Company registration number SC736544 (Scotland)
BTR EDINBURGH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BTR EDINBURGH LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 5
BTR EDINBURGH LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
31 January 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Investment property
4
5,208,241
Investments
5
2,000,004
7,208,245
Current assets
Debtors
6
22
1
Creditors: amounts falling due within one year
7
(4,597,125)
Net current (liabilities)/assets
(4,597,103)
1
Total assets less current liabilities
2,611,142
1
Provisions for liabilities
(406,250)
Net assets
2,204,892
1
Capital and reserves
Called up share capital
8
5
1
Share premium account
1,000,000
Profit and loss reserves
1,204,887
Total equity
2,204,892
1
For the financial Period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
A R Mackay
D C Mackay
Director
Director
Company registration number SC736544 (Scotland)
BTR EDINBURGH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
BTR Edinburgh Ltd is a private company limited by shares incorporated in Scotland. The registered office is 1 Livingstone Street, Addiewell, West Lothian, Scotland, EH55 8FW.
1.1
Reporting period
The period presented in the financial statements is shorter than one year. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.
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 the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Investment property
Investment property, which is property held 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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
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.
1.6
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.
BTR EDINBURGH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
BTR EDINBURGH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 July 2023
Additions
3,583,241
Revaluations
1,625,000
At 31 January 2024
5,208,241
The investment properties are held at fair value. The properties were purchased in the accounting period being reviewed at an open market value. Revaluations during the year have been arrived at by the directors following consideration of current market values.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,000,004
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
-
Additions
2,000,004
At 31 January 2024
2,000,004
Carrying amount
At 31 January 2024
2,000,004
At 30 June 2023
-
BTR EDINBURGH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Unpaid share capital
1
1
Other debtors
21
22
1
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21
Other borrowings
4,375,000
Amounts owed to group undertakings
52,834
Other creditors
155,707
Accruals and deferred income
13,563
4,597,125
Included under other borrowings are non-convertible loan notes of £1,000,000 (2023: NIL). The loan notes are repayable on request from the holder, on windup of the company or on the 10th anniversary of the date the instrument was issued. Interest accrues on the loan notes daily and is due annually. The annual interest rate is 8.25% (BOE base rate + 3%).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £0.001 each
5,182
1
5.182
1
During the period, the company allotted 2 shares in exchange for the share capital in Cambay Limited. The company's share capital was sub divided into 3,000 shares at £0.001 each. Lastly, the company allotted 2,182 shares in exchange for the share capital in Braidside Limited.