REGISTERED NUMBER: SC396629 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

NORTH CLAREMONT STREET LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

H H Munro

S Campbell

REGISTERED OFFICE:

16 Royal Terrace

Glasgow

G3 7NY

REGISTERED NUMBER:

SC396629 (Scotland)

ACCOUNTANTS:

D&W (Glasgow) Ltd

16 Royal Terrace

Glasgow

G3 7NY

FIXED ASSETS

Investment property

4

5,078,260

4,350,000

CURRENT ASSETS

Debtors

233,294

675,539

Cash at bank and in hand

88,299

64,759

321,593

740,298

CREDITORS

Amounts falling due within one year

526,135

362,576

NET CURRENT (LIABILITIES)/ASSETS

(204,542

)

377,722

TOTAL ASSETS LESS CURRENT LIABILITIES

4,873,718

4,727,722

CREDITORS

Amounts falling due after more than one year

5

(2,496,679

)

(2,283,616

)

PROVISIONS FOR LIABILITIES

8

(250,478

)

(250,478

)

NET ASSETS

2,126,561

2,193,628

CAPITAL AND RESERVES

Called up share capital

9

100

100

Capital Reserve

10

198,000

198,000

Fair value reserve

10

1,552,598

1,552,598

Retained earnings

10

375,863

442,930

SHAREHOLDERS' FUNDS

2,126,561

2,193,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

H H Munro - Director

1.	STATUTORY INFORMATION

North Claremont Street Limited 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.

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 as modified by the revaluation of certain assets.

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

Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment properties are revalued at their open market value in accordance with the FRSSE (effective April 2008). The surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit reduces the property below its historical cost in which case it is taken to the profit and loss account.

No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view.

The provisions of the FRSSE (effective April 2008) in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from from the Act had not been made, the profit for the year would have been reduced by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2024

4,350,000

Additions

728,260

At 30 September 2025

5,078,260

NET BOOK VALUE

At 30 September 2025

5,078,260

At 30 September 2024

4,350,000

Fair value at 30 September 2025 is represented by:

£

Valuation in 2015

243,914

Valuation in 2018

1,074,390

Valuation in 2021

793,782

Valuation in 2024

(199,011

)

Cost

3,165,185

5,078,260

If investment property had not been revalued it would have been included at the following historical cost:

30.9.25

30.9.24

£

£

Cost

2,436,925

2,436,925

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.9.25

30.9.24

£

£

Repayable by instalments

Bank loans more 5 yr by instal

1,500,923

1,381,766

6.

LOANS

An analysis of the maturity of loans is given below:

30.9.25

30.9.24

£

£

Amounts falling due within one year or on demand:

Bank loans

256,008

234,742

Amounts falling due between one and two years:

Bank loans - 1-2 years

995,756

230,033

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

671,817

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,500,923

1,381,766

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.25

30.9.24

£

£

Bank loans

2,752,687

2,518,358

The bank loans received Unity Bank Trust Plc are secured on the following properties:

- 14 North Claremont Street, Glasgow

- 116 Elderslie Street, Glasgow

- 13-19 Brouster Gate, East Kilbride

8.	PROVISIONS FOR LIABILITIES

30.9.25

30.9.24

£

£

Deferred tax

250,478

250,478

Deferred

tax

£

Balance at 1 October 2024

250,478

Balance at 30 September 2025

250,478

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.25

30.9.24

value:

£

£

100

Ordinary

1

100

100

10.

RESERVES

Fair

Retained

Capital

value

earnings

Reserve

reserve

Totals

£

£

£

£

At 1 October 2024

442,930

198,000

1,552,598

2,193,528

Profit for the year

100,933

100,933

Dividends

(168,000

)

(168,000

)

At 30 September 2025

375,863

198,000

1,552,598

2,126,461

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of North Claremont Street Limited for the year ended 30 September 2025 which comprise the Abridged Income Statement, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of North Claremont Street Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of North Claremont Street Limited and state those matters that we have agreed to state to the Board of Directors of North Claremont Street Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that North Claremont Street Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of North Claremont Street Limited. You consider that North Claremont Street Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of North Claremont Street Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D&W (Glasgow) Ltd

16 Royal Terrace

Glasgow

G3 7NY

17 July 2026