Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01falseNo description of principal activity22falsetrue SC556941 2022-03-01 2023-02-28 SC556941 2021-03-01 2022-02-28 SC556941 2023-02-28 SC556941 2022-02-28 SC556941 c:Director1 2022-03-01 2023-02-28 SC556941 c:Director2 2022-03-01 2023-02-28 SC556941 c:RegisteredOffice 2022-03-01 2023-02-28 SC556941 d:OfficeEquipment 2022-03-01 2023-02-28 SC556941 d:OfficeEquipment 2023-02-28 SC556941 d:OfficeEquipment 2022-02-28 SC556941 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC556941 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 SC556941 d:FreeholdInvestmentProperty 2023-02-28 SC556941 d:FreeholdInvestmentProperty 2022-02-28 SC556941 d:CurrentFinancialInstruments 2023-02-28 SC556941 d:CurrentFinancialInstruments 2022-02-28 SC556941 d:Non-currentFinancialInstruments 2023-02-28 SC556941 d:Non-currentFinancialInstruments 2022-02-28 SC556941 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 SC556941 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 SC556941 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 SC556941 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 SC556941 d:ShareCapital 2023-02-28 SC556941 d:ShareCapital 2022-02-28 SC556941 d:InvestmentPropertiesRevaluationReserve 2023-02-28 SC556941 d:InvestmentPropertiesRevaluationReserve 2022-02-28 SC556941 d:RetainedEarningsAccumulatedLosses 2023-02-28 SC556941 d:RetainedEarningsAccumulatedLosses 2022-02-28 SC556941 c:OrdinaryShareClass1 2022-03-01 2023-02-28 SC556941 c:OrdinaryShareClass1 2023-02-28 SC556941 c:OrdinaryShareClass1 2022-02-28 SC556941 c:OrdinaryShareClass2 2022-03-01 2023-02-28 SC556941 c:OrdinaryShareClass2 2023-02-28 SC556941 c:OrdinaryShareClass2 2022-02-28 SC556941 c:OrdinaryShareClass3 2022-03-01 2023-02-28 SC556941 c:OrdinaryShareClass3 2023-02-28 SC556941 c:OrdinaryShareClass3 2022-02-28 SC556941 c:OrdinaryShareClass4 2022-03-01 2023-02-28 SC556941 c:OrdinaryShareClass4 2023-02-28 SC556941 c:OrdinaryShareClass4 2022-02-28 SC556941 c:FRS102 2022-03-01 2023-02-28 SC556941 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 SC556941 c:FullAccounts 2022-03-01 2023-02-28 SC556941 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC556941










SOLASTA CAPITAL MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SOLASTA CAPITAL MANAGEMENT LIMITED
 

COMPANY INFORMATION


Directors
Dr V I Blackhall 
Mr S Hepburn 




Registered number
SC556941



Registered office
12 Bowmont Gardens

Glasgow

G12 9LR




Accountants
EQ Accountants LLP
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
SOLASTA CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: SC556941

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
3,269
-

Investment property
 5 
1,589,077
930,000

  
1,592,346
930,000

Current assets
  

Debtors: amounts falling due within one year
 6 
10,720
6,640

Bank and cash balances
  
12,666
1,994

  
23,386
8,634

Creditors: amounts falling due within one year
 7 
(268,911)
(752,183)

Net current liabilities
  
 
 
(245,525)
 
 
(743,549)

Total assets less current liabilities
  
1,346,821
186,451

Creditors: amounts falling due after more than one year
 8 
(1,132,135)
-

Provisions for liabilities
  

Deferred tax
  
(31,469)
(31,469)

  
 
 
(31,469)
 
 
(31,469)

Net assets
  
183,217
154,982


Capital and reserves
  

Called up share capital 
 9 
100
100

Investment property reserve
  
116,311
116,311

Profit and loss account
  
66,806
38,571

  
183,217
154,982

Page 1

 
SOLASTA CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: SC556941

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2023.




Mr S Hepburn
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SOLASTA CAPITAL MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Solasta Capital Management Limited is a private limited company, limited by shares, domiciled in Scotland with registration number SC556941. The registered office is 12 Bowmont Gardens, Glasgow, Scotland, G12 9LR. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises of rental income from the lease of residential property.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 
SOLASTA CAPITAL MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.6

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
SOLASTA CAPITAL MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
4,359



At 28 February 2023

4,359



Depreciation


Charge for the year on owned assets
1,090



At 28 February 2023

1,090



Net book value



At 28 February 2023
3,269



At 28 February 2022
-

Page 5

 
SOLASTA CAPITAL MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
930,000


Additions at cost
659,077



At 28 February 2023
1,589,077

The 2023 valuations were made by the director, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 March 2022
116,311
-

Net surplus/(deficit) in movement properties
-
147,780

Deferred tax
-
(31,469)

At 28 February 2023
116,311
116,311



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,441,297
782,220

1,441,297
782,220


6.


Debtors

2023
2022
£
£


Other debtors
10,720
6,640

10,720
6,640


Page 6

 
SOLASTA CAPITAL MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
188
-

Accruals and deferred income
2,700
2,100

Other taxation and social security
6,418
2,774

Other creditors
259,605
178,866

Bank loans
-
568,443

268,911
752,183


The following liabilities were secured:

2023
2022
£
£



Bank loans
-
568,443

-
568,443

Details of security provided:

The company granted standard securities in favour of Paragon Bank PLC the whole subjects known as 0/1, 1/1, 2/1, 3/1 & 3/2, 9 Kelvingrove, Glasgow, G3 7RX.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,132,135
-

1,132,135
-


The following liabilities were secured:

2023
2022
£
£



Bank loans
1,132,135
-

1,132,135
-

Details of security provided:

The company granted standard securities in favour of Paragon Bank PLC the whole subjects known as 0/1, 1/1, 2/1, 3/1 & 3/2, 9 Kelvingrove, Glasgow, G3 7RX.

Page 7

 
SOLASTA CAPITAL MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



49 (2022 - 49) A Ordinary shares of £1.00 each
49
49
49 (2022 - 49) B Ordinary shares of £1.00 each
49
49
1 (2022 - 1) C Ordinary share of £1.00
1
1
1 (2022 - 1) D Ordinary share of £1.00
1
1

100

100



Page 8