Nairnside Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC363029

Nairnside Ltd

Filleted Unaudited Financial Statements

31 July 2025

Nairnside Ltd

Statement of Financial Position

31 July 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	4		485,046	501,560

Current assets

Debtors	5	115,158	114,913
Cash at bank and in hand		21,788	2,973
		---------	---------
		136,946	117,886

Creditors: amounts falling due within one year	6	66,171		64,316
		---------		---------
Net current assets			70,775	53,570
			---------	---------
Total assets less current liabilities			555,821	555,130
			---------	---------
Net assets			555,821	555,130
			---------	---------

Capital and reserves

Called up share capital	3	3
Profit and loss account	555,818	555,127
	---------	---------
Shareholders funds	555,821	555,130
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Nairnside Ltd

Statement of Financial Position (continued)

31 July 2025

These financial statements were approved by the board of directors and authorised for issue on 30 July 2026 , and are signed on behalf of the board by:

Mr I Graham
Director

Company registration number: SC363029

Nairnside Ltd

Notes to the Financial Statements

Year ended 31 July 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State. Revenue recognition Rental income is recognised in the year in which it becomes receivable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible 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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	5% straight line
Tenants Improvements	-	10% straight line

Land is not depreciated. Assets under construction are not depreciated until work on the asset is complete.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Land	Leasehold Property	Tenant Improvements	Leasehold Property Under Construction	Total
	£	£	£	£	£
Cost
At 1 August 2024 and 31 July 2025	56,010	313,682	33,776	303,630	707,098
	--------	---------	--------	---------	---------
Depreciation
At 1 August 2024	–	173,262	32,276	–	205,538
Charge for the year	–	15,614	900	–	16,514
	--------	---------	--------	---------	---------
At 31 July 2025	–	188,876	33,176	–	222,052
	--------	---------	--------	---------	---------
Carrying amount
At 31 July 2025	56,010	124,806	600	303,630	485,046
	--------	---------	--------	---------	---------
At 31 July 2024	56,010	140,420	1,500	303,630	501,560
	--------	---------	--------	---------	---------

5. Debtors

	2025	2024
	£	£
Trade debtors	42,000	42,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest	50,972	48,327
Other debtors	22,186	24,586
	---------	---------
	115,158	114,913
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	48,327	48,327
	--------	--------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	16,731	23,931
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	13
Corporation tax	4,502	3,961
Other creditors	44,938	36,411
	--------	--------
	66,171	64,316
	--------	--------

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	16,800	16,800
Later than 1 year and not later than 5 years	67,200	67,200
Later than 5 years	1,436,400	1,453,200
	------------	------------
	1,520,400	1,537,200
	------------	------------

The operating lease payments recognised as an expense during the year amounted to £16,800 (2024 - £16,800).

8. Related party transactions

During the year the company loaned a group company £nil (2024 - £5,000). At 31 July 2025 loans amounting to £56,000 (2024 - £56,000) due from this company were impaired in full. These loans ware is interest free and have no definite terms of repayment. The company has taken advantage of the FRS 102 1AC.35 exemption available to those subsidiaries that are 100% owned. Accordingly, disclosure is not made of any related party transactions with the company's parent company.

9. Controlling party

The company is a 100% subsidiary of IHCT Ltd , a company registered in Scotland with the registration number SC510717 and registered office at Forbes House, 36 Huntly Street, Inverness, IV3 5PR . In the opinion of the directors, the company's ultimate controlling party is Aquascot Trustees Ltd , in its capacity as corporate trustee of The Aquascot Employees' Share Trust. Aquascot Trustees Ltd is a company incorporated in Scotland.