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REGISTERED NUMBER: SC483869 (Scotland)
















Audited Financial Statements

for the Year Ended 31 December 2023

for

Entrepreneurial Scotland Limited

Entrepreneurial Scotland Limited (Registered number: SC483869)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Entrepreneurial Scotland Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr C D Robertson
Mr S A Mcgrath





REGISTERED OFFICE: 199 Cathedral Street
Glasgow
G4 0QU





REGISTERED NUMBER: SC483869 (Scotland)





INDEPENDENT AUDITORS: Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Entrepreneurial Scotland Limited (Registered number: SC483869)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,927 4,451

CURRENT ASSETS
Debtors 5 71,001 4,908
Cash at bank and in hand 264,529 34,526
335,530 39,434
CREDITORS
Amounts falling due within one year 6 778,966 540,056
NET CURRENT LIABILITIES (443,436 ) (500,622 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(440,509

)

(496,171

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (440,510 ) (496,172 )
(440,509 ) (496,171 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





Mr S A Mcgrath - Director


Entrepreneurial Scotland Limited (Registered number: SC483869)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Entrepreneurial Scotland Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC483869, and its registered office address is 199 Cathedral Street, Glasgow, G4 0QU.

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.

Going concern
The company has net liabilities of £440,509 as at 31 December 2023 (2022 - £496,171). Of this, £508,465 relates to a loan owed to its parent company (2022 - £517,180) within one year. The company has the continued support of the parent charity, as confirmed by a letter of support as at 31 December 2023, and therefore, if we disregard the loan, the company has net assets as at 31 December 2023 of £67,956 (2022 - £21,009).

The subsidiary has cash resources, and projections and forecasts for the group indicate that there will be sufficient cash to meet expected costs of the group for the next 12 months from the date of the financial statements. From a review of the parent company and group consolidated accounts for the year to 31 December 2023, the parent charity is deemed capable of aiding the subsidiary for the 12 months from the date of this report.

The Directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and do not believe that there are any material uncertainties in relation to this. They continue to believe the going concern basis of accountancy is appropriate in preparing the annual financial statements.

Significant judgements and estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover
Turnover represents net sponsorship, corporate and individual membership, events income, and management charges, excluding value added tax, discounts, rebates and other sales taxes. Turnover is recognised when the company becomes entitled to the income, it can be measured reliably, and it is probable that the economic benefits associated with the transaction will flow to the entity.

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 - 33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Entrepreneurial Scotland Limited (Registered number: SC483869)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

Entrepreneurial Scotland Limited (Registered number: SC483869)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 9,796
DEPRECIATION
At 1 January 2023 5,345
Charge for year 1,524
At 31 December 2023 6,869
NET BOOK VALUE
At 31 December 2023 2,927
At 31 December 2022 4,451

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 71,001 4,908

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 2,207
Amounts owed to group undertakings 508,465 517,180
Taxation and social security - 9,834
Other creditors 270,501 10,835
778,966 540,056

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alastair Stewart BA (Hons) CA (Senior Statutory Auditor)
for and on behalf of Gillespie & Anderson

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Entrepreneurial Scotland Limited (Registered number: SC483869)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. ULTIMATE CONTROLLING PARTY

Entrepreneurial Scotland Limited is a wholly-owned subsidiary of The Entrepreneurial Scotland Foundation as of 31 May 2020. The Entrepreneurial Scotland Foundation (company number SC332951, charity number SC038858) prepares consolidated financial statements for the group, with the parent and subsidiary being the only members therein. Entrepreneurial Scotland Limited and The Entrepreneurial Scotland Foundation have the same registered office address.