Company registration number SC711190 (Scotland)
SDC INVESTCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SDC INVESTCO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
SDC INVESTCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,570,000
2,470,000
Current assets
Debtors
5
57,034
9,834
Cash at bank and in hand
61,851
22,726
118,885
32,560
Creditors: amounts falling due within one year
6
(1,017,857)
(971,321)
Net current liabilities
(898,972)
(938,761)
Total assets less current liabilities
1,671,028
1,531,239
Creditors: amounts falling due after more than one year
7
(1,713,408)
(1,667,040)
Net liabilities
(42,380)
(135,801)
Capital and reserves
Called up share capital
8
100
100
Fair value reserve
9
(111,469)
(111,469)
Profit and loss account
68,989
(24,432)
Total equity
(42,380)
(135,801)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SDC INVESTCO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr C J Friel
Director
Company Registration No. SC711190
SDC INVESTCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Share capital
Fair Value Reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 4 October 2021
-
0
-
0
-
0
-
Period ended 31 October 2022:
Loss and total comprehensive income for the period
-
(111,469)
(24,432)
(135,901)
Issue of share capital
8
100
-
-
100
Balance at 31 October 2022
100
(111,469)
(24,432)
(135,801)
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
-
93,421
93,421
Balance at 31 December 2023
100
(111,469)
68,989
(42,380)
SDC INVESTCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

SDC Investco Limited is a private company limited by shares incorporated in Scotland. The registered office is 20 Blythswood Square, Glasgow, G2 4BG.

1.1
Reporting period

The company extended its financial period end reporting to align with other related companies. The current period results are for the period from 1 November 2022 to 31 December 2023. The prior period comparative is for the 12 months to 31 October 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future with the continued support of the bank and directors.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SDC INVESTCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

Classification of financial liabilities

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.

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

SDC INVESTCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value of investment property

The valuation of investment property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment property are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

 

The fair value of investment property is appraised each year either by independent external valuers or on the basis of internal valuations. The best evidence of fair value are current prices in an active market for similar investment property. In the absence of such information, the directors determine the amount within a range of reasonable fair value estimate taking into account a variety of relevant assumptions.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
-
0
-
0
4
Investment property
2023
£
Fair value
At 1 November 2022
2,470,000
Additions
100,000
At 31 December 2023
2,570,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 October 2022 by independant Chartered Surveyors, Christie & Co and Shepherd Commercial, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The directors consider there has been no material change in the value of investment property since that date.

SDC INVESTCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
3,833
Prepayments and accrued income
29,167
6,001
29,167
9,834
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
27,867
-
0
Total debtors
57,034
9,834
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,752
43,818
Trade creditors
3,686
-
0
Corporation tax
19,415
537
Other creditors
970,304
923,515
Accruals and deferred income
2,700
3,451
1,017,857
971,321
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
1,713,408
1,667,040

The loans from HSBC UK Bank PLC, with interest rates of 2.75% per annum above the Bank of England base rate, are secured by fixed charges over the company's properties.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
SDC INVESTCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
9
Fair value reserve
2023
2022
£
£
At the beginning of the period
(111,469)
-
Fair value adjustment on investment properties
-
(111,469)
At the end of the period
(111,469)
(111,469)
10
Related party transactions

During the period the company entered into the following transactions with related parties:

 

SDC Investco Limited received rental income in the amount of £255,834 from SDC Clinics Limited of which there are directors in common. The balance due at year end was £29,163 (2022 - £3,883).

 

SDC Investco Limited purchased goods and services amounting to £9,789 (2022 - £18,615) from SDC Group Limited of which there are directors in common. The balance due at year end was £28,404 (2022 - £18,615).

 

At the period end date 31 December 2023, a balance of £941,900 (2022: £904,900) was due to the directors from the company. This amount is interest free and there are no fixed terms for repayment.

 

2023-12-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr P J FrielMr C J FrielfalsefalseSC7111902022-11-012023-12-31SC7111902023-12-31SC7111902022-10-31SC711190core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC711190core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-31SC711190core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC711190core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-31SC711190core:CurrentFinancialInstruments2023-12-31SC711190core:CurrentFinancialInstruments2022-10-31SC711190core:ShareCapital2023-12-31SC711190core:ShareCapital2022-10-31SC711190core:FurtherSpecificReserve1ComponentTotalEquity2023-12-31SC711190core:FurtherSpecificReserve1ComponentTotalEquity2022-10-31SC711190core:RetainedEarningsAccumulatedLosses2023-12-31SC711190core:RetainedEarningsAccumulatedLosses2022-10-31SC711190core:ShareCapital2021-10-03SC711190core:FurtherSpecificReserve1ComponentTotalEquity2021-10-03SC711190core:RetainedEarningsAccumulatedLosses2021-10-03SC711190bus:Director22022-11-012023-12-31SC711190core:RetainedEarningsAccumulatedLosses2021-10-042022-10-31SC7111902021-10-042022-10-31SC711190core:RetainedEarningsAccumulatedLosses2022-11-012023-12-31SC711190core:ShareCapital2021-10-042022-10-31SC7111902022-10-31SC711190core:Non-currentFinancialInstruments2023-12-31SC711190core:Non-currentFinancialInstruments2022-10-31SC711190bus:PrivateLimitedCompanyLtd2022-11-012023-12-31SC711190bus:SmallCompaniesRegimeForAccounts2022-11-012023-12-31SC711190bus:FRS1022022-11-012023-12-31SC711190bus:AuditExempt-NoAccountantsReport2022-11-012023-12-31SC711190bus:Director12022-11-012023-12-31SC711190bus:FullAccounts2022-11-012023-12-31xbrli:purexbrli:sharesiso4217:GBP