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REGISTERED NUMBER: SC124096 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

Stirling Business Centre Limited

Stirling Business Centre Limited (Registered number: SC124096)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stirling Business Centre Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Stirling Enterprise Park Limited - corporate director
D W Beggs
S R MacDonald
E C Watterson
G A Robertson



REGISTERED OFFICE: John Player Building
Stirling
FK7 7RP



REGISTERED NUMBER: SC124096 (Scotland)



SENIOR STATUTORY AUDITOR: Derek J Smith



AUDITORS: Rennie Smith & Co
Chartered Accountants
Statutory Auditors
64 Murray Place
Stirling
FK8 2BX

Stirling Business Centre Limited (Registered number: SC124096)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 165,671 122,694
Investments 5 43,047 71,629
208,718 194,323

CURRENT ASSETS
Debtors 6 61,271 12,215
Cash at bank and in hand 234,786 313,016
296,057 325,231
CREDITORS
Amounts falling due within one year 7 189,865 232,533
NET CURRENT ASSETS 106,192 92,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

314,910

287,021

PROVISIONS FOR LIABILITIES (2,075 ) (686 )

ACCRUALS AND DEFERRED INCOME (38,604 ) (7,690 )
NET ASSETS 274,231 278,645

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Capital redemption reserve 9 140,000 140,000
Retained earnings 9 124,231 128,645
SHAREHOLDERS' FUNDS 274,231 278,645

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:




D W Beggs - Director



E C Watterson - Director


Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Stirling Business Centre 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.

Critical accounting judgements and key sources of estimation uncertainty
the preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. The following judgements and estimates have had the most significant effects on amounts recognized in the financial statements.

Leasehold fixtures and furnishings

The company's investments in leasehold fixtures and fittings are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary dependent on a number of factors. In re-assessing asset lives, factors such as technology innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, and the remaining life of the asset and projected disposal values.

Sinking fund provision .

A charge is included in the monthly rental charge to tenants to cover the long term estimated cost of maintaining the subject in good repair and condition and those funds are maintained in separate investment accounts. The level of charge is subject to a degree of uncertainty and is made on the basis of assumptions which may prove to be inaccurate. If any of the assumptions used by the directors prove to be incorrect this could result in an under or over charge of the amount to meet the cost of such dilapidations. Any under charge will require to be met from the company's reserves

Turnover
Turnover represents the amount of invoiced rents and accommodation hire during the year, 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.
L/hold property - fixtures - over a period of 60 years
L/hold property - furnishings - in accordance with the property
Plant & Equipment - 20% on cost

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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

When the contractual obligations of the financial instruments (including share capital) are equivalent to a similar debt instrument those financial instruments are classified as financial liabilities and presented as such in the balance sheet.Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classified as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Grant reserve
Revenue grants are released to the profit and loss account to match the expenditure to which they relate. Capital grants are released to the profit and loss account at the same rate as the depreciation charge on the asset to which they relate.

Sinking fund provision
A repairs and maintenance provision presently calculated at £0.39 per square foot of available accommodation at Stirling Business Centre and £0.30 at Enterprise House, as adjusted for relevant maintenance costs incurred, amounting to £19,159, is included in the provision for depreciation of leasehold property furnishings.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
L/hold L/hold
property property Plant &
- fixtures - furnishings Equipment Totals
£    £    £    £   
COST
At 1 April 2022 60,000 148,393 58,791 267,184
Additions - 24,870 13,014 37,884
Disposals - - (2,076 ) (2,076 )
At 31 March 2023 60,000 173,263 69,729 302,992
DEPRECIATION
At 1 April 2022 30,999 76,445 37,046 144,490
Charge for year 1,000 11,554 6,240 18,794
Eliminated on disposal - - (2,076 ) (2,076 )
Release from sinking fund - (23,887 ) - (23,887 )
At 31 March 2023 31,999 64,112 41,210 137,321
NET BOOK VALUE
At 31 March 2023 28,001 109,151 28,519 165,671
At 31 March 2022 29,001 71,948 21,745 122,694

The movement in the sinking fund provision, included in the provision for depreciation of leasehold property furnishings is as follows:
Opening provision£31,135
Interest accrued on investment account79
Provision for year11,832
----------
Balance before release£43,046

Release in year

(23,887

)

----------
Closing balance£19,159

5. FIXED ASSET INVESTMENTS

2023 2022
£ £

Sinking Fund Bank Account 43,047 71,628

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 61,271 12,215

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 112,202 152,334
Taxation and social security 7,551 8,722
Other creditors 70,112 71,477
189,865 232,533

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 "A" Ordinary £1 5,000 5,000
5,000 "B" Ordinary £1 5,000 5,000
10,000 10,000

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 128,645 140,000 268,645
Deficit for the year (4,414 ) (4,414 )
At 31 March 2023 124,231 140,000 264,231

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Derek J Smith (Senior Statutory Auditor)
for and on behalf of Rennie Smith & Co

11. OTHER FINANCIAL COMMITMENTS

a.The Company hold a long term lease over the property and subjects at Stirling Business Centre, Wellgreen Place, Stirling which is due to expire on 30 April 2051. The terms of the lease require the Company to pay as rent 85% of its net rental income after all expenditure. It is estimated that the rent payable in the next full rental year will be £27,591.

b.The Company also hold a long term lease over the property at Enterprise House, Springkerse Business Park, Stirling which is due to expire on 20 February 2056. The terms of the lease require the Company to pay as rent 95% of the net rental income after all expenditure. It is estimated that the rent payable in the next full rental year will be £NIL.
..

In accordance with FRS 102, the estimated total rental commitment under the aforementioned leases is £772,572.

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. TRANSACTIONS WITH DIRECTORS

Stirling Enterprise Park Limited, a corporate director of the Company, act as managing agents on behalf of the Company in respect of both properties. The managing agents fees were £38,000 (2022 - £36,000). Staff costs were £54,943 (2022 - £55,960).

13. RELATED PARTY DISCLOSURES

Stirling Council is the head landlord and the net rent payable to that company in terms of the leases is in the amount of £27,591 (2022 - £61,454)

14. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by Stirling Enterprise Park Limited and Stirling Council who are both shareholders of the company.

15. SUBSCRIPTION AGREEMENTS

Stirling Enterprise Park Limited and Stirling Council have entered into a subscription agreement whereby those companies would undertake to subscribe for a further 25,000 ordinary shares if required to do so by Stirling Business Centre Limited.