Company No: SC601390 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.06.2023		30.06.2022
		£		£
Fixed assets
Investment property	3	6,147,443		6,147,443
		6,147,443		6,147,443
Current assets
Debtors	4	167,860		90,646
Cash at bank and in hand		367,704		253,744
		535,564		344,390
Creditors: amounts falling due within one year	5	( 6,386,208)		( 2,366,361)
Net current liabilities		(5,850,644)		(2,021,971)
Total assets less current liabilities		296,799		4,125,472
Creditors: amounts falling due after more than one year	6	0		( 4,000,000)
Net assets		296,799		125,472
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		296,699		125,372
Total shareholder's funds		296,799		125,472

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 129 High Street Limited (registered number: SC601390) were approved and authorised for issue by the Board of Directors on 27 March 2024. They were signed on its behalf by:

A J Christou 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 period, unless otherwise stated.

General information and basis of accounting

129 High Street 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 Glenrinnes Lodge, Dufftown, AB55 4BS, United Kingdom.

The financial statements have been prepared under the historical cost convention 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. Although the company was in a net current liability position of £5,850,644 as at 30 June 2023, the directors agree not to seek repayment for any amounts due to them until all other liabilities have been satisfied. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

These financial statements reflect the results of trading for a full year. The comparative figures reflect the trading of an 18 month period covering 1 January 2021 to 30 June 2022.

Turnover

Turnover is recognised at the fair value of the consideration received for serviced short let accommodation provided in the normal course of business, and is shown net of VAT.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property 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. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

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

Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	Year ended 30.06.2023		Period from 01.01.2021 to 30.06.2022
	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 July 2022	6,147,443
As at 30 June 2023	6,147,443

4. Debtors

	30.06.2023		30.06.2022
	£		£
Trade debtors	167,860		90,646

5. Creditors: amounts falling due within one year

	30.06.2023		30.06.2022
	£		£
Bank loans (secured)	4,000,000		0
Trade creditors	101,333		69,796
Amounts owed to Group undertakings	2,268,615		2,268,615
Other taxation and social security	10,865		25,425
Other creditors	5,395		2,525
	6,386,208		2,366,361

The bank loan is secured over the Company's Investment Properties. Personal guarantees, in addition to a guarantee by the parent company, have also been made. The loan is repayable in full on 6 March 2024.

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

	30.06.2023		30.06.2022
	£		£
Bank loans (secured)	0		4,000,000

The bank loan is secured over the Company's Investment Properties. Personal guarantees, in addition to a guarantee by the parent company, have also been made. The loan is repayable in full on 6 March 2024.

7. Called-up share capital

	30.06.2023		30.06.2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	30.06.2023		30.06.2022
	£		£
Entities with control, joint control or significant influence over the company	2,268,656		2,268,656

The above loans to participators are unsecured, interest free and have no fixed terms of repayment.

9. Ultimate controlling party

Glenrinnes Farms Limited (SC147083), is the immediate parent company of 129 High Street Limited.