EMELCO AC LTD.


Directors	COHEN, Anthony Paul, Professor
	COHEN, Bronwen Jean, Dr


Company Secretary	COHEN, Anthony Paul, Professor


Registered Address	Caledonia House
	89 Seaward Street
	Glasgow
	G41 1HJ


Registered Number	SC229506 (Scotland)

Statement of Financial Position
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		5,869		7,825
Investments	5		1,682,319		1,668,640
Investment property	4		1,377,857		1,377,857
			3,066,045		3,054,322
Current assets
Debtors	6	1,387		847
Cash at bank and on hand		520,761		447,069
		522,148		447,916
Creditors amounts falling due within one year	7	(16,166)		(16,842)
Net current assets (liabilities)			505,982		431,074
Total assets less current liabilities			3,572,027		3,485,396
Provisions for liabilities			(905)		(1,180)
Net assets			3,571,122		3,484,216
Capital and reserves
Called up share capital			2		2
Share premium			411,973		411,973
Profit and loss account			3,159,147		3,072,241
Shareholders' funds			3,571,122		3,484,216

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

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

COHEN, Anthony Paul, Professor
Director

COHEN, Bronwen Jean, Dr
Director

Registered Company No. SC229506

EMELCO AC LTD.

Notes to the Financial Statements
for the year ended 31 March 2026

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.

	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.

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.

	Turnover policy
	Turnover represents the invoice value, excluding value added tax, of rents receivable during the year. The company's policy is to recognise income on a straight line basis over the period of the lease.

	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 or valuation less depreciation. 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 or valuation less depreciation. 

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 (%)
	Plant and machinery	25

	Investments
	Equity investments which are publicly traded and for which their fair value can be measured reliably are recognised initially at cost which is normally the transaction price excluding any transactions costs. Subsequently, they are measured at fair value through profit and loss. Revaluation gains or losses arising on revaluation are accumulated in the profit and loss account reserve.

	Investment property
	Investment property is carried at fair value determined annually from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	3		3

3.	Tangible fixed assets

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 April 25	43,640	43,640
At 31 March 26	43,640	43,640
Depreciation and impairment
At 01 April 25	35,815	35,815
Charge for year	1,956	1,956
At 31 March 26	37,771	37,771
Net book value
At 31 March 26	5,869	5,869
At 31 March 25	7,825	7,825

4.	Investment property
	The company's investment properties are held for use under operating leases. Investment properties were valued during the year by the directors, who are not professionally qualified valuers. The valuation was arrived at having considered the market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.

Investment property

The company's investment properties are held for use under operating leases. Investment properties were valued during the year by the directors, who are not professionally qualified valuers. The valuation was arrived at having considered the market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.


		£
	Fair value at 01 April 25	1,377,857
	At 31 March 26	1,377,857

5.	Fixed asset investments

	Other investments¹	Total
	£	£
Cost or valuation
At 01 April 25	1,668,640	1,668,640
Additions	325,678	325,678
Revaluations	70,480	70,480
Disposals	(382,479)	(382,479)
At 31 March 26	1,682,319	1,682,319
Net book value
At 31 March 26	1,682,319	1,682,319
At 31 March 25	1,668,640	1,668,640

	Notes
	¹Other investments other than loans

6.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	1,387	847
Total	1,387	847

7.	Creditors: amounts due within one year

	2026	2025
	£	£
Taxation and social security	3,589	9,123
Other creditors	12,577	7,719
Total	16,166	16,842