Company No:
Contents
| DIRECTORS | Corrina Cooper |
| Don MacIver (Resigned 21 October 2024) | |
| Donald MacIver | |
| Eileen MacIver (Resigned 21 October 2024) |
| SECRETARY | Corrina Cooper |
| REGISTERED OFFICE | Eildon House |
| 39 High Street | |
| Inverness | |
| IV1 1HT | |
| United Kingdom |
| BUSINESS ADDRESS | Albion House |
| 28 Ardconnel Terrace | |
| Inverness | |
| IV2 3AE |
| COMPANY NUMBER | SC202197 (Scotland) |
| AUDITOR | Hall Morrice LLP |
| Statutory Auditor | |
| 6 & 7 Queen's Terrace | |
| Aberdeen | |
| AB10 1XL |
| BANKERS | Virgin Money |
| 15 Academy Street | |
| Inverness | |
| IV1 1JN |
| Bank of Scotland | |
| 2-6 Eastgate | |
| Inverness | |
| IV2 3NA |
| SOLICITORS | Brodies LLP |
| 31-33 Union Grove | |
| Aberdeen | |
| AB10 6SD |
The directors present their Strategic Report for the financial year ended 30 September 2025.
REVIEW OF THE BUSINESS
The principal activity of the company continued to be that of the provision of care services.
During the year the company generated turnover of £5,020,411 (2024 - £4,563,311) which is an increase of 10.02% from the previous year (2024 - 3.13%).
Operating profit was £1,308,188 (2024 - £1,268,276) which has increased by 3.2% from 2024 (2024 - 14.1% increase from 2023). The operating profit margin is 24.5% (2024 - 26.1%). Profit after tax was £937,048 (2024 - £751,682).
Employee staff numbers remain consistent with previous years and hourly wages have increased which is essential for retaining staff, which in turn is vital for the retention of care contracts. Employment costs for the year are £3,714,059 (2024 - £3,325,496) which accounts for 91.9% (2024 - 90.2%) of the total operating expenditure. The average number of employees during the year was 136 (2024 - 135).
At balance sheet date the company had net assets of £7.8m (2024 - £9.7m).
Prior period figures have been restated in the Statement of comprehensive income and Statement of cash flows as to improve the presentation of the financial statements. Details of these changes have been included in note 3 Prior year adjustment. There is no effect on the Net assets as at 30 September 2024.
The company's geographical areas of focus remains in the Highlands and Aberdeenshire. The company will continue to tender for additional care contracts using its long running record and well trained staff as key drivers to winning new contracts.
On 21 October 2024, the company repurchased 36 A Ordinary shares of £1 each for a consideration of £1,165,011 and 35 B Ordinary shares of £1.00 each for a consideration of £1,132,648 as part of restructuring of the company.
FINANCIAL RISK MANAGEMENT
Financial Instruments
The main risk from the company’s financial instruments is liquidity risk. The directors review and agree policies for managing this. The policies have remained unchanged from the prior year.
During the year all bank loans were fully repaid and no external loans remain outstanding.
Liquidity Risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest Rate Risk
The interest rate risk is insignificant as there are no external loans at 30th September 2025. There are no plans to obtain new loans in the next twelve months.
PRINCIPAL RISKS AND UNCERTAINTIES
A key risk of the company is that it fails to maintain a highly trained workforce to meet contract requirements. The company continues to employ and train staff to the required levels to provide the appropriate level of care services. This investment in staff is also key to being able to grow the business through additional care contracts from Local Governments.
The directors are also aware of the possibility that Local or National Government policies regarding care for individuals can change. The directors believe that the strong financial position of the company means that it can react quickly to changes in Government care policies.
FUTURE DEVELOPMENTS
The company will continue investing in staff through competitive pay rates, training and continuing development with a view to retaining staff and managing the turnover of staff.
We strongly believe that the demand of our services will be required and will increase in the forthcoming years. Therefore, we will continue to identify and recruit key personnel to enhance our capabilities and assist in our growth.
Approved by the Board of Directors and signed on its behalf by:
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Corrina Cooper
Director |
The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 30 September 2025.
DIVIDENDS
The directors paid a dividend of £456,980 in the current financial year (2024: £424,468).
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Resigned 21 October 2024) |
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(Resigned 21 October 2024) |
STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of the principal activities of the company.
AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Hall Morrice LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Corrina Cooper
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Eildon Limited for the financial year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 20, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements of Eildon Limited (the ‘company’):
* Give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mistatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:
* Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
* Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;
* Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations;
* Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to Regulation of Care (Scotland) Act 2001;
* Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;
* Made enquiries of management and inspected legal correspondence; and
* Ensured the engagement team remained alert to instances of non-compliance throughout the audit.
