LENMAR LIMITED


Directors	WALTON, Carole
	WALTON, David
	WALTON, John Richard
	WALTON, Michael


Company Secretary	WALTON, Carole


Registered Address	Caledonia House
	89 Seaward Street
	Glasgow
	G41 1HJ


Registered Number	SC032637 (Scotland)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The financial statements have been prepared on a going concern basis. The company's profitability is dependent upon the valuation of the company's investment property. In March 2023, a professional valuation of the company's investment property was undertaken which confirmed that the fair value of the property was consistent with its carrying value and in the opinion of the directors, that valuation remains appropriate as at 31 December 2025. Unrealised gains arising from valuations have been included in a non-distributable reserve. As at 31 December 2025, the company continues to have negative distributable reserves. Despite the above, having assessed all potential impacts and future commitments, the directors are satisfied that the company remains a going concern due to the availability of financial support if required from the parent undertaking.

Going concern

The financial statements have been prepared on a going concern basis.

The company's profitability is dependent upon the valuation of the company's investment property. In March 2023, a professional valuation of the company's investment property was undertaken which confirmed that the fair value of the property was consistent with its carrying value and in the opinion of the directors, that valuation remains appropriate as at 31 December 2025. Unrealised gains arising from valuations have been included in a non-distributable reserve. As at 31 December 2025, the company continues to have negative distributable reserves.

Despite the above, having assessed all potential impacts and future commitments, the directors are satisfied that the company remains a going concern due to the availability of financial support if required from the parent undertaking.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors consider there are no such significant judgements.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors consider there are no such significant judgements.

	Turnover policy
	Turnover represents rentals receivable and is accounted for in the period to which it relates.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost less depreciation and impairment losses. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation and impairment losses. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	15	-
Office Equipment	-	3

	Impairment of non-financial assets policy
	At each reporting date, non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Impairment of non-financial assets policy

At each reporting date, non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

	Investment property
	All of the company's properties are held for long term investment. Investment properties are accounted for as follows: (i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure. (ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably. (iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet. (iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

	Financial instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties. Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 25	96,501	1,387	97,888
At 31 December 25	96,501	1,387	97,888
Depreciation and impairment
At 01 January 25	76,734	1,387	78,121
Charge for year	2,965	-	2,965
At 31 December 25	79,699	1,387	81,086
Net book value
At 31 December 25	16,802	-	16,802
At 31 December 24	19,767	-	19,767

4.	Investment property
	The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 28 March 2023 by a professionally qualified external firm of surveyors. The directors have reviewed this valuation and consider that the carrying value of £780,000 continues to reflect the property's fair value as at 31 December 2025.


		£
	Fair value at 01 January 25	780,000
	At 31 December 25	780,000

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Prepayments and accrued income	3,787	2,726
Total	3,787	2,726

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Amounts owed to related parties	4,759	9,504
Accrued liabilities and deferred income	1,680	2,400
Total	6,439	11,904

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Amounts owed to related parties	15,241	-
Total	15,241	-

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	59,825	59,825
Total	59,825	59,825

9.	Directors advances, credits and guarantees
	During the year, the directors paid rent of £27,543 (2024: £21,484) to the company for the use of the investment property. The loan owed by the company to Walton Foundation, the parent entity, as at 31 December 2024 of £9,504 was repaid in full during the year. Interest was charged at 3% of the outstanding loan balance and this amounted to £Nil (2024: £510). In May 2025, a further loan of £20,000 was advanced to the company by Walton Foundation. Interest is payable on this loan as from 1 January 2026 at 3.25% on the outstanding loan balance and hence, during the year ended 31 December 2025, no interest was charged on the loan.

Directors advances, credits and guarantees

During the year, the directors paid rent of £27,543 (2024: £21,484) to the company for the use of the investment property.

The loan owed by the company to Walton Foundation, the parent entity, as at 31 December 2024 of £9,504 was repaid in full during the year. Interest was charged at 3% of the outstanding loan balance and this amounted to £Nil (2024: £510).

In May 2025, a further loan of £20,000 was advanced to the company by Walton Foundation. Interest is payable on this loan as from 1 January 2026 at 3.25% on the outstanding loan balance and hence, during the year ended 31 December 2025, no interest was charged on the loan.

10.	Controlling party
	The company is a wholly owned subsidiary undertaking of Walton Foundation, an unincorporated charity registered in Scotland. The parent undertaking's registered address is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		16,802		19,767
Investment property	4		780,000		780,000
			796,802		799,767
Current assets
Debtors	5	3,787		2,726
Cash at bank and on hand		6,138		6,934
		9,925		9,660
Creditors amounts falling due within one year	6	(6,439)		(11,904)
Net current assets (liabilities)			3,486		(2,244)
Total assets less current liabilities			800,288		797,523
Creditors amounts falling due after one year	7		(15,241)		-
Provisions for liabilities	8		(59,825)		(59,825)
Net assets			725,222		737,698
Capital and reserves
Called up share capital			101		101
Share premium			616,398		616,398
Revaluation reserve			255,045		255,045
Profit and loss account			(146,322)		(133,846)
Shareholders' funds			725,222		737,698