IRIS Accounts Production v23.3.1.45 SC581308 Board of Directors 28.2.22 27.2.23 27.2.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5813082022-02-27SC5813082023-02-27SC5813082022-02-282023-02-27SC5813082021-02-27SC5813082021-02-282022-02-27SC5813082022-02-27SC581308ns10:Originalns15:Scotland2022-02-282023-02-27SC581308ns14:PoundSterlingns10:Original2022-02-282023-02-27SC581308ns10:Originalns10:Director12022-02-282023-02-27SC581308ns10:Original2022-02-282023-02-27SC581308ns10:Original2023-02-27SC581308ns10:Originalns10:PrivateLimitedCompanyLtd2022-02-282023-02-27SC581308ns10:Originalns10:SmallEntities2022-02-282023-02-27SC581308ns10:Originalns10:AuditExempt-NoAccountantsReport2022-02-282023-02-27SC581308ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-02-282023-02-27SC581308ns10:SmallCompaniesRegimeForAccountsns10:Original2022-02-282023-02-27SC581308ns10:Originalns10:FullAccounts2022-02-282023-02-27SC581308ns10:Original2021-02-282022-02-27SC581308ns10:Originalns10:Director22022-02-282023-02-27SC581308ns10:Originalns10:RegisteredOffice2022-02-282023-02-27SC581308ns10:Original2022-02-27SC581308ns10:Originalns5:CurrentFinancialInstruments2023-02-27SC581308ns10:Originalns5:CurrentFinancialInstruments2022-02-27SC581308ns10:Originalns5:Non-currentFinancialInstruments2023-02-27SC581308ns10:Originalns5:Non-currentFinancialInstruments2022-02-27SC581308ns5:ShareCapitalns10:Original2023-02-27SC581308ns5:ShareCapitalns10:Original2022-02-27SC581308ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-27SC581308ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-27SC581308ns10:Originalns5:PlantMachinery2022-02-282023-02-27SC581308ns10:Originalns5:PlantMachinery2022-02-27SC581308ns10:Originalns5:PlantMachinery2023-02-27SC581308ns10:Originalns5:PlantMachinery2022-02-27SC581308ns10:Originalns5:AdditionsToInvestments2023-02-27SC581308ns10:Originalns5:CostValuation2023-02-27SC581308ns10:Original2022-02-27SC581308ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-27SC581308ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-27SC581308ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-02-27SC581308ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-02-27SC581308ns5:Securedns10:Original2023-02-27SC581308ns5:Securedns10:Original2022-02-27
REGISTERED NUMBER: SC581308 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 FEBRUARY 2023

FOR

ENTERPRISE PROPERTIES (SCOTLAND) LIMITED

ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 27 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ENTERPRISE PROPERTIES (SCOTLAND) LIMITED

COMPANY INFORMATION
for the year ended 27 FEBRUARY 2023







DIRECTORS: O I Aziz
Mrs F Aziz





REGISTERED OFFICE: 3 Clairmont Gardens
Glasgow
G3 7LW





REGISTERED NUMBER: SC581308 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308)

STATEMENT OF FINANCIAL POSITION
27 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 36,130 31,807
Investments 5 48,776 -
Investment property 6 3,480,288 3,382,021
3,565,194 3,413,828

CURRENT ASSETS
Debtors 7 4,879 -
Cash at bank 1,122 2,191
6,001 2,191
CREDITORS
Amounts falling due within one year 8 (1,809,119 ) (1,692,975 )
NET CURRENT LIABILITIES (1,803,118 ) (1,690,784 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,762,076

1,723,044

CREDITORS
Amounts falling due after more than one
year

9

(1,835,331

)

(1,850,681

)
NET LIABILITIES (73,255 ) (127,637 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (73,355 ) (127,737 )
SHAREHOLDERS' FUNDS (73,255 ) (127,637 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308)

STATEMENT OF FINANCIAL POSITION - continued
27 FEBRUARY 2023


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 22 February 2024 and were signed on its behalf by:





O I Aziz - Director


ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 27 FEBRUARY 2023

1. STATUTORY INFORMATION

Enterprise Properties (Scotland) Limited is a private company, limited by shares, registered in Scotland, registration number SC581308. The registered office is 3 Clairmont Gardens, Glasgow G3 7LW.

The principal activity of the company is property letting.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going concern
These financial statements have been prepared on the going concern basis despite the fact that Statement of Financial Position is showing a net current liability position of the Company. The key driver for this are loans provided to the Company by the directors/shareholders, which are all repayable on demand with no fixed terms of repayment. The directors do not intend to recall the loans or sell the investment properties within the next 12 months, hence the going concern basis of the Company is considered to be appropriate.

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Valuation of investment property
As noted below, investment property is included in the Statement of Financial Position at fair value. The valuation is based on the directors' consideration of several factors including previous professional valuations, local market conditions, estate agent valuations, and recent selling prices of similar properties.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Rental Income
Rental income from investment properties is recognised as turnover when received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 15% on cost

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be reasonable.

Unlisted Investments
Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 27 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

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.

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 NIL (2022 - NIL).

ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 27 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 28 February 2022 46,310
Additions 13,258
At 27 February 2023 59,568
DEPRECIATION
At 28 February 2022 14,503
Charge for year 8,935
At 27 February 2023 23,438
NET BOOK VALUE
At 27 February 2023 36,130
At 27 February 2022 31,807

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 48,776
At 27 February 2023 48,776
NET BOOK VALUE
At 27 February 2023 48,776

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 28 February 2022 3,382,021
Additions 98,267
At 27 February 2023 3,480,288
NET BOOK VALUE
At 27 February 2023 3,480,288
At 27 February 2022 3,382,021

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 4,879 -

ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 27 FEBRUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,024 15,024
Trade creditors 2,300 -
Amounts owed to associates 46,677 -
Other creditors 1,745,118 1,677,951
1,809,119 1,692,975

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,835,331 1,850,681

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,342,089 1,342,091

Repayable by instalments
Bank loans more 5 yr by instal 433,145 448,493

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,850,355 1,865,705

The company has granted a standard security over one of its investment properties in favour of Lendinvest BTL Ltd.

The company has also granted a standard security over a further six of its investment properties in favour of Paragon Bank plc.