Silverfin false false 31/03/2024 21/12/2022 31/03/2024 Ryan James Crighton 15/02/2023 Allan Walker Henderson 21/12/2022 Robert Keiller 19/02/2023 19 September 2024 The principal activities of the company was that of the provision of business support services to aid in the regeneration and repopulation of Union Street in Aberdeen. The company was incorporated on 21 December 2022 SC753595 2024-03-31 SC753595 bus:Director1 2024-03-31 SC753595 bus:Director2 2024-03-31 SC753595 bus:Director3 2024-03-31 SC753595 core:CurrentFinancialInstruments 2024-03-31 SC753595 core:OtherPropertyPlantEquipment 2022-12-20 SC753595 2022-12-20 SC753595 core:OtherPropertyPlantEquipment 2024-03-31 SC753595 2022-12-21 2024-03-31 SC753595 bus:FilletedAccounts 2022-12-21 2024-03-31 SC753595 bus:SmallEntities 2022-12-21 2024-03-31 SC753595 bus:AuditExemptWithAccountantsReport 2022-12-21 2024-03-31 SC753595 bus:CompanyLimitedByGuarantee 2022-12-21 2024-03-31 SC753595 bus:Director1 2022-12-21 2024-03-31 SC753595 bus:Director2 2022-12-21 2024-03-31 SC753595 bus:Director3 2022-12-21 2024-03-31 SC753595 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-12-21 2024-03-31 SC753595 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-12-21 2024-03-31 SC753595 core:OtherPropertyPlantEquipment 2022-12-21 2024-03-31 iso4217:GBP xbrli:pure

Company No: SC753595 (Scotland)

UNION STREET PARTNERSHIP LTD

(A company limited by guarantee)

Unaudited Financial Statements
For the financial period from 21 December 2022 to 31 March 2024
Pages for filing with the registrar

UNION STREET PARTNERSHIP LTD

Unaudited Financial Statements

For the financial period from 21 December 2022 to 31 March 2024

Contents

UNION STREET PARTNERSHIP LTD

BALANCE SHEET

As at 31 March 2024
UNION STREET PARTNERSHIP LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 4,600
4,600
Current assets
Debtors 4 12,978
Cash at bank and in hand 34,551
47,529
Creditors: amounts falling due within one year 5 ( 52,129)
Net current liabilities (4,600)
Total assets less current liabilities 0
Net assets 0
Reserves
Total reserves 0

For the financial period 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 financial statements of Union Street Partnership Ltd (registered number: SC753595) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

Robert Keiller
Director
UNION STREET PARTNERSHIP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 21 December 2022 to 31 March 2024
UNION STREET PARTNERSHIP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 21 December 2022 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Union Street Partnership Ltd (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, United Kingdom. The principal place of business is Union Pavilion, Union Terrace Gardens, Aberdeen, AB10 1NJ.

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

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.

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 period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Income and expenditure

Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the company to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

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. 4 - 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
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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

Period from
21.12.2022 to
31.03.2024
Number
Monthly average number of persons employed by the company during the period, including directors 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 21 December 2022 0 0
Additions 5,603 5,603
At 31 March 2024 5,603 5,603
Accumulated depreciation
At 21 December 2022 0 0
Charge for the financial period 1,003 1,003
At 31 March 2024 1,003 1,003
Net book value
At 31 March 2024 4,600 4,600

4. Debtors

31.03.2024
£
Trade debtors 1,574
Other debtors 11,404
12,978

5. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 17,350
Other taxation and social security 1,242
Other creditors 33,537
52,129

6. Liability of members

The members of the Union Street Partnership Ltd have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the company if it should be wound up.

7. Related party transactions

Other related party transactions

31.03.2024
£
Income received from related parties 50,000
Amounts due from related parties 1,574