REGISTERED NUMBER: SC815630 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

5 JULY 2024 TO 31 JULY 2025

FOR

HERITAGE RESIDENCES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Cramond

K Goudie

REGISTERED OFFICE:

Q Court

3 Quality Street

Edinburgh

EH4 5BP

REGISTERED NUMBER:

SC815630 (Scotland)

ACCOUNTANTS:

S&W Partners (Scotland) Limited

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Tangible assets

4

561,750

Investments

5

200

561,950

CURRENT ASSETS

Stocks

6

51,098

Debtors

7

929

Cash at bank

81

52,108

CREDITORS

Amounts falling due within one year

8

(633,601

)

NET CURRENT LIABILITIES

(581,493

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(19,543

)

CAPITAL AND RESERVES

Called up share capital

10

100

Retained earnings

(19,643

)

SHAREHOLDERS' FUNDS

(19,543

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

A Cramond - Director

1.	STATUTORY INFORMATION

Heritage Residences Ltd 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.

At 31 July 2025 the company had net liabilities of £19,543. The company relies on the continued support of the directors and creditors to finance its day to day working capital requirements. The directors consider it appropriate to prepare the statements on the going concern basis as they expect that this support will continue in the future.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Heritage Residences Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

TANGIBLE FIXED ASSETS

Fixed assets are initially recorded at cost.

Depreciation on land and buildings will commence once the asset is brought into use.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are measured at fair value except for those investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure if fair value becomes available.

STOCKS

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

All borrowing costs in connection with financing assets under renovation are capitalised along with the costs of renovation.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

BORROWING COSTS

The company has adopted a policy of capitalizing borrowing costs that are directly attributable to the acquisitions, construction or production of a qualifying asset as part of the cost of that asset.

During the year borrowing costs totalling £52,267 were capitalised in connection with purchase and development of Land and Buildings. These borrowing costs relate directly to funding secured to assist with property acquisition.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

Additions

561,750

At 31 July 2025

561,750

NET BOOK VALUE

At 31 July 2025

561,750

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

200

At 31 July 2025

200

NET BOOK VALUE

At 31 July 2025

200

6.

STOCKS

£

Work-in-progress

51,098

Included within work in progress are development costs in connection with a property under development. The property was sold after 31 July 2025 for an amount in excess of the value of work in progress.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by group undertakings

132

Other debtors

797

929

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

1,875

Amounts owed to group undertakings

134

Other creditors

631,592

633,601

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Other loans

402,267

Other loans from McEwan Properties Ltd are secured by fixed charges over the company's development property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 were issued during the period for cash of £ 100 .

11.	RELATED PARTY DISCLOSURES

Included within 'Other creditors' is an amount of £102,195 due to the directors from the company. The loan is interest free and has no fixed term of repayment.