REGISTERED NUMBER: SC690337 (Scotland)

Thistlecrown Developments Limited

Unaudited Financial Statements

for the Year Ended 28 February 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A W Lindsay

Mr J B McBride

Mr B Stobbs

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

REGISTERED NUMBER:

SC690337 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Starling Bank

7th Floor

Norfolk House

31 St James's Square

London

SW1Y 4JR

FIXED ASSETS

Tangible assets

4

139,727

209,591

CURRENT ASSETS

Stocks

-

488,595

Debtors

5

38,122

64,406

Cash at bank

3,867

15,798

41,989

568,799

CREDITORS

Amounts falling due within one year

6

140,254

708,752

NET CURRENT LIABILITIES

(98,265

)

(139,953

)

TOTAL ASSETS LESS CURRENT LIABILITIES

41,462

69,638

CREDITORS

Amounts falling due after more than one year

7

97,364

136,239

NET LIABILITIES

(55,902

)

(66,601

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(56,002

)

(66,701

)

(55,902

)

(66,601

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2026 and were signed on its behalf by:

Mr J B McBride - Director

1.	STATUTORY INFORMATION

Thistlecrown Developments 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.

Turnover and revenue recognition

Turnover, which represents the sale of new houses, is recognised at the point when a house is sold.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost

Stocks and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2024

and 28 February 2025

279,455

DEPRECIATION

At 1 March 2024

69,864

Charge for year

69,864

At 28 February 2025

139,728

NET BOOK VALUE

At 28 February 2025

139,727

At 29 February 2024

209,591

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2024

and 28 February 2025

279,455

DEPRECIATION

At 1 March 2024

69,864

Charge for year

69,864

At 28 February 2025

139,728

NET BOOK VALUE

At 28 February 2025

139,727

At 29 February 2024

209,591

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

38,122

64,406

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

209,977

Hire purchase contracts

38,875

38,875

Taxation and social security

33,463

26,839

Other creditors

67,916

433,061

140,254

708,752

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

97,364

136,239

8.	SECURED DEBTS

On 3 November 2021, a bond and floating charge was created in favour of The Bridging Loan Ltd that covers all the property and undertaking of the company.

On 18 November 2021, a standard security was created in the favour of The Bridging Loan Ltd over the property 56 Saughton Crescent, Edinburgh.

9.	RELATED PARTY DISCLOSURES

During the year, sales of £136,513 (2024: £6,179) was received on behalf of Thistlecrete Limited, a company in which the directors has a material interest.

During the year, the company paid expenses amounting to £112,562 (2024: £41,670) on behalf of Thistlecrete Limited.

As at 28 February 2025, a balance of £37,977 (2024: £61,928) was due from Thistlecrete Limited. The balance is unsecured, interest free and have no fixed repayment period.

Mr A W Lindsay is a director and shareholder of the company. During the year, the director advanced £500 to the company and there was a repayment of £393,037 to the director. There was a balance of £36,215 due to the director at 28 February 2025. The balance is unsecured, interest free and have no fixed repayment period.

Mr J B McBride is a director and shareholder of JBM Glass & Glazing Ltd. During the year, JBM Glass & Glazing Ltd advanced £7,000 to the company. At 28 February 2025, there was a balance of £7,000 due to JBM Glass & Glazing Ltd. The balance is unsecured, interest free and have no fixed repayment period.

Mr B A McPake is a director and shareholder of B McPake Joinery Ltd. At 28 February 2025, there was a balance of £1,750 due to B McPake Joinery Ltd. The balance is unsecured, interest free and have no fixed repayment period.

Mr B Stobbs is a director and shareholder of B Stobbs Joinery and Building Contractor Ltd. During the year, B Stobbs Joinery and Building Contractor Ltd advanced £6,500 to the company. At 28 February 2025, there was a balance of £6,500 due to B Stobbs Joinery and Building Contractor Ltd. The balance is unsecured, interest free and have no fixed repayment period.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr B Stobbs, Mr B McPake, Mr JMcBride and Mr A Lindsay.

Thistlecrown Developments Limited is an associated company of B Stobb Joinery and Building Contractor Limited, a company registered in Scotland and whose registered office is 10 Buko Tower Southfield, Glenrothes, Fife, United Kingdom, KY6 2SS.

Thistlecrown Developments Limited is an associated company of B.McPake Joinery Ltd, a company registered in Scotland and whose registered office is 30 South Knowe, Crossgates, Cowdenbeath, Scotland, KY4 8AW.

Thistlecrown Developments Limited is an associated company of JBM Glass and Glazing Ltd, a company registered in Scotland and whose registered office is Unit 2 & 3 Merlin Way, Dalgety Bay, Fife, Scotland, KY11 9JY.

11.	GOING CONCERN

The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future. In order to do so the company will require the continued support of its directors and the directors are willing to support the company.