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REGISTERED NUMBER: SC124096 (Scotland)















Financial Statements for the Year Ended 31 March 2024

for

Stirling Business Centre Limited

Stirling Business Centre Limited (Registered number: SC124096)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stirling Business Centre Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Stirling Enterprise Park Limited - corporate director
D W Beggs
S R MacDonald
E C Watterson
G A Robertson



REGISTERED OFFICE: John Player Building
Stirling
FK7 7RP



REGISTERED NUMBER: SC124096 (Scotland)



SENIOR STATUTORY AUDITOR: Derek J Smith



AUDITORS: Rennie Smith & Co
Chartered Accountants
Statutory Auditors
64 Murray Place
Stirling
FK8 2BX

Stirling Business Centre Limited (Registered number: SC124096)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 145,961 165,671
Investments 5 31,247 43,047
177,208 208,718

CURRENT ASSETS
Debtors 6 15,822 61,271
Cash at bank and in hand 246,877 234,786
262,699 296,057
CREDITORS
Amounts falling due within one year 7 132,328 189,865
NET CURRENT ASSETS 130,371 106,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

307,579

314,910

PROVISIONS FOR LIABILITIES (1,119 ) (2,075 )

ACCRUALS AND DEFERRED INCOME (33,050 ) (38,604 )
NET ASSETS 273,410 274,231

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Capital redemption reserve 9 140,000 140,000
Retained earnings 9 123,410 124,231
SHAREHOLDERS' FUNDS 273,410 274,231

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:




D W Beggs - Director



E C Watterson - Director


Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Stirling Business Centre Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Critical accounting judgements and key sources of estimation uncertainty
the preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. The following judgements and estimates have had the most significant effects on amounts recognized in the financial statements.

Leasehold fixtures and furnishings

The company's investments in leasehold fixtures and fittings are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary dependent on a number of factors. In re-assessing asset lives, factors such as technology innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, and the remaining life of the asset and projected disposal values.

Sinking fund provision .

A charge is included in the monthly rental charge to tenants to cover the long term estimated cost of maintaining the subject in good repair and condition and those funds are maintained in separate investment accounts. The level of charge is subject to a degree of uncertainty and is made on the basis of assumptions which may prove to be inaccurate. If any of the assumptions used by the directors prove to be incorrect this could result in an under or over charge of the amount to meet the cost of such dilapidations. Any under charge will require to be met from the company's reserves

Turnover
Turnover represents the amount of invoiced rents and accommodation hire during the year, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
L/hold property - fixtures - over a period of 60 years
L/hold property - furnishings - in accordance with the property
Plant & Equipment - 20% on cost

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all financial liabilities.

When the contractual obligations of the financial instruments (including share capital) are equivalent to a similar debt instrument those financial instruments are classified as financial liabilities and presented as such in the balance sheet.Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classified as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Grant reserve
Revenue grants are released to the profit and loss account to match the expenditure to which they relate. Capital grants are released to the profit and loss account at the same rate as the depreciation charge on the asset to which they relate.

Sinking fund provision
A repairs and maintenance provision presently calculated at £0.39 per square foot of available accommodation at Stirling Business Centre and £0.30 at Enterprise House, as adjusted for relevant maintenance costs incurred, amounting to £31,377, is included in the provision for depreciation of leasehold property furnishings.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
L/hold L/hold
property property Plant &
- fixtures - furnishings Equipment Totals
£    £    £    £   
COST
At 1 April 2023 60,000 173,263 69,729 302,992
Additions - - 1,569 1,569
Disposals - - (358 ) (358 )
At 31 March 2024 60,000 173,263 70,940 304,203
DEPRECIATION
At 1 April 2023 31,999 64,112 41,210 137,321
Charge for year 1,000 12,686 7,593 21,279
Eliminated on disposal - - (358 ) (358 )
At 31 March 2024 32,999 76,798 48,445 158,242
NET BOOK VALUE
At 31 March 2024 27,001 96,465 22,495 145,961
At 31 March 2023 28,001 109,151 28,519 165,671

The movement in the sinking fund provision, included in the provision for depreciation of leasehold property furnishings is as follows:
Opening provision£19,159
Interest accrued on investment account386
Provision for year11,832
----------
Balance before release£31,377
Release in year -
----------
Closing balance£31,377

5. FIXED ASSET INVESTMENTS

2023 2022
£ £

Sinking Fund Bank Account 43,047 71,628

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 15,822 61,271

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 57,951 112,202
Taxation and social security 6,779 7,551
Other creditors 67,598 70,112
132,328 189,865

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 "A" Ordinary £1 5,000 5,000
5,000 "B" Ordinary £1 5,000 5,000
10,000 10,000

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 124,231 140,000 264,231
Deficit for the year (821 ) (821 )
At 31 March 2024 123,410 140,000 263,410

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

The Report of the Auditors was unqualified.

Derek J Smith (Senior Statutory Auditor)
for and on behalf of Rennie Smith & Co

11. OTHER FINANCIAL COMMITMENTS

a.The Company hold a long term lease over the property and subjects at Stirling Business Centre, Wellgreen Place, Stirling which is due to expire on 30 April 2051. The terms of the lease require the Company to pay as rent 85% of its net rental income after all expenditure. It is estimated that the rent payable in the next full rental year will be £29,543.

b.The Company also hold a long term lease over the property at Enterprise House, Springkerse Business Park, Stirling which is due to expire on 20 February 2056. The terms of the lease require the Company to pay as rent 95% of the net rental income after all expenditure. It is estimated that the rent payable in the next full rental year will be £1.
..

In accordance with FRS 102, the estimated total rental commitment under the aforementioned leases is £795,263.

12. TRANSACTIONS WITH DIRECTORS

Stirling Enterprise Park Limited, a corporate director of the Company, act as managing agents on behalf of the Company in respect of both properties. The managing agents fees were £38,000 (2023 - £38,000). Staff costs were £61,525 (2023 - £54,943).

13. RELATED PARTY DISCLOSURES

Stirling Council is the head landlord and the net rent payable to that company in terms of the leases is in the amount of £29,454 (2023 - £27,591)

Stirling Business Centre Limited (Registered number: SC124096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by Stirling Enterprise Park Limited and Stirling Council who are both shareholders of the company.

15. SUBSCRIPTION AGREEMENTS

Stirling Enterprise Park Limited and Stirling Council have entered into a subscription agreement whereby those companies would undertake to subscribe for a further 25,000 ordinary shares if required to do so by Stirling Business Centre Limited.