Silverfin false false 31/03/2026 01/04/2025 31/03/2026 C Keohone 05/08/2019 L Penman 05/08/2019 R Webster 28/03/2000 J Webster 05/08/2019 02 July 2026 The principal activity of the Company during the financial year was investment in property with a view to obtaining rental income. SC097955 2026-03-31 SC097955 bus:Director1 2026-03-31 SC097955 bus:Director2 2026-03-31 SC097955 bus:Director3 2026-03-31 SC097955 bus:Director4 2026-03-31 SC097955 2025-03-31 SC097955 core:CurrentFinancialInstruments 2026-03-31 SC097955 core:CurrentFinancialInstruments 2025-03-31 SC097955 core:ShareCapital 2026-03-31 SC097955 core:ShareCapital 2025-03-31 SC097955 core:RevaluationReserve 2026-03-31 SC097955 core:RevaluationReserve 2025-03-31 SC097955 core:CapitalRedemptionReserve 2026-03-31 SC097955 core:CapitalRedemptionReserve 2025-03-31 SC097955 core:RetainedEarningsAccumulatedLosses 2026-03-31 SC097955 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC097955 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2026-03-31 SC097955 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2025-03-31 SC097955 bus:OrdinaryShareClass1 2026-03-31 SC097955 2025-04-01 2026-03-31 SC097955 bus:FilletedAccounts 2025-04-01 2026-03-31 SC097955 bus:SmallEntities 2025-04-01 2026-03-31 SC097955 bus:AuditExemptWithAccountantsReport 2025-04-01 2026-03-31 SC097955 bus:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 SC097955 bus:Director1 2025-04-01 2026-03-31 SC097955 bus:Director2 2025-04-01 2026-03-31 SC097955 bus:Director3 2025-04-01 2026-03-31 SC097955 bus:Director4 2025-04-01 2026-03-31 SC097955 2024-04-01 2025-03-31 SC097955 bus:OrdinaryShareClass1 2025-04-01 2026-03-31 SC097955 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC097955 (Scotland)

# LENORA INVESTMENTS LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH THE REGISTRAR

LENORA INVESTMENTS LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

Contents

LENORA INVESTMENTS LIMITED

## BALANCE SHEET

AS AT 31 MARCH 2026
LENORA INVESTMENTS LIMITED

## BALANCE SHEET (continued)

AS AT 31 MARCH 2026

| Note | 2026 |  | 2025
|  | £ |  | £
Fixed assets |  |  |  |
Investment property | 3 | 475,000 |  | 400,000
|  | 475,000 |  | 400,000
Current assets |  |  |  |
Debtors | 4 | 2,682 |  | 3,380
Cash at bank and in hand |  | 98,017 |  | 86,963
|  | 100,699 |  | 90,343
Creditors: amounts falling due within one year | 5 | ( 19,264) |  | ( 16,128)
Net current assets |  | 81,435 |  | 74,215
Total assets less current liabilities |  | 556,435 |  | 474,215
Provision for liabilities | 6 | ( 21,689) |  | 0
Net assets |  | 534,746 |  | 474,215
Capital and reserves |  |  |  |
Called-up share capital | 7 | 1 |  | 1
Revaluation reserve |  | 210,112 |  | 152,266
Capital redemption reserve |  | 1 |  | 1
Profit and loss account |  | 324,632 |  | 321,947
Total shareholder's funds |  | 534,746 |  | 474,215

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Lenora Investments Limited (registered number: SC097955) were approved and authorised for issue by the Board of Directors on 02 July 2026. They were signed on its behalf by:

C Keohone Director |

LENORA INVESTMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026
LENORA INVESTMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

##### 1. Accounting policies

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.

##### General information and basis of accounting

Lenora Investments 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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.
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 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration receivable for rent.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
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.

##### Investment property

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 the directors, on an open market value for existing use basis.

##### Financial instruments

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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

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.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.

#### 2. Employees

| 2026 |  | 2025
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 4 |  | 4

#### 3. Investment property

| Investment property
| £
Valuation |
As at 01 April 2025 | 400,000
Fair value movement | 75,000
As at 31 March 2026 | 475,000

Valuation

A full market valuation of investment property was completed by Shepherd Commercial at the Balance Sheet date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the Group’s residential investment property at 31 March 2026 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.
For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2026 |  | 2025
| £ |  | £
Historic cost | 243,199 |  | 243,199

#### 4. Debtors

| 2026 |  | 2025
| £ |  | £
Amounts owed by connected companies | 2,160 |  | 0
Other debtors | 522 |  | 3,380
| 2,682 |  | 3,380

#### 5. Creditors: amounts falling due within one year

| 2026 |  | 2025
| £ |  | £
Taxation and social security | 7,263 |  | 6,862
Other creditors | 12,001 |  | 9,266
| 19,264 |  | 16,128

#### 6. Provision for liabilities

| 2026 |  | 2025
| £ |  | £
Deferred tax | 21,689 |  | 0

#### 7. Called-up share capital

| 2026 |  | 2025
| £ |  | £
Allotted, called-up and fully-paid |  |  |
3 Ordinary shares of £ 0.3333 each | 1.00 |  | 1.00

#### 8. Related party transactions

Other related party transactions

| 2026 |  | 2025
| £ |  | £
Amounts owed to key management personnel | 5,194 |  | 4,144
Amounts owed by related parties | 2,160 |  | 0