In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:
* Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;
* Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;
* Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
* Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;
* Carried out detailed testing to verify the completeness, occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;
* Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;
* Tested journal entries to identify any unusual transactions;
* Performed analytical procedures to identify any significant or unusual transactions;
* Investigated the business rationale behind any significant or unusual transactions; and
* Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.
We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.
Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
Aberdeen
AB10 1XL
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated - note 3 | ||||
| Turnover | 4 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Other operating income | 5 |
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| Operating profit |
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| Other non-operating loss | 11 |
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| Profit before interest and taxation | 1,308,188 | 1,083,180 | ||
| Interest receivable and similar income | 6 |
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| Interest payable and similar expenses | 6 | (
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| Profit before taxation | 7 |
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| Tax on profit | 10 | (
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| Other comprehensive income | 0 | 0 | ||
| Total comprehensive income |
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 13 |
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| Investment property | 14 |
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| 991,848 | 998,991 | |||
| Current assets | ||||
| Debtors | 15 |
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| Cash at bank and in hand |
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| 7,583,189 | 9,980,913 | |||
| Creditors: amounts falling due within one year | 16 | (
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| Net current assets | 6,857,921 | 8,668,369 | ||
| Total assets less current liabilities | 7,849,769 | 9,667,360 | ||
| Net assets | 7,849,769 | 9,667,360 | ||
| Capital and reserves | 17 | |||
| Called-up share capital |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholders' funds | 7,849,769 | 9,667,360 |
The financial statements of Eildon Limited (registered number:
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Corrina Cooper
Director |
| Called-up share capital | Capital redemption reserve | Profit and loss account | Total | ||||
| £ | £ | £ | £ | ||||
| At 01 October 2023 |
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| Dividends paid on equity shares (note 12) |
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| Dividends paid on equity shares (note 12) |
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| At 30 September 2025 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Restated - note 3 | |||
| Net cash flows from operating activities (note 19) |
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| Cash flows from investing activities | |||
| Purchase of plant and machinery | (
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| Interest received |
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| (Increase)/decrease from other loans | (31,473) | 240,484 | |
| Net cash flows from investing activities | (
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| Cash flows from financing activities | |||
| Repayments of borrowings | (
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| Dividends paid to equity shareholders | (456,980) | (424,468) | |
| Proceeds from borrowings | 28,339 | 8,027 | |
| Purchase of own shares | (2,297,659) | 0 | |
| Net cash flows from financing activities | (
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| Net (decrease)/increase in cash and cash equivalents | (
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| Cash and cash equivalents at beginning of year |
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Eildon Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Eildon House, 39 High Street, Inverness, IV1 1HT, United Kingdom. The principal place of business is Albion House, 28 Ardconnel Terrace, Inverness, IV2 3AE.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
Rental income comprises monies received and receivable from investment property.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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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 profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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. Amounts 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.
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.
The fair value of the company's investment property at 30 September 2025 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of the property being valued. The valuations performed conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties.
The comparison approach was used for all investment properties which involved reviewing recent market evidence from the sales of similar properties during the financial year.
Following the submission of the prior year financial statements a material misallocation of a transaction in the Statement of cash flows was identified and it was considered appropriate to treat as a prior year adjustment.
Note 19 Statement of cash flows has also been restated to correctly show the Loss on disposal of fixed assets transaction totalling £360,096, as shown in note 7 Profit before taxation. The remaining £1 difference pertains to the "(Increase)/decrease in debtors" heading.
In the Statement of comprehensive income it was considered more accurate to show Recharged expenses within Other operating income rather than Turnover due to the nature of the income. Turnover has decreased by £258,100 and Other operating income has increased by the same amount.
There was no effect on the company's Profit for the financial year and Net assets as at 30 September 2024.
| As previously reported | Adjustment | As restated | ||||
| Year ended 30 September 2024 | £ | £ | £ | |||
| Net cash flows from operating activities | 2,497,735 | (360,097) | 2,137,638 | |||
| Net cash flows from investing activities | (119,612) | 360,096 | 240,484 | |||
| Net cash flows from financing activities | (586,374) | 1 | (586,373) | |||
| Turnover | 4,821,411 | (258,100) | 4,563,311 | |||
| Other operating income | 34,400 | 258,100 | 292,500 |
Breakdown by business class
An analysis of the company's turnover by class of business is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| Fees | 5,020,411 | 4,563,311 |
Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.
| 2025 | 2024 | ||
| £ | £ | ||
| Rent receivable | 84,835 | 34,400 | |
| Recharged expenses | 245,066 | 258,100 | |
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| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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(
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| (350) | (39,857) |
Profit before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 13) |
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| Impairment of tangible fixed assets (note 13) |
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(
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| Gain on fair value movement of investment property (note 14) |
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(
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| Fees payable to the company's auditor for the audit of the company's financial statements |
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| Loss on disposal of fixed assets |
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| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Direct |
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| Admin |
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Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 3,714,059 | 3,325,496 |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
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| Company contributions to money purchase pension schemes |
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| 36,695 | 48,242 |
| 2025 | 2024 | ||
| Number | Number | ||
| Members of a money purchase pension scheme |
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| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
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| Total current tax |
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| Total tax on profit |
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The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Profit before taxation | 1,307,838 | 1,043,323 | |
| Tax on profit at standard UK corporation tax rate of 25% (2024: 25%) |
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| Effects of: | |||
| Expenses not deductible for tax purposes |
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| Chargeable gains | 0 | 15,312 | |
| Expenses not deductible for tax purposes | 2,507 | 2,007 | |
| Deferred tax not recognised | (1,346) | (16,114) | |
| Income not taxable for tax purposes | 0 | (68,861) | |
| Adjustments in respect of previous periods | 39,781 | 0 | |
| Total tax charge for year | 370,790 | 291,641 |
| 2025 | 2024 | ||
| £ | £ | ||
| Gain on fair value movement of investment property | 0 | 175,000 | |
| Loss on disposal of fixed assets | 0 | (360,096) | |
| 0 | (185,096) |
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Final paid | 456,980 | 424,468 | |
| Land and buildings |
Plant and machinery | Fixtures and fittings | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 October 2024 |
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| Additions |
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| At 30 September 2025 |
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| Accumulated depreciation | |||||||
| At 01 October 2024 |
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| Charge for the financial year |
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| At 30 September 2025 |
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| Net book value | |||||||
| At 30 September 2025 | 364,967 | 6,023 | 858 | 371,848 | |||
| At 30 September 2024 | 375,000 | 3,383 | 608 | 378,991 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 October 2024 |
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| As at 30 September 2025 |
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Valuation
A full market valuation of investment property was completed by Christie & Co as at 18 October 2024. The fair value of the company’s residential investment properties at 30 September 2025 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Historic cost | 697,735 | 697,735 |
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by related parties (note 20) |
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| Corporation tax |
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| Other debtors |
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| Prepayments and accrued income |
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| Amounts owed by directors (note 20) |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Directors loans (note 20) |
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| Trade creditors |
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| Corporation tax |
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| Other taxation and social security |
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| Accruals and deferred income |
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| Other creditors |
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Bank of Scotland PLC hold a floating charge over the whole of the assets of the company and held standard security charges over specific investment properties owned by the company which were satisfied on 15 November 2024.
Bank loans were fully repaid in the year.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
| Nil
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| 2 J Ordinary Shares shares of £ 1.00 each | 2 | 2 | |
| 29 | 100 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 29 | 100 |
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.
The capital redemption reserve represents amounts arising from the purchase of own share capital.
| Balance at 01 October 2024 | Cash flows | Balance at 30 September 2025 | |||
| £ | £ | £ | |||
| Cash at bank and in hand | 2,815,700 | ( 2,616,405) | 199,295 | ||
| Debt due within one year | ( 406,639) | 406,639 | 0 | ||
| 2,409,061 | ( 2,209,766) | 199,295 | |||
| Net debt |
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( 2,209,766) |
|
| 2025 | 2024 | ||
| £ | £ | ||
| Operating profit |
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| Adjustment for: | |||
| Impairment loss on property, plant and equipment |
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(
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| Depreciation and amortisation |
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| Operating cash flows before movement in working capital |
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| (Increase)/decrease in debtors | (
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| Decrease in creditors | (
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(
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| Cash generated by operations |
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| Income taxes paid | (
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(
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| Interest paid | (
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(
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| Net cash flows from operating activities |
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Transactions with related parties or connected persons
Amounts owed by related parties
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by Don and Eileen MacIver | 544,954 | 0 | |
| Entities over which the entity has control, joint control or significant influence | 5,755,144 | 5,353,984 | |
| Other related parties | 3,643 | 606 | |
| 6,303,741 | 5,354,590 |
Amounts owed to related parties
| 2025 | 2024 | ||
| £ | £ | ||
| Other related parties | 158,657 | 341,515 |
Transactions during year - recharged expenses
| 2025 | 2024 | ||
| £ | £ | ||
| Entities over which the entity has control, joint control or significant influence | 245,066 | 258,100 |
Transactions during year - rental income
| 2025 | 2024 | ||
| £ | £ | ||
| Entities over which the entity has control, joint control or significant influence | 84,835 | 34,400 |
Transactions with the entity’s directors (or members of its governing body)
Amounts owed by directors
| 2025 | 2024 | ||
| £ | £ | ||
| Don & Eileen MacIver |
|
|
Amounts owed to directors
| 2025 | 2024 | ||
| £ | £ | ||
| Corrina MacIver | 10,895 | 1,970 | |
| Donald MacIver Jnr | 25,471 | 6,057 | |
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