Company No: SC164012 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	520,000		549,982
		520,000		549,982
Current assets
Debtors	5	58,536		53,077
Cash at bank and in hand	6	14,314		38,471
		72,850		91,548
Creditors: amounts falling due within one year	7	( 219,434)		( 216,849)
Net current liabilities		(146,584)		(125,301)
Total assets less current liabilities		373,416		424,681
Creditors: amounts falling due after more than one year	8	( 111,553)		( 129,372)
Net assets		261,863		295,309
Capital and reserves
Called-up share capital	9	6		6
Revaluation reserve		35,410		35,410
Profit and loss account		226,447		259,893
Total shareholders' funds		261,863		295,309

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 members have 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 Toft Properties Limited (registered number: SC164012) were approved and authorised for issue by the Board of Directors on 02 July 2026. They were signed on its behalf by:

Edward Toft Director

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

Toft Properties 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 Toft Properties Ltd, 154 Market Street, Aberdeen, AB11 5PP, 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

Although the financial statements show net current liabilities of £146,584 (2025 - £125,301), they have been prepared on a going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.

Prior year adjustment

A prior period adjustment has been made to correct the misclassification of a director’s loan and an amount due to a company. The correction resulted in a reclassification between debtors and creditors.

Further details of the adjustment are provided in Note 2 to the financial statements.

Turnover

Turnover relates to rental income receivable and is recognised by reference to the periods covered by each receipt, on an accruals basis. Rental income received in advance of the period covered is credited to deferred income.

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.

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, 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:

Investment property	not depreciated
Vehicles	20 % reducing balance

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.

Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand with original maturities of three months or less.

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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

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.

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.

2. Prior year adjustment

The accounts have been restated to correct the misclassification of a loan balance, which has been reclassified from debtors to creditors, along with the associated s455 tax charge.

		As previously reported		Adjustment		As restated
Year ended 31 March 2025		£		£		£
Amounts due to directors		(342,957)		142,945		(200,012)
Amounts due from directors		142,945		(142,945)		0
Other debtors		45,937		(545)		45,392
Corporation tax payable		(545)		545		0

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

4. Tangible assets

	Investment property		Vehicles		Total
	£		£		£
Cost
At 01 April 2025	651,050		41,641		692,691
Disposals	0		( 41,641)		( 41,641)
At 31 March 2026	651,050		0		651,050
Accumulated depreciation
At 01 April 2025	131,050		11,659		142,709
Charge for the financial year	0		3,498		3,498
Disposals	0		( 15,157)		( 15,157)
At 31 March 2026	131,050		0		131,050
Net book value
At 31 March 2026	520,000		0		520,000
At 31 March 2025	520,000		29,982		549,982

5. Debtors

	2026		2025
	£		£
Other debtors	58,536		53,077

6. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	14,314		38,471

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	15,953		14,087
Other creditors	203,481		202,762
	219,434		216,849

Bank loans are secured by a standard security and floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	111,553		129,372

Bank loans are secured by a standard security and floating charge over the assets of the company.

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each	6		6

10. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Amounts due to directors	200,014		200,012

The above loans are interest free and there are no fixed terms of repayment.