7
17 September 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC144854
2023-01-01
2023-12-31
SC144854
2023-12-31
SC144854
2022-12-31
SC144854
2022-01-01
2022-12-31
SC144854
2022-12-31
SC144854
2021-12-31
SC144854
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
SC144854
core:PlantMachinery
2023-01-01
2023-12-31
SC144854
core:FurnitureFittings
2023-01-01
2023-12-31
SC144854
core:MotorVehicles
2023-01-01
2023-12-31
SC144854
bus:Director1
2023-01-01
2023-12-31
SC144854
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
SC144854
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
SC144854
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
SC144854
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
SC144854
core:PlantMachinery
2022-12-31
SC144854
core:PlantMachinery
2023-12-31
SC144854
core:FurnitureFittings
2022-12-31
SC144854
core:FurnitureFittings
2023-12-31
SC144854
core:MotorVehicles
2022-12-31
SC144854
core:MotorVehicles
2023-12-31
SC144854
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
SC144854
core:WithinOneYear
2023-12-31
SC144854
core:WithinOneYear
2022-12-31
SC144854
core:AfterOneYear
2023-12-31
SC144854
core:AfterOneYear
2022-12-31
SC144854
bus:AllOrdinaryShares
2023-01-01
2023-12-31
SC144854
bus:AllOrdinaryShares
2022-01-01
2022-12-31
SC144854
core:ShareCapital
2023-12-31
SC144854
core:ShareCapital
2022-12-31
SC144854
core:RetainedEarningsAccumulatedLosses
2023-12-31
SC144854
core:RetainedEarningsAccumulatedLosses
2022-12-31
SC144854
core:RevaluationInvestmentPropertyDeferredTax
2023-12-31
SC144854
core:RevaluationInvestmentPropertyDeferredTax
2022-12-31
SC144854
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
SC144854
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
SC144854
core:PlantMachinery
2022-12-31
SC144854
core:FurnitureFittings
2022-12-31
SC144854
core:MotorVehicles
2022-12-31
SC144854
bus:SmallEntities
2023-01-01
2023-12-31
SC144854
bus:Audited
2023-01-01
2023-12-31
SC144854
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
SC144854
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
SC144854
bus:FullAccounts
2023-01-01
2023-12-31
SC144854
core:ConstructionInProgressAssetsUnderConstruction
2023-01-01
2023-12-31
SC144854
core:ConstructionInProgressAssetsUnderConstruction
2023-12-31
SC144854
core:RetainedEarningsAccumulatedLosses
2023-01-01
2023-12-31
SC144854
core:InvestmentPropertiesRevaluationReserve
2023-01-01
2023-12-31
SC144854
1
2023-01-01
2023-12-31
SC144854
core:KeyManagementIndividualGroup1
2023-01-01
2023-12-31
SC144854
core:KeyManagementIndividualGroup1
2023-12-31
SC144854
core:EntitiesControlledByKeyManagementPersonnel
2023-01-01
2023-12-31
SC144854
core:EntitiesControlledByKeyManagementPersonnel
2023-12-31
COMPANY REGISTRATION NUMBER:
SC144854
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
30,434,653 |
30,333,669 |
|
|
|
|
Current assets
Stocks |
– |
2,982 |
Debtors |
7 |
114,959 |
148,619 |
Cash at bank and in hand |
631,496 |
794,846 |
|
--------- |
--------- |
|
746,455 |
946,447 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,658,456 |
1,521,471 |
|
------------ |
------------ |
Net current liabilities |
912,001 |
575,024 |
|
------------- |
------------- |
Total assets less current liabilities |
29,522,652 |
29,758,645 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
5,071,033 |
6,371,151 |
|
|
|
|
Provisions
Taxation including deferred tax |
3,413,417 |
3,413,417 |
|
------------- |
------------- |
Net assets |
21,038,202 |
19,974,077 |
|
------------- |
------------- |
|
|
|
Capital and reserves
Called up share capital |
4,000 |
4,000 |
Profit and loss account |
11 |
21,034,202 |
19,970,077 |
|
------------- |
------------- |
Shareholders funds |
21,038,202 |
19,974,077 |
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
3 September 2024
, and are signed on behalf of the board by:
Company registration number:
SC144854
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Block 6 Kelvin Campus, West of Scotland Science Park, Maryhill Road, Glasgow, G20 0SP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties over the companies ability to continue as a going concern.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income from rents and service charges are recognised on a straight-line basis over the term of the lease. Rent incentives granted by the company are spread evenly over the rental term, even if the payments are not made on such a basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Investment property |
- |
Market value |
|
Leasehold property |
- |
10% straight line |
|
Plant and machinery |
- |
25% straight line |
|
Fixtures and fittings |
- |
15% straight line |
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
Assets under construction are not available for use and so are not depreciated
.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2022:
9
).
5.
Dividends
Equity dividends
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
659,200 |
579,200 |
Dividends proposed after the year end and not recognised as a liability |
500,000 |
580,000 |
|
--------- |
--------- |
|
|
|
Dividends on shares classed as debt
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
60,000 |
60,000 |
Dividends proposed after the year end and not recognised as a liability |
30,000 |
30,000 |
|
-------- |
-------- |
|
|
|
6.
