REGISTERED NUMBER: SC730576 (Scotland)

SLGS ASSET MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2025

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

S T C Paulo

REGISTERED OFFICE:

216 West George Street

Glasgow

G2 2PQ

REGISTERED NUMBER:

SC730576 (Scotland)

ACCOUNTANTS:

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SLGS Asset Management Limited for the year ended 30th April 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the director of SLGS Asset Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SLGS Asset Management Limited and state those matters that we have agreed to state to the director of SLGS Asset Management Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that SLGS Asset Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SLGS Asset Management Limited. You consider that SLGS Asset Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SLGS Asset Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

4th June 2026

FIXED ASSETS

Tangible assets

4

-

488,000

Investment property

5

488,000

-

488,000

488,000

CURRENT ASSETS

Debtors

6

-

6,931

Cash at bank

1,468

442

1,468

7,373

CREDITORS

Amounts falling due within one year

7

17,298

26,546

NET CURRENT LIABILITIES

(15,830

)

(19,173

)

TOTAL ASSETS LESS CURRENT LIABILITIES

472,170

468,827

CREDITORS

Amounts falling due after more than one year

8

(500,502

)

(457,430

)

PROVISIONS FOR LIABILITIES

(8,708

)

(8,708

)

NET (LIABILITIES)/ASSETS

(37,040

)

2,689

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

-

26,123

Retained earnings

(37,140

)

(23,534

)

SHAREHOLDERS' FUNDS

(37,040

)

2,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 4th June 2026 and were signed by:

S T C Paulo - Director

1.	STATUTORY INFORMATION

SLGS Asset Management 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

Turnover

The turnover shown in the profit and loss account represents rent received during the year, exclusive of Value Added Tax.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any

accumulated depreciation and impairment losses. Any tangible assets carried at revalued

amounts are recorded at the fair value at the date of revaluation less any subsequent

accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other

comprehensive income and accumulated in equity, except to the extent it reverses a revaluation

decrease of the same asset previously recognised in profit or loss. A decrease in the carrying

amount of an asset as a result of revaluation, is recognised in other comprehensive income to

the extent of any previously recognised revaluation increase accumulated in equity in respect of

that asset. Where a revaluation decrease exceeds the accumulated revaluation gains

accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment properties are shown at fair value. Gains are recognised in the income statement. Deferred

taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1st May 2024

488,000

Reclassification/transfer

(488,000

)

At 30th April 2025

-

NET BOOK VALUE

At 30th April 2025

-

At 30th April 2024

488,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Reclassification/transfer

488,000

At 30th April 2025

488,000

NET BOOK VALUE

At 30th April 2025

488,000

Fair value at 30th April 2025 is represented by:

£

Valuation in 2024

34,831

Cost

453,169

488,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.25

30.4.24

£

£

Cost

453,169

453,169

Investment property was valued on an open market basis on 30th April 2024 by Sam Paulo .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Other debtors

-

6,931

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Other creditors

17,298

26,546

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.25

30.4.24

£

£

Bank loans (see note 9)

492,050

448,300

Other creditors

8,452

9,130

500,502

457,430

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans over 5 years

492,050

448,300

9.

LOANS

An analysis of the maturity of loans is given below:

30.4.25

30.4.24

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans over 5 years

492,050

448,300

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.25

30.4.24

£

£

Bank loans

492,050

448,300

The company's commercial loans are partially secured on assets of a discretionary trust in which

the director's family has interest.

The properties have security against them in relation to mortgages from Aldermore and Paragon (2025, Together 2024)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.25

30.4.24

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Revaluation

reserve

£

At 1st May 2024

26,123

Prior year adjustment

(26,123

)

At 30th April 2025

-

There was a prior year adjustment to correct the accounting treatment of the revaluation reserve of the investment property to include this correctly within the profit and loss account brought forward.

13.	ULTIMATE CONTROLLING PARTY

The company was under the control of Sam Paulo throughout the current and previous year.

14.	EXCEPTIONAL ITEMS

The company remortgaged its properties during the year and there was a difference between the original loan amount and the remortgaged amount. Despite their best efforts the director has been unable to get details of this discrepancy from the previous mortgage company and as such the difference has been allocated to early loan repayment charges and exceptional items.