Company registration number SC112443 (Scotland)
Boland Scottish Properties Limited
unaudited financial statements
for the year ended 31 December 2025
Pages for filing with registrar
Boland Scottish Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Boland Scottish Properties Limited
Balance sheet
as at 31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
531,313
191,319
Investment property
5
14,916,976
13,304,326
Investments
6
280,000
160,000
15,728,289
13,655,645
Current assets
Stocks
23
23
Debtors
7
56,016
41,142
Cash at bank and in hand
502,998
669,562
559,037
710,727
Creditors: amounts falling due within one year
8
(4,577,454)
(1,149,328)
Net current liabilities
(4,018,417)
(438,601)
Total assets less current liabilities
11,709,872
13,217,044
Creditors: amounts falling due after more than one year
9
-
0
(2,500,000)
Provisions for liabilities
10
(1,862,025)
(1,737,411)
Net assets
9,847,847
8,979,633
Capital and reserves
Called up share capital
11
1,000
1,000
Non-distributable reserve
5,586,076
5,212,232
Distributable profit and loss reserves
4,260,771
3,766,401
Total equity
9,847,847
8,979,633
Boland Scottish Properties Limited
Balance sheet (continued)
as at 31 December 2025
- 2 -

For the financial year ended 31 December 2025 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 18 August 2026 and are signed on its behalf by:
Alan Johnston
Director
Company registration number SC112443 (Scotland)
Boland Scottish Properties Limited
Notes to the financial statements
for the year ended 31 December 2025
- 3 -
1
Accounting policies
Company information

Boland Scottish Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 23c Dundas Street, Edinburgh, EH3 6QQ.

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 of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements do not include a cash flow statement because the company, as a small reporting entity, has claimed exemption from the requirement to prepare such a statement.

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 represents gross rental income, receivable in respect of investment properties.

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:

Fixtures & fittings on developments
20%

Freehold land is not depreciated. Freehold buildings are no longer depreciated.

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 4 -
1.6
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). 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.

1.7
Stocks

Stock is made up of land for development and is held at cost.

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 has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
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. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2025
2024
Number
Number
Total
4
4
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2025
175,000
530,401
705,401
Additions
264,997
-
0
264,997
Disposals
-
0
(35,287)
(35,287)
Revaluation
75,000
-
0
75,000
At 31 December 2025
514,997
495,114
1,010,111
Depreciation and impairment
At 1 January 2025
5,076
509,006
514,082
Eliminated in respect of disposals
-
0
(35,284)
(35,284)
At 31 December 2025
5,076
473,722
478,798
Carrying amount
At 31 December 2025
509,921
21,392
531,313
At 31 December 2024
169,924
21,395
191,319

The market value of the land and buildings has been arrived at on the basis of the Directors' valuation.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Cost
25,410
25,410
Accumulated depreciation
(25,064)
(25,064)
Carrying value
346
346
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
- 7 -
5
Investment property
2025
£
Fair value
At 1 January 2025
13,304,326
Additions
1,612,650
Disposals
(855,000)
Revaluations
855,000
At 31 December 2025
14,916,976

Investment property comprises of residential properties.

The fair value of the existing investment property has been arrived at either on the basis of:

- A valuation carried out at 13 May 2021 by Shepherd Commercial, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

- A Directors' valuation.

The properties purchased during the 2024 and 2025 year-ends are held at cost.

6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
280,000
160,000

The market value of the investments has been arrived at on the basis of the Directors' valuation.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2025
160,000
Valuation changes
120,000
At 31 December 2025
280,000
Carrying amount
At 31 December 2025
280,000
At 31 December 2024
160,000
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
56,016
41,142
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
- 8 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
1,750,000
-
0
Amounts owed to group undertakings
2,764,436
1,078,307
Accruals and deferred income
63,018
71,021
4,577,454
1,149,328

The loan is secured on certain investment properties. Interest is payable at 2.15% over Base Rate and the loan was repayable in full on 4 August 2026.

In August 2026, the loan of £1.75m was renewed. Interest is payable at 2.05% over Base Rate and is repayable in full in August 2031.

9
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
-
0
2,500,000

10
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
1,862,025
1,737,411
11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Boland Scottish Properties Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
- 9 -
12
Capital and reserves

Called-up share capital represents the nominal value of shares that have been issued.

Profit and loss reserves include all current and prior period retained distributable profit and losses.

The non-distributable reserve represents the revaluation gain arising on the investment property. To comply with the requirements of FRS 102 deferred tax has been applied on the gain. The transfer during the 2025 year-end relates to the revaluation of investment properties (£1,050,000), the disposal of revalued investment properties (£551,542) and the deferred tax release thereon (£124,614).

13
Parent company

The Company is a subsidiary undertaking of Boland Holdings Limited which is the ultimate parent company, incorporated and registered in Scotland. The registered office is 23c Dundas Street, Edinburgh, EH3 6QQ.

The largest group in which the results of the Company are consolidated is that headed by Boland Holdings Limited. The consolidated financial statements of this Group are available to the public and may be obtained from:

The Registrar of Companies

Companies House

Crown Way

Cardiff

CF14 3UZ

No other group financial statements include the results of the Company.

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