REGISTERED NUMBER: SC357953 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2026

for

Lilybank Flats Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C D Richmond

V A Richmond

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC357953 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

730

11

Investment property

5

975,000

732,000

975,730

732,011

CURRENT ASSETS

Debtors

6

-

99

Cash at bank

18,184

103,875

18,184

103,974

CREDITORS

Amounts falling due within one year

7

20,831

8,150

NET CURRENT (LIABILITIES)/ASSETS

(2,647

)

95,824

TOTAL ASSETS LESS CURRENT LIABILITIES

973,083

827,835

CREDITORS

Amounts falling due after more than one year

8

(672,237

)

(548,583

)

PROVISIONS FOR LIABILITIES

10

(37,421

)

(33,293

)

NET ASSETS

263,425

245,959

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

200,793

176,734

Retained earnings

12

62,532

69,125

SHAREHOLDERS' FUNDS

263,425

245,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2026 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2026 and were signed on its behalf by:

C D Richmond - Director

1.	STATUTORY INFORMATION

Lilybank Flats 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 as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis, the acceptability of which is dependant on the continuing support of the directors.

Turnover

Turnover represents gross invoiced sales of services except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. The company is not VAT registered.

Tangible fixed assets

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

Fixtures and fittings - 15% on cost

Computer equipment - 15 % on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investment property

Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing basis, are measured at fair value annually with any change recognised in the profit and loss account.

In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties held as investment properties where fair value can be measured reliably without undue cost or effort. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are held for investment and not for consumption, and the directors consider that to depreciate them would not give a true and fair view.

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.

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.

Investments

Investments in subsidiaries are measured at cost less impairment. The directors undertake an impairment review at each balance sheet date.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 May 2025

15,360

-

15,360

Additions

-

849

849

At 30 April 2026

15,360

849

16,209

DEPRECIATION

At 1 May 2025

15,349

-

15,349

Charge for year

3

127

130

At 30 April 2026

15,352

127

15,479

NET BOOK VALUE

At 30 April 2026

8

722

730

At 30 April 2025

11

-

11

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2025

732,000

Additions

214,813

Revaluations

28,187

At 30 April 2026

975,000

NET BOOK VALUE

At 30 April 2026

975,000

At 30 April 2025

732,000

Fair value at 30 April 2026 is represented by:

£

Valuation in 2017

12,750

Valuation in 2018

18,144

Valuation in 2019

60,430

Valuation in 2020

(22,110

)

Valuation in 2021

(13,676

)

Valuation in 2022

105,000

Valuation in 2023

40,000

Valuation in 2024

23,000

Valuation in 2025

(11,000

)

Valuation in 2026

28,187

Cost

734,275

975,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.26

30.4.25

£

£

Cost

734,275

519,462

Investment Property was valued on an open market basis on 30 April 2026 by Chris Richmond, director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.26

30.4.25

£

£

Trade debtors

-

99

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.26

30.4.25

£

£

Trade creditors

-

2,185

Other creditors

20,831

5,965

20,831

8,150

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.26

30.4.25

£

£

Bank loans

672,237

548,583

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.26

30.4.25

£

£

Bank loans

672,237

548,583

Aldermore Bank PLC holds a security over four of the company's investment properties.

Paragon Bank PLC holds a security over one of the company's investment properties.

10.	PROVISIONS FOR LIABILITIES

30.4.26

30.4.25

£

£

Deferred tax

37,421

33,293

Deferred

tax

£

Balance at 1 May 2025

33,293

Provided during year

4,128

Balance at 30 April 2026

37,421

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.26

30.4.25

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 May 2025

69,125

176,734

245,859

Profit for the year

17,466

17,466

Fair value transfer

(24,059

)

24,059

-

At 30 April 2026

62,532

200,793

263,325

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £18,995 as at 30 April 2026 (2025: £4,129).

14.	RELATED PARTY DISCLOSURES

There were no related party transactions within the year ended 30th April 2026 (2025: nil).

15.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.