Company No: SC175211 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	43,882		58,509
		43,882		58,509
Current assets
Debtors	5	133,995		68,441
Cash at bank and in hand		272,849		61,598
		406,844		130,039
Creditors: amounts falling due within one year	6	( 228,407)		( 126,044)
Net current assets		178,437		3,995
Total assets less current liabilities		222,319		62,504
Provision for liabilities		( 4,097)		( 7,316)
Net assets		218,222		55,188
Capital and reserves
Called-up share capital	7	2		2
Profit and loss account		218,220		55,186
Total shareholders' funds		218,222		55,188

For the financial year ending 30 November 2025 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 Direct Lettings (Scotland) Limited (registered number: SC175211) were approved and authorised for issue by the Board of Directors on 31 August 2026. They were signed on its behalf by:

I J Fergusson 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

Direct Lettings (Scotland) 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 110 Commercial Street, Dundee, DD1 2AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents property management fees, which are recognised on an accruals basis, net of VAT.

Employee benefits

Short term benefits
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at valuation, net of amortisation. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 years straight line

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes cash at bank and in hand.

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 cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		14

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 December 2024	430,000		430,000
At 30 November 2025	430,000		430,000
Accumulated amortisation
At 01 December 2024	430,000		430,000
At 30 November 2025	430,000		430,000
Net book value
At 30 November 2025	0		0
At 30 November 2024	0		0

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 December 2024	113,709		113,709
At 30 November 2025	113,709		113,709
Accumulated depreciation
At 01 December 2024	55,200		55,200
Charge for the financial year	14,627		14,627
At 30 November 2025	69,827		69,827
Net book value
At 30 November 2025	43,882		43,882
At 30 November 2024	58,509		58,509

5. Debtors

	2025		2024
	£		£
Trade debtors	96,154		21,704
Other debtors	37,841		46,737
	133,995		68,441

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to related parties	82,291		0
Accruals	50,327		34,964
Taxation and social security	95,789		91,080
	228,407		126,044

Amounts owed to related parties are advances from J&E Shepherd, a partnership in which the shareholders G Brewster and I Fergusson are members. The advances are repayable on demand, with no fixed repayment terms and no interest.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
5,000 Ordinary A shares of £ 0.0004 each	2.00		2.00
499 Ordinary B shares of £ 0.0004 each	0.20		0.20
	2.20		2.20

8. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	70,000		90,000