REGISTERED NUMBER: SC195004 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

ABERCROMBIE PROPERTY MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M D S McElney

SECRETARY:

Ms S Lacroix

REGISTERED OFFICE:

Q Court

3 Quality Street

Edinburgh

EH4 5BP

REGISTERED NUMBER:

SC195004 (Scotland)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Tangible assets

4

29,092

36,246

Investment property

5

3,600,000

3,609,431

3,629,092

3,645,677

CURRENT ASSETS

Debtors

6

63,618

119,013

Cash at bank

423,328

419,369

486,946

538,382

CREDITORS

Amounts falling due within one year

7

1,856,448

1,937,897

NET CURRENT LIABILITIES

(1,369,502

)

(1,399,515

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,259,590

2,246,162

CREDITORS

Amounts falling due after more than one year

8

(1,340,873

)

(1,340,873

)

PROVISIONS FOR LIABILITIES

(72,124

)

(80,312

)

NET ASSETS

846,593

824,977

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

10

433,459

412,549

Retained earnings

413,132

412,426

SHAREHOLDERS' FUNDS

846,593

824,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20 September 2017 and were signed by:

M D S McElney - Director

1.	STATUTORY INFORMATION

Abercrombie Property Management 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 Balance Sheet shows net current liabilities of £1,369,502 (2016 - £1,399,515). The company continues to be

supported by its parent company and its shareholders who guarantee the company liabilities and provide funding

for operations. The operational funding support is expected to continue for a period of at least one year after the

date of signing the financial statements.

Turnover

Turnover represents amounts receivable for rent, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% straight line

Fixtures and fittings

-

25% straight line

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2016

43,706

1,708

45,414

Additions

-

2,685

2,685

At 31 March 2017

43,706

4,393

48,099

DEPRECIATION

At 1 April 2016

8,741

427

9,168

Charge for year

8,741

1,098

9,839

At 31 March 2017

17,482

1,525

19,007

NET BOOK VALUE

At 31 March 2017

26,224

2,868

29,092

At 31 March 2016

34,965

1,281

36,246

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

3,609,431

Revaluations

(9,431

)

At 31 March 2017

3,600,000

NET BOOK VALUE

At 31 March 2017

3,600,000

At 31 March 2016

3,609,431

Fair value at 31 March 2017 is represented by:

£

Valuation in 2012

215,206

Valuation in 2013

352,130

Valuation in 2014

(74,478

)

Valuation in 2017

(9,431

)

Cost

3,116,573

3,600,000

A revaluation was carried out by the director as at 31 March 2017, which was on an open market valuation basis.

The carrying value of the revalued property is £3,600,000 (2016 - £3,609,432) and the historic cost is

£3,116,573.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

36,792

1,212

Other debtors

26,826

117,801

63,618

119,013

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

1,760,000

1,840,000

Trade creditors

26,082

-

Taxation and social security

19,097

15,838

Other creditors

51,269

82,059

1,856,448

1,937,897

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Other creditors

1,340,873

1,340,873

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

1,760,000

1,840,000

Svenska Handelsbanken was granted security over the heritable property of the company, and a floating charge

over all other assets of the company.

10.

RESERVES

Fair

value

reserve

£

At 1 April 2016

412,549

Transfer

20,910

At 31 March 2017

433,459

11.	RELATED PARTY DISCLOSURES

During the year key management received total remuneration and benefits of kind of £11,995.

M D S McElney

Director

During the year, M D S McElney paid expenses of £nil (2016 - £11,669) on behalf of the company and loaned

£10,962 ( 2016 - £10,000) to the company. The company repaid this and advanced a further £5,287 to the

director. At the year end, £7,401 (2016 - £2,114) was due from M D S McElney.

Edinburgh Property Investments Limited

A company in which M D S McElney is a director.

During the year the company charged Edinburgh Property Investments Limited management fees of £3,000

(2016 - £15,000).

Included within 'Other debtors' is an amount of £18,500 (2016 - £36,500) due from Edinburgh Property

Investments Limited.

Madina GLP

An overseas Limited Partnership in which M D S McElney has an interest.

Included within 'Other creditors' is an amount of £1,340,873 (2016 - £1,340,873) due to Madina GLP. Interest is

accrued on £1,240,000 of the loan at 10% per annum, and the remaining balance is interest free.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Fawn Ridge Trust which has the majority ownership of Madina GLP.

13.	ULTIMATE PARENT COMPANY

Madina GLP is regarded by the director as being the company's ultimate parent company.