Company No: SC352894 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Investment property	3	1,250,000		1,250,000
		1,250,000		1,250,000
Current assets
Debtors	4	5,260		14,760
Cash at bank and in hand	5	98,477		29,556
		103,737		44,316
Creditors: amounts falling due within one year	6	( 312,459)		( 253,059)
Net current liabilities		(208,722)		(208,743)
Total assets less current liabilities		1,041,278		1,041,257
Creditors: amounts falling due after more than one year	7	( 282,898)		( 318,689)
Provision for liabilities	8	( 25,597)		( 25,576)
Net assets		732,783		696,992
Capital and reserves
Called-up share capital	9	4		4
Revaluation reserve		141,108		141,108
Profit and loss account		591,671		555,880
Total shareholders' funds		732,783		696,992

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Lawrence Milne Property Company Limited (registered number: SC352894) were approved and authorised for issue by the Director on 30 November 2023. They were signed on its behalf by:

Gordon Mackie Lawrence Director

Kevin Brian Milne Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lawrence Milne Property Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Balmacassie Brae, Balmacassie Commercial Park, Ellon, AB41 8BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.

Turnover

Turnover represents the net income received and receivable from the rental of commercial property. Turnover is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Investment property

	Investment property
	£
Valuation
As at 01 August 2022	1,250,000
As at 31 July 2023	1,250,000

Valuation

The original cost of the investment property was £1,200,893, and was subsequently revalued at 31 July 2016 by the company's directors on an open market basis by reference to market evidence of transaction prices for similar properties.

The directors believe the carrying value of the investment property at 31 July 2023 is still reflective, with a new tenant entering the property in the year and the rental income available remaining unchanged.

4. Debtors

	2023		2022
	£		£
Trade debtors	5,260		14,760

5. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	98,477		29,556

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	35,792		33,440
Trade creditors	2,836		0
Corporation tax	11,185		18,220
Other taxation and social security	16,536		5,707
Other creditors	246,110		195,692
	312,459		253,059

The long-term loans are secured by a standard security and a floating charge over the assets of the company.

7. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans (secured)	282,898		318,689

The long-term loans are secured by a standard security and a floating charge over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2023		2022
	£		£
Bank loans (secured / repayable by instalments)	110,566		186,993

8. Provision for liabilities

	2023		2022
	£		£
Deferred tax	25,597		25,576

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each	4		4

10. Related party transactions

Transactions with the entity's directors

	2023		2022
	£		£
Key Management Personnel	170,540		188,540

The above amounts were outstanding and due to related parties at the balance sheet date.