Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Mrs S G Brading 01/06/2023 Mrs E Moffat 08/05/2018 Mr J S Moffat 30/04/2015 29 August 2024 The principal activity of the Company during the financial year continued to be that of professional property advertising and management. SC293368 2023-11-30 SC293368 bus:Director1 2023-11-30 SC293368 bus:Director2 2023-11-30 SC293368 bus:Director3 2023-11-30 SC293368 2022-11-30 SC293368 core:CurrentFinancialInstruments 2023-11-30 SC293368 core:CurrentFinancialInstruments 2022-11-30 SC293368 core:Non-currentFinancialInstruments 2023-11-30 SC293368 core:Non-currentFinancialInstruments 2022-11-30 SC293368 core:ShareCapital 2023-11-30 SC293368 core:ShareCapital 2022-11-30 SC293368 core:CapitalRedemptionReserve 2023-11-30 SC293368 core:CapitalRedemptionReserve 2022-11-30 SC293368 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC293368 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC293368 core:LandBuildings 2022-11-30 SC293368 core:OtherPropertyPlantEquipment 2022-11-30 SC293368 core:LandBuildings 2023-11-30 SC293368 core:OtherPropertyPlantEquipment 2023-11-30 SC293368 core:CostValuation 2022-11-30 SC293368 core:AdditionsToInvestments 2023-11-30 SC293368 core:CostValuation 2023-11-30 SC293368 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-11-30 SC293368 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-11-30 SC293368 bus:OrdinaryShareClass1 2023-11-30 SC293368 core:WithinOneYear 2023-11-30 SC293368 core:WithinOneYear 2022-11-30 SC293368 core:BetweenOneFiveYears 2023-11-30 SC293368 core:BetweenOneFiveYears 2022-11-30 SC293368 2022-12-01 2023-11-30 SC293368 bus:FilletedAccounts 2022-12-01 2023-11-30 SC293368 bus:SmallEntities 2022-12-01 2023-11-30 SC293368 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC293368 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC293368 bus:Director1 2022-12-01 2023-11-30 SC293368 bus:Director2 2022-12-01 2023-11-30 SC293368 bus:Director3 2022-12-01 2023-11-30 SC293368 core:LandBuildings core:TopRangeValue 2022-12-01 2023-11-30 SC293368 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-12-01 2023-11-30 SC293368 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-12-01 2023-11-30 SC293368 2021-12-01 2022-11-30 SC293368 core:LandBuildings 2022-12-01 2023-11-30 SC293368 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 SC293368 core:Subsidiary1 2022-12-01 2023-11-30 SC293368 core:Subsidiary1 1 2022-12-01 2023-11-30 SC293368 core:Subsidiary1 1 2021-12-01 2022-11-30 SC293368 core:Subsidiary2 2022-12-01 2023-11-30 SC293368 core:Subsidiary2 1 2022-12-01 2023-11-30 SC293368 core:Subsidiary2 1 2021-12-01 2022-11-30 SC293368 core:CurrentFinancialInstruments 2022-12-01 2023-11-30 SC293368 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 SC293368 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC293368 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: SC293368 (Scotland)

DESTINY SCOTLAND LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

DESTINY SCOTLAND LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

DESTINY SCOTLAND LTD.

BALANCE SHEET

AS AT 30 NOVEMBER 2023
DESTINY SCOTLAND LTD.

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,981 20,862
Investments 4 200 170
3,181 21,032
Current assets
Stocks 5 8,986 8,212
Debtors
- due within one year 6 1,377,171 841,431
- due after more than one year 6 878 0
Cash at bank and in hand 1,440,573 878,599
2,827,608 1,728,242
Creditors: amounts falling due within one year 7 ( 1,894,761) ( 1,195,915)
Net current assets 932,847 532,327
Total assets less current liabilities 936,028 553,359
Creditors: amounts falling due after more than one year 8 ( 16,509) ( 26,613)
Provision for liabilities 9 0 ( 4,711)
Net assets 919,519 522,035
Capital and reserves
Called-up share capital 10 83 83
Capital redemption reserve 17 17
Profit and loss account 919,419 521,935
Total shareholders' funds 919,519 522,035

For the financial year ending 30 November 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 Destiny Scotland Ltd. (registered number: SC293368) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

Mr J S Moffat
Director
DESTINY SCOTLAND LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
DESTINY SCOTLAND LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 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

Destiny Scotland 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 28 Thistle Street, Edinburgh, EH2 1EN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for professional property advertising and management, net of VAT.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 25

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 December 2022 23,922 68,917 92,839
Additions 0 2,679 2,679
Disposals ( 23,922) ( 24,130) ( 48,052)
At 30 November 2023 0 47,466 47,466
Accumulated depreciation
At 01 December 2022 19,267 52,710 71,977
Charge for the financial year 2,392 15,905 18,297
Disposals ( 21,659) ( 24,130) ( 45,789)
At 30 November 2023 0 44,485 44,485
Net book value
At 30 November 2023 0 2,981 2,981
At 30 November 2022 4,655 16,207 20,862

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 170
Additions 30
At 30 November 2023 200
Carrying value at 30 November 2023 200
Carrying value at 30 November 2022 170

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.11.2023
Ownership
30.11.2022
Destiny Scotland Property Ltd 28 Thistle Street, Edinburgh, Scotland, EH2 1EN Professional advertising and management 100 100.00% 100.00%
Destiny Scotland Holdings Ltd 28 Thistle Street, Edinburgh, Scotland, EH2 1EN. Buying and selling of own real estate 100 100.00% 70.00%

5. Stocks

2023 2022
£ £
Stocks 8,986 8,212

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 0 422
Amounts owed by own subsidiaries 1,217,742 712,960
Other debtors 159,429 128,049
1,377,171 841,431
Debtors: amounts falling due after more than one year
Deferred tax asset 878 0

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,106 9,851
Trade creditors 449,887 397,432
Amounts owed to Group undertakings 33,358 21,888
Taxation and social security 272,662 164,509
Other creditors 1,128,748 602,235
1,894,761 1,195,915

There are no amounts included above in respect of which any security has been given by the small entity.

Bank borrowings relate to the Bounce Back loan scheme and are fully covered by a government backed guarantee.

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

2023 2022
£ £
Bank loans 16,509 26,613

There are no amounts included above in respect of which any security has been given by the small entity.

Bank borrowings relate to the Bounce Back loan scheme and are fully covered by a government backed guarantee.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 0 4,711

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
83 Ordinary shares of £ 1.00 each 83 83

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 26,969 26,969
between one and five years 53,938 80,907
80,907 107,876

12. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due from related parties 768 12,228
Amounts due from subsidiaries 1,251,100 734,848