REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Stirling Business Centre Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Capital redemption reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
L/hold property - fixtures | - |
L/hold property - furnishings | - |
Plant & Equipment | - |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 account | 386 |
Provision for year | 11,832 |
---------- |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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: | £ | £ |
"A" Ordinary | £1 | 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 | 264,231 |
Deficit for the year | ( |
) | ( |
) |
At 31 March 2024 | 263,410 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |