation in 2019

4,810

Valuation in 2020

(2,710

)

Valuation in 2021

545,006

Cost

2,358,956

3,480,032

If Investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

2,358,956

2,486,790

Investment properties were valued on an open market basis on 31 May 2025 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by joint ventures

75

75

Other debtors

210,637

34,795

210,712

34,870

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

55,957

51,819

Taxation and social security

290

-

Other creditors

41,815

42,840

98,062

94,659

Included within other creditors is a loan from the directors. The balance is unsecured, interest-free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

796,061

849,468

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

852,018

901,287

The Royal Bank of Scotland Plc holds a bond and floating charge over the assets of the company. They also have standard security's over the investment properties.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

40,000

Ordinary A

£1

40,000

40,000

1

Ordinary B

£1

1

1

1

Ordinary C

£1

1

1

2

Ordinary D

£1

2

2

1

Ordinary E

£1

1

1

1

Ordinary F

£1

1

1

1

Ordinary G

£1

1

1

1

Ordinary H

£1

1

1

1

Ordinary I

£1

1

1

1

Ordinary J

£1

1

1

40,010

40,010

The rights attached to the classes of shares are as follows:

The A, B, C, D, E, F, G , H, I and J ordinary shares have full rights in the company in all respects and rank pari passu. The company may, by ordinary resolution, differentiate between the different classes of shares in respect as to the amount or percentage of the dividend paid.

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 June 2024

1,804,482

963,477

2,767,959

Profit for the year

31,307

31,307

Dividends

(84,000

)

(84,000

)

Deferred tax movement

1,946

(1,946

)

-

Release of reserves on disposal of property

27,166

(27,166

)

-

At 31 May 2025

1,780,901

934,365

2,715,266

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.