Company registration number SC441730 (Scotland)
RUTHVEN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
PAGES FOR FILING WITH REGISTRAR
RUTHVEN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
RUTHVEN PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2026
28 February 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,298
63,321
Investment property
4
8,639,651
11,309,651
Investments
5
6,500
-
0
8,682,449
11,372,972
Current assets
Debtors
6
463,707
558,632
Cash at bank and in hand
1,774,769
543,111
2,238,476
1,101,743
Creditors: amounts falling due within one year
7
(4,018,405)
(1,228,588)
Net current liabilities
(1,779,929)
(126,845)
Total assets less current liabilities
6,902,520
11,246,127
Creditors: amounts falling due after more than one year
8
(2,909,697)
(7,127,326)
Provisions for liabilities
(289,448)
(494,955)
Net assets
3,703,375
3,623,846
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,703,275
3,623,746
Total equity
3,703,375
3,623,846
RUTHVEN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2026
28 February 2026
- 2 -

For the financial year ended 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 July 2026 and are signed on its behalf by:
M ROSS
M Ross
Director
Company registration number SC441730 (Scotland)
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -
1
Accounting policies
Company information

Ruthven Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 2, Aberdeen One Logistics Park, Crawpeel Road, Aberdeen, AB12 3LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation investment property at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rental income is recognised for the period to which it relates to. Any rentals invoiced in advance are deferred accordingly over the year end.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line
Motor vehicles
5 years straight line

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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).

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and 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 Statement of comprehensive income.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

1.11
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 5 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
3
3
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2025
5,843
62,128
125,424
193,395
Disposals
-
0
(29,628)
-
0
(29,628)
At 28 February 2026
5,843
32,500
125,424
163,767
Depreciation and impairment
At 1 March 2025
5,365
41,545
83,164
130,074
Depreciation charged in the year
238
6,500
20,285
27,023
Eliminated in respect of disposals
-
0
(29,628)
-
0
(29,628)
At 28 February 2026
5,603
18,417
103,449
127,469
Carrying amount
At 28 February 2026
240
14,083
21,975
36,298
At 28 February 2025
478
20,583
42,260
63,321
4
Investment property
2026
£
Fair value
At 1 March 2025
11,309,651
Disposals
(2,125,000)
Revaluations
(545,000)
At 28 February 2026
8,639,651

The fair value at the balance sheet date has been determined by the directors, having regard to market evidence of transaction prices for similar properties and to valuation reports prepared by Graham & Sibbald LLP, independent chartered surveyors, on an open market value for existing use basis. The directors believe the fair value of the investment properties to be £8,639,651 at the balance sheet date

5
Fixed asset investments
2026
2025
£
£
Other investments other than loans
6,500
-
0
RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2025
-
Additions
6,500
At 28 February 2026
6,500
Carrying amount
At 28 February 2026
6,500
At 28 February 2025
-
6
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
-
0
777
Other debtors
463,707
557,855
463,707
558,632
7
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
3,119,146
570,303
Trade creditors
11,163
30,559
Corporation tax
134,556
258,130
Other taxation and social security
469,289
40,572
Other creditors
284,251
329,024
4,018,405
1,228,588

Included within other creditors are obligations under finance leases of £47,093 (2025 - £7,649) which are secured against the asset to which they relate.

The bank loans are secured by a standard security over property of the company.

RUTHVEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 8 -
8
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
-
0
3,838,639
Other creditors
2,909,697
3,288,687
2,909,697
7,127,326

9
Loans and overdrafts
2026
2025
£
£
Bank loans
3,119,146
4,408,942
Other loans
-
0
60,000
3,119,146
4,468,942
Payable within one year
3,119,146
630,303
Payable after one year
-
0
3,838,639

The loans are secured by standard security over the investment properties. There are no fixed charges, fixed securities or floating charges on this property.

10
Related party transactions

During the year, the company received rental income of £Nil (2025 - £208,668) and paid management charges of £12,000 (2025 - £12,000) to a company with a common director. At the year end date, there is an outstanding loan balance of £66,651 (2025 - £459,031) due to the company. Interest of £29,115 is charged at 5% per annum (2025 - £21,484).

During the year, the company acquired the rights to a loan receivable from a related party with a principal balance of $403,100 (£305,448) to a US-registered company. During the year the company made advances of $35,000 (£26,258), resulting in an outstanding loan balance of $438,100 (£325,895) due to the company at the year end. This company is considered a related party by virtue of being under the control of common shareholder. The loan is unsecured, interest-free, and there are no fixed terms for repayment.

During the year the company made advances of £201,334 to a director and no credits were received by the company, resulting in a loan due to the director from the company of £2,307,762 (2025 - £2,509,096). The outstanding loans are interest free and repayable on demand.

During the year the company made advances of £190,561 to a director and no credits were received by the company, resulting in a loan due to the director from the company of £601,934 (2025 - £792,495). The outstanding loans are interest free and repayable on demand.

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