Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr G D Adam 01/12/2023 Mr A Adam 20/02/2013 Mr J G Adam 19/11/2018 Mr A H Esson 19/11/2018 Mr H D J Grant 19/11/2018 13 February 2024 The principal activity of the Company during the financial year was that of construction, sale and letting of commercial plots and buildings. SC443166 2023-05-31 SC443166 bus:Director1 2023-05-31 SC443166 bus:Director2 2023-05-31 SC443166 bus:Director3 2023-05-31 SC443166 bus:Director4 2023-05-31 SC443166 bus:Director5 2023-05-31 SC443166 2022-05-31 SC443166 core:CurrentFinancialInstruments 2023-05-31 SC443166 core:CurrentFinancialInstruments 2022-05-31 SC443166 core:Non-currentFinancialInstruments 2023-05-31 SC443166 core:Non-currentFinancialInstruments 2022-05-31 SC443166 core:ShareCapital 2023-05-31 SC443166 core:ShareCapital 2022-05-31 SC443166 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC443166 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC443166 bus:OrdinaryShareClass1 2023-05-31 SC443166 2022-06-01 2023-05-31 SC443166 bus:FullAccounts 2022-06-01 2023-05-31 SC443166 bus:SmallEntities 2022-06-01 2023-05-31 SC443166 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC443166 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC443166 bus:Director1 2022-06-01 2023-05-31 SC443166 bus:Director2 2022-06-01 2023-05-31 SC443166 bus:Director3 2022-06-01 2023-05-31 SC443166 bus:Director4 2022-06-01 2023-05-31 SC443166 bus:Director5 2022-06-01 2023-05-31 SC443166 2021-06-01 2022-05-31 SC443166 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 SC443166 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC443166 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 SC443166 1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC443166 (Scotland)

SALTIRE BUSINESS PARKS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

SALTIRE BUSINESS PARKS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

SALTIRE BUSINESS PARKS LTD

BALANCE SHEET

AS AT 31 MAY 2023
SALTIRE BUSINESS PARKS LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 5,572,115 5,176,569
5,572,115 5,176,569
Current assets
Stocks 4 3,382,432 4,836,385
Debtors 5 151,920 373,164
Cash at bank and in hand 1,789,645 439,025
5,323,997 5,648,574
Creditors: amounts falling due within one year 6 ( 8,286,997) ( 9,193,693)
Net current liabilities (2,963,000) (3,545,119)
Total assets less current liabilities 2,609,115 1,631,450
Creditors: amounts falling due after more than one year 7 ( 2,125,576) ( 1,084,975)
Net assets 483,539 546,475
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 483,439 546,375
Total shareholder's funds 483,539 546,475

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

Directors' responsibilities:

The financial statements of Saltire Business Parks Ltd (registered number: SC443166) were approved and authorised for issue by the Director on 13 February 2024. They were signed on its behalf by:

Mr A Adam
Director
SALTIRE BUSINESS PARKS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
SALTIRE BUSINESS PARKS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
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

Saltire Business Parks Ltd (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 10 Southfield Drive, Elgin, IV30 6GR, Scotland, 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 financial statements have been prepared on a going concern basis despite the company having net current liabilities of £4,182,919 at the year-end as the directors deem it appropriate to do so. They have agreed to continue to support the business and will not seek amounts due to them until all other creditors are met as they fall due.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue on sale of land is recognised when control has been transferred to the purchaser which will normally occur at handover/legal completion.

Revenue for rental of units is received quarterly in advance.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies are recognised at transaction price.

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.

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 based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Investment property

Investment property
£
Valuation
As at 01 June 2022 5,176,569
Additions 395,546
As at 31 May 2023 5,572,115

The closing value of Investment properties as at 31 May 2023 is £5,572,115. The directors believe this value to be representative of the market value at 31 May 2023. Investment property includes £nil (2022 - £3,178,284) of assets which are under construction at the year end.

4. Stocks

2023 2022
£ £
Stocks 2,300,909 3,895,143
Work in progress 1,081,523 941,242
3,382,432 4,836,385

5. Debtors

2023 2022
£ £
Trade debtors 121,802 112,396
Other debtors 30,118 260,768
151,920 373,164

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 812,500
Trade creditors 50,314 616,421
Other taxation and social security 5,723 0
Other creditors 8,220,960 7,764,772
8,286,997 9,193,693

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

2023 2022
£ £
Bank loans 1,513,333 35,833
Other creditors 612,243 1,049,142
2,125,576 1,084,975

Bank loans are secured by a floating charge over the assets of the Company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key Management Personnel 1,702,440 1,702,440

The amounts due to key management personnel is repayable on demand and no interest has been charged.

Other related party transactions

2023 2022
£ £
Other related parties 5,849,371 5,787,690

The amounts due to other related parties is repayable on demand and no interest has been charged.

10. Ultimate controlling party

The parent company is Alba Properties Limited, a company registered in Scotland, which owns 100% of the issued ordinary share capital of Saltire Business Parks Limited.