Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Janette Barron 21/02/1991 Roderick Barron 21/02/1991 10 September 2024 The principal activity of the company continued to be that of property investment. SC130176 2023-12-31 SC130176 bus:Director1 2023-12-31 SC130176 bus:Director2 2023-12-31 SC130176 2022-12-31 SC130176 core:CurrentFinancialInstruments 2023-12-31 SC130176 core:CurrentFinancialInstruments 2022-12-31 SC130176 core:Non-currentFinancialInstruments 2023-12-31 SC130176 core:Non-currentFinancialInstruments 2022-12-31 SC130176 core:ShareCapital 2023-12-31 SC130176 core:ShareCapital 2022-12-31 SC130176 core:RevaluationReserve 2023-12-31 SC130176 core:RevaluationReserve 2022-12-31 SC130176 core:OtherCapitalReserve 2023-12-31 SC130176 core:OtherCapitalReserve 2022-12-31 SC130176 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC130176 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC130176 core:OtherPropertyPlantEquipment 2022-12-31 SC130176 core:OtherPropertyPlantEquipment 2023-12-31 SC130176 core:CostValuation 2022-12-31 SC130176 core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 SC130176 core:CostValuation 2023-12-31 SC130176 bus:OrdinaryShareClass1 2023-12-31 SC130176 2023-01-01 2023-12-31 SC130176 bus:FilletedAccounts 2023-01-01 2023-12-31 SC130176 bus:SmallEntities 2023-01-01 2023-12-31 SC130176 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC130176 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC130176 bus:Director1 2023-01-01 2023-12-31 SC130176 bus:Director2 2023-01-01 2023-12-31 SC130176 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-01-01 2023-12-31 SC130176 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC130176 2022-01-01 2022-12-31 SC130176 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC130176 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC130176 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC130176 (Scotland)

HYDROPARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HYDROPARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HYDROPARK LIMITED

BALANCE SHEET

As at 31 December 2023
HYDROPARK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 11,411 28,108
Investment property 4 791,894 832,394
Investments 5 1,125,416 1,101,810
1,928,721 1,962,312
Current assets
Debtors
- due within one year 6 24,205 13,025
- due after more than one year 6 5,306 8,575
Cash at bank and in hand 985,241 1,053,575
1,014,752 1,075,175
Creditors: amounts falling due within one year 7 ( 3,473) ( 53,764)
Net current assets 1,011,279 1,021,411
Total assets less current liabilities 2,940,000 2,983,723
Provision for liabilities ( 4,357) ( 37,480)
Net assets 2,935,643 2,946,243
Capital and reserves
Called-up share capital 8 2 2
Revaluation reserve 114,965 91,359
Other reserves 31,970 31,970
Profit and loss account 2,788,706 2,822,912
Total shareholders' funds 2,935,643 2,946,243

For the financial year ending 31 December 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 Hydropark Limited (registered number: SC130176) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Roderick Barron
Director
HYDROPARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HYDROPARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Hydropark Limited (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 Ascreavie House Ascreavie, Kingoldrum, Kirriemuir, DD8 5HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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:

Plant and machinery etc. 3 - 4 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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, loans from fellow group companies and preference shares that are classified as debt, 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 136,525 136,525
Additions 1,150 1,150
At 31 December 2023 137,675 137,675
Accumulated depreciation
At 01 January 2023 108,417 108,417
Charge for the financial year 17,847 17,847
At 31 December 2023 126,264 126,264
Net book value
At 31 December 2023 11,411 11,411
At 31 December 2022 28,108 28,108

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 832,394
Additions 1,037
Disposals (41,537)
As at 31 December 2023 791,894

The investment properties were revalued by the directors on 31 December 2023 at £791,894. The fair value of investment properties has been arrived at on the basis of a valuation carried out by the directors with reference to market evidence of transaction prices for similar properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 759,924 841,675

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 1,101,810 1,101,810
Movement in fair value 23,606 23,606
At 31 December 2023 1,125,416 1,125,416
Carrying value at 31 December 2023 1,125,416 1,125,416
Carrying value at 31 December 2022 1,101,810 1,101,810

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Other debtors 24,205 13,025
Debtors: amounts falling due after more than one year
Other debtors 5,306 8,575

7. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 0 28,136
Other taxation and social security 0 8,122
Other creditors 3,473 17,506
3,473 53,764

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Commitments

Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 150,851 226,430