Company No: SC066965 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,519		0
Investment property	5	600,000		355,000
Investments	6	717,183		861,167
		1,318,702		1,216,167
Current assets
Debtors	7	44,094		3,895
Cash at bank and in hand		28,675		47,706
		72,769		51,601
Creditors: amounts falling due within one year	8	( 16,608)		( 16,601)
Net current assets		56,161		35,000
Total assets less current liabilities		1,374,863		1,251,167
Provision for liabilities	9	( 83,512)		( 41,093)
Net assets		1,291,351		1,210,074
Capital and reserves
Called-up share capital	10	1,000		1,000
Profit and loss account		1,290,351		1,209,074
Total shareholders' funds		1,291,351		1,210,074

For the financial year ending 31 January 2026 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 Karon Properties Limited (registered number: SC066965) were approved and authorised for issue by the Board of Directors on 25 August 2026. They were signed on its behalf by:

Ronald Straine 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

Karon Properties 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 28 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, 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 £.

Prior year adjustment

A prior year adjustment has been recognised following the reclassification of a property previously included within tangible fixed assets to investment property. Comparative information has been restated to reflect the reclassification and a summary of the financial effect of the adjustment is provided in note 2.

Turnover

Turnover represents rental income and is stated on an accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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 (or recoverable) 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.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 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.

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 the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

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 initially measured at transaction price including transaction costs.

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, are initially recognised at transaction price.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Retirement Benefits

The Company operates a defined contribution scheme for the benefit of its directors. Contributions payable are charged to the profit and loss account in the year they are payable.

2. Prior year adjustment

Reclassification of investment property

During the year, the company identified that a property previously included within tangible fixed assets meets the definition of investment property. Investment property is held at fair value with movements recognised in profit or loss, and no depreciation is charged. Accordingly, the prior period financial statements have been restated to correct this misclassification.

		As previously reported		Adjustment		As restated
Year ended 31 January 2025		£		£		£
Tangible fixed assets – land and buildings		120,106		(120,106)		0
Investment property		0		355,000		355,000
Revaluation reserve		36,658		(36,658)		0
Profit & Loss Account		937,522		271,522		1,209,044
Profit for the financial year		88,782		7,021		95,803

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 February 2025	8,519		8,519
Additions	1,562		1,562
Disposals	( 3,117)		( 3,117)
At 31 January 2026	6,964		6,964
Accumulated depreciation
At 01 February 2025	8,519		8,519
Charge for the financial year	43		43
Disposals	( 3,117)		( 3,117)
At 31 January 2026	5,445		5,445
Net book value
At 31 January 2026	1,519		1,519
At 31 January 2025	0		0

5. Investment property

	Investment property
	£
Valuation
As at 01 February 2025	355,000
Additions	229,161
Fair value movement	15,839
As at 31 January 2026	600,000

The fair value of the investment property has been arrived at on the basis of valuations carried out at 31 January 2026 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 February 2025	861,167		861,167
Additions	91,305		91,305
Disposals	( 327,552)		( 327,552)
Movement in fair value	92,263		92,263
At 31 January 2026	717,183		717,183
Carrying value at 31 January 2026	717,183		717,183
Carrying value at 31 January 2025	861,167		861,167

7. Debtors

	2026		2025
	£		£
Other debtors	44,094		3,895

8. Creditors: amounts falling due within one year

	2026		2025
	£		£
Taxation and social security	3,485		3,872
Other creditors	13,123		12,729
	16,608		16,601

9. Provision for liabilities

	2026		2025
	£		£
Deferred tax	83,512		41,093

10. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

11. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Amounts due to the Directors	34		34

Loans with the Company's directors are interest free and there are no formal repayment terms.