| REGISTERED NUMBER: |
| Financial Statements |
| For The Year Ended 28 February 2026 |
| for |
| Freeland Developments (Scotland) Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| For The Year Ended 28 February 2026 |
| for |
| Freeland Developments (Scotland) Limited |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Contents of the Financial Statements |
| For The Year Ended 28 February 2026 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Freeland Developments (Scotland) Limited |
| Company Information |
| For The Year Ended 28 February 2026 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 91 Alexander Street |
| Airdrie |
| North Lanarkshire |
| ML6 0BD |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Balance Sheet |
| 28 February 2026 |
| 28.2.26 | 28.2.25 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Balance Sheet - continued |
| 28 February 2026 |
| The financial statements were approved by the director and authorised for issue on |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Notes to the Financial Statements |
| For The Year Ended 28 February 2026 |
| 1. | STATUTORY INFORMATION |
| Freeland Developments (Scotland) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below: |
| Estimated useful lives and residual values of fixed assets |
| As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
| Revaluation of investment property |
| Investment property is included at fair value which is determined by the directors. Various assumptions and estimates are used in making the assessment of fair value. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is derived from revenue earned from operating leases for the rental of the company's investment properties and is recognised on a straight-line basis over the term of the lease. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2026 |
| 2. | ACCOUNTING POLICIES - continued |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade creditors, bank loans and director's loan. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Director's loan (being repayable on demand) and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| 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 |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2026 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 March 2025 |
| Disposals | ( |
) | ( |
) |
| At 28 February 2026 |
| DEPRECIATION |
| At 1 March 2025 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 28 February 2026 |
| NET BOOK VALUE |
| At 28 February 2026 |
| At 28 February 2025 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2025 |
| Disposals | ( |
) |
| At 28 February 2026 |
| NET BOOK VALUE |
| At 28 February 2026 |
| At 28 February 2025 |
| Fair value at 28 February 2026 is represented by: |
| £ |
| Valuation in 2009 | 540,000 |
| Valuation in 2014 | (34,792 | ) |
| Valuation in 2019 | 1,183 |
| Cost | 856,323 |
| 1,362,714 |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2026 |
| 5. | INVESTMENT PROPERTY - continued |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 28.2.26 | 28.2.25 |
| £ | £ |
| Cost | 856,323 | 886,323 |
| Investment property was valued on a fair value basis on 28 February 2025 by the director . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.26 | 28.2.25 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 148,660 | 99,660 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.26 | 28.2.25 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 28.2.26 | 28.2.25 |
| £ | £ |
| Bank loans |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 28.2.26 | 28.2.25 |
| £ | £ |
| Bank loans |
| The bank overdraft and loans are secured by a bond and floating charge over the whole of the assets and undertakings of the company and by standard securities over all of the company's Heritable properties. The bank loans bear interest at 3% over Santander's base rate. The current portion of the loans are shown in current liabilities. |
| Hire purchase and finance lease creditors hold security over the assets which are the subject of the relevant agreements. |
| Freeland Developments (Scotland) Limited (Registered number: SC316491) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2026 |
| 10. | PROVISIONS FOR LIABILITIES |
| 28.2.26 | 28.2.25 |
| £ | £ |
| Deferred tax | 113,362 | 114,215 |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2025 |
| Accelerated capital allowances | (853 | ) |
| Balance at 28 February 2026 |
| 11. | RELATED PARTY DISCLOSURES |
| The company actively trades with one other company. Both companies are under common control and ownership. The transactions between the companies are on an open market value basis at arms length. Most of the transactions are not for goods and services and are the movement of funds between group companies. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is P K Ferrier. |