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REGISTERED NUMBER: SC205178 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Saltire Property Investments Ltd

Saltire Property Investments Ltd (Registered number: SC205178)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Saltire Property Investments Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr M Warner





SECRETARY: Mr B R Warner





REGISTERED OFFICE: Groenendaal
19 Caledonian Road
Peebles
Borders
EH45 9DJ





REGISTERED NUMBER: SC205178 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Saltire Property Investments Ltd (Registered number: SC205178)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,919,837 2,846,203
1,919,837 2,846,203

CURRENT ASSETS
Cash at bank 76,443 234,976

CREDITORS
Amounts falling due within one year 6 371,702 600,922
NET CURRENT LIABILITIES (295,259 ) (365,946 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,624,578

2,480,257

CREDITORS
Amounts falling due after more than one year 7 (521,092 ) (349,943 )

PROVISIONS FOR LIABILITIES (134,261 ) -
NET ASSETS 969,225 2,130,314

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 555,691 1,478,410
Retained earnings 413,434 651,804
SHAREHOLDERS' FUNDS 969,225 2,130,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Saltire Property Investments Ltd (Registered number: SC205178)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 9 August 2024 and were signed by:





Mr M Warner - Director


Saltire Property Investments Ltd (Registered number: SC205178)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Saltire Property Investments Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents gross rental income received from investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

An impairment review was carried out at the year end and there were no signs of impairment noted.

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 tax 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 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 NIL (2023 - NIL).

Saltire Property Investments Ltd (Registered number: SC205178)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 13,173
Disposals (2,082 )
At 31 March 2024 11,091
DEPRECIATION
At 1 April 2023 13,173
Eliminated on disposal (2,082 )
At 31 March 2024 11,091
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

An impairment review was carried out at the year end and there were no signs of impairment noted.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,846,203
Additions 308,634
Disposals (1,270,000 )
Revaluations 35,000
At 31 March 2024 1,919,837
NET BOOK VALUE
At 31 March 2024 1,919,837
At 31 March 2023 2,846,203

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2000 29,073
Valuation in 2012 60,773
Valuation in 2016 283,702
Valuation in 2019 115,000
Valuation in 2022 285,000
Valuation in 2024 35,000
Cost 1,111,289
1,919,837

Saltire Property Investments Ltd (Registered number: SC205178)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 1,104,655 1,367,793

Investment property was valued on an open market basis on 22 November 2023 by Allied Chartered Surveyors. .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts - 7,147
Taxation and social security 7,093 14,906
Other creditors 364,609 578,869
371,702 600,922

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 456,500 172,760
Other creditors 64,592 177,183
521,092 349,943

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loan 456,500 179,908

Handelsbanken hold a floating charge over properties held within the company.

9. RESERVES
Fair
value
reserve
£   
At 1 April 2023 1,478,410
Revaluation in year (922,719 )

At 31 March 2024 555,691

Saltire Property Investments Ltd (Registered number: SC205178)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. RELATED PARTY DISCLOSURES

The company has loans payable to related parties totalling £427,402 at 31 March 2024 (£754,599 as at 31 March 2023).

£64,592 (2023: £177,183) is shown within creditors falling due after more than one year.