Tangible assets
|
At 1 January 2023 |
Additions |
Disposals |
At 31 December 2023 |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
Freehold and leasehold investment property |
30,253,093 |
– |
– |
30,253,093 |
Long leasehold property |
22,360 |
– |
– |
22,360 |
Plant and machinery |
67,049 |
138,250 |
– |
205,299 |
Fixtures and fittings |
27,323 |
4,172 |
(
8,070) |
23,425 |
Motor vehicles |
47,784 |
– |
– |
47,784 |
Assets under construction |
– |
35,791 |
– |
35,791 |
|
------------- |
--------- |
------- |
------------- |
|
30,417,609 |
178,213 |
(
8,070) |
30,587,752 |
|
------------- |
--------- |
------- |
------------- |
|
|
|
|
|
|
At 1 January 2023 |
Charge for the year |
Disposals |
At 31 December 2023 |
|
£ |
£ |
£ |
£ |
Depreciation |
|
|
|
|
Freehold and leasehold investment property |
– |
25,612 |
– |
25,612 |
Long leasehold property |
22,120 |
120 |
– |
22,240 |
Plant and machinery |
10,024 |
44,196 |
– |
54,220 |
Fixtures and fittings |
19,454 |
2,699 |
(
7,932) |
14,221 |
Motor vehicles |
32,342 |
4,464 |
– |
36,806 |
|
------------- |
--------- |
------- |
--------- |
|
83,940 |
77,091 |
(
7,932) |
153,099 |
|
------------- |
--------- |
------- |
--------- |
|
|
|
|
|
|
At 31 December 2023 |
At 31 December 2022 |
|
£ |
£ |
Carrying amount |
|
|
Freehold and leasehold investment property |
30,227,481 |
30,253,093 |
Long leasehold property |
120 |
240 |
Plant and machinery |
151,079 |
57,025 |
Fixtures and fittings |
9,204 |
7,869 |
Motor vehicles |
10,978 |
15,442 |
Assets under construction |
35,791 |
– |
|
------------- |
------------- |
|
30,434,653 |
30,333,669 |
|
------------- |
------------- |
|
|
|
Included within the above is investment property as follows:
|
£ |
|
------------- |
At 1 January 2023 and 31 December 2023 |
30,155,000 |
|
------------- |
|
|
Investment properties were valued on the basis of market value in December 2023 at £30,155,000 (2022 - £30,155,000) by Alexander V Haig, a director of the company. The properties were all completed by 31 December 2023. The historical cost of the properties included at valuation amounted to £16,692,708 (2022 - £16,692,708).
Capital commitments
|
2023 |
2022 |
|
£ |
£ |
Contracted for but not provided for in the financial statements |
31,228 |
– |
|
-------- |
---- |
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
4,690 |
10,574 |
Other debtors |
110,269 |
138,045 |
|
--------- |
--------- |
|
114,959 |
148,619 |
|
--------- |
--------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
41,053 |
25,638 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
500,026 |
501,832 |
Trade creditors |
91,908 |
69,711 |
Corporation tax |
266,924 |
281,617 |
Social security and other taxes |
162,105 |
160,838 |
Other creditors |
637,493 |
507,473 |
|
------------ |
------------ |
|
1,658,456 |
1,521,471 |
|
------------ |
------------ |
|
|
|
The banks holds first charge over 10 of the companies properties in relation to loans made to the company.
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
4,471,033 |
5,771,151 |
Other creditors |
600,000 |
600,000 |
|
------------ |
------------ |
|
5,071,033 |
6,371,151 |
|
------------ |
------------ |
|
|
|
The banks holds first charge over 10 of the companies properties in relation to loans made to the company.
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions |
3,413,417 |
3,413,417 |
|
------------ |
------------ |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Fair value adjustment of investment property |
3,413,417 |
3,413,417 |
|
------------ |
------------ |
|
|
|
11.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The Profit and Loss reserve balance at the year end of £21,034,202 (2022 - £19,970,077) is
made up of distributable reserves of £10,796,942
(2022 - £9,732,817) and non-distributable reserves of £10,237,260 (2022 - £10,237,260). Non-distributable reserves relate to gains made on the revaluation of the company's Investments Properties.
12.
Events after the end of the reporting period
Since the year end the company has progressed the development of a new building with building works commencing in August 2024. The cost to develop is currently estimated at £4.3million.
13.
Summary audit opinion
The auditor's report for the year dated
17 September 2024
was
unqualified
.
The senior statutory auditor was
Daniel Palombo MA, CA
, for and on behalf of
Ritsons
.
14.
Related party transactions
At 31 December 2023 the company owed two
directors
£ 99,935
(2022 - £19,935). This loan is interest free and has no definite terms of repayment
. Included in other debtors is £ 7,800
(2022 - £nil) due from a company in which the directors are also directors and shareholders
in respect of amounts paid on behalf of this company. At 31 December 2023 this company owed the company £nil (2022 - £6,000) in respect of loans granted to this company. This loan is interest free and has no definite terms of repayment. is.