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COMPANY REGISTRATION NUMBER: SC711907
Edinburgh Innovation Park Hub Development Limited
Unaudited Financial Statements
For the year ended
31 March 2024
Edinburgh Innovation Park Hub Development Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Current assets
Work in progress
2,944,622
1,287,177
Debtors
4
178,447
93,672
Cash at bank and in hand
120,805
80,062
------------
------------
3,243,874
1,460,911
Creditors: amounts falling due within one year
5
3,259,593
1,469,286
------------
------------
Net current liabilities
15,719
8,375
--------
-------
Total assets less current liabilities
( 15,719)
( 8,375)
--------
-------
Net liabilities
( 15,719)
( 8,375)
--------
-------
Capital and reserves
Called up share capital
6
1
1
Profit and loss account
( 15,720)
( 8,376)
--------
-------
Shareholders deficit
( 15,719)
( 8,375)
--------
-------
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 comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 18 September 2024 , and are signed on behalf of the board by:
Mrs C Molloy
Director
Company registration number: SC711907
Edinburgh Innovation Park Hub Development Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL, United Kingdom.
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 The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future with the support of the ultimate owners East Lothian Council and Queen Margaret University. Funds will flow between the entities once the construction has been completed. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Work in progress
Work in progress is 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.
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.
4. Debtors
2024
2023
£
£
Amounts owed by group undertakings
1
1
Other debtors
178,446
93,671
---------
--------
178,447
93,672
---------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
115,036
120,112
Amounts owed to group undertakings
3,139,782
1,344,799
Other creditors
4,775
4,375
------------
------------
3,259,593
1,469,286
------------
------------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
7. Related party transactions
The company has taken advantage of exemption under FRS 102 Section 1A from the requirement to disclose related party transactions with group undertakings.
8. Controlling party
The ultimate owner of the company is Edinburgh Innovation Park Hub Holdco Limited, a company registered at the same address (SC725833).