REGISTERED NUMBER: SC074925 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

Gauld Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S T Gauld

Mrs S M Gauld

Mrs S Stewart

SECRETARY:

Mrs S Stewart

REGISTERED OFFICE:

22 Milnpark Street

Glasgow

G41 1BB

REGISTERED NUMBER:

SC074925 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

49,487

42,078

Investments

5

73

73

Investment property

6

22,314,575

22,206,969

22,364,135

22,249,120

CURRENT ASSETS

Debtors

7

3,264,387

3,723,169

Investments

8

567,534

201,433

Cash at bank

593,583

462,902

4,425,504

4,387,504

CREDITORS

Amounts falling due within one year

9

1,266,002

1,484,680

NET CURRENT ASSETS

3,159,502

2,902,824

TOTAL ASSETS LESS CURRENT LIABILITIES

25,523,637

25,151,944

CREDITORS

Amounts falling due after more than one year

10

(2,662,676

)

(2,928,722

)

PROVISIONS FOR LIABILITIES

(3,644,258

)

(4,178,756

)

NET ASSETS

19,216,703

18,044,466

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

12

12,353,647

12,814,047

Retained earnings

6,862,956

5,230,319

19,216,703

18,044,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2026 and were signed on its behalf by:

S T Gauld - Director

1.	STATUTORY INFORMATION

Gauld Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

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

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consolidation is given to the point at which the Company is entitled to receive the income, excluding discount, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due;

- the costs incurred can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33.33% on cost

Motor vehicles

-

33.33% on cost

Computer equipment

-

33.33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

I. Investment properties whose fair value can be measured reliably without due cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period they arise, and

II. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this item is therefore accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair value becomes available.

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 transactions 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Other financial assets

Other financial assets include investments which are not investments in subsidiaries, associates or joint ventures. Investments are initially measured at fair value which usually equates to the transaction price and subsequently at fair value where investments are listed on an active market or where non listed investments can be reliably measured.

Movements in fair value are measured in the profit and loss. When fair value cannot be measured reliably or can no longer be measured reliably, investments are measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

5,000

106,573

16,314

127,887

Additions

-

54,000

2,705

56,705

Disposals

(5,000

)

-

(9,156

)

(14,156

)

At 31 December 2025

-

160,573

9,863

170,436

DEPRECIATION

At 1 January 2025

5,000

66,267

14,542

85,809

Charge for year

-

47,709

1,587

49,296

Eliminated on disposal

(5,000

)

-

(9,156

)

(14,156

)

At 31 December 2025

-

113,976

6,973

120,949

NET BOOK VALUE

At 31 December 2025

-

46,597

2,890

49,487

At 31 December 2024

-

40,306

1,772

42,078

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2025

and 31 December 2025

73

NET BOOK VALUE

At 31 December 2025

73

At 31 December 2024

73

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

22,206,969

Disposals

(319,000

)

Revaluations

426,606

At 31 December 2025

22,314,575

NET BOOK VALUE

At 31 December 2025

22,314,575

At 31 December 2024

22,206,969

Investment properties are represented by properties situated in the United Kingdom and Germany.

A selection of properties held in the UK were valued by Shepherd Commercial on 9 September 2024, with the remainder by the director, on an open market basis at 31 December 2025.

German properties were valued at 31st December 2025 on an open market basis by German property management company Christian Bernet.

No depreciation is provided in respect of these properties.

The historic cost of investment properties at the balance sheet date was £6,316,669 (2024 - £6,343,942).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

23,354

20,811

Other debtors

3,215,801

3,678,453

Prepayments and accrued income

25,232

23,905

3,264,387

3,723,169

8.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Listed investments

555,810

199,102

Cash held by stockbroker

11,724

2,331

567,534

201,433

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

122,587

444,750

Trade creditors

53,977

10,681

Amounts owed to group undertakings

589,882

589,882

Tax

240,325

120,430

Social security and other taxes

6,094

13,361

VAT

3,235

3,043

Other creditors

63,740

59,271

Tenants' deposits

84,532

74,825

Directors' current accounts

128

-

Accruals and deferred income

101,502

168,437

1,266,002

1,484,680

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

122,587

-

Bank loans - 2-5 years

2,019,953

1,734,250

Bank loans more 5 yr by instal

520,136

1,194,472

2,662,676

2,928,722

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

520,136

1,194,472

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

2,785,263

3,373,472

Bank loans are secured by a fixed and floating charge over the assets of the company.

12.

RESERVES

Revaluation

reserve

£

At 1 January 2025

12,814,047

Transfer of fair value

adjustment

(703,171

)

Transfer of deferred tax on

unrealised gains

534,498

Gains realised on disposal

(291,727

)

At 31 December 2025

12,353,647

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

As at year end, amounts of £783.773 (2024: £1,060,328) were due from Gaulds Limited.

As at year end, amounts of £2,345,118 (2024: £2,530,753) were due from Sheilmar Limited.

All entities are related by virtue of common control.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Gauld Group Limited.

The ultimate controlling party is Stanley Thomson Gauld.