Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Philip Friel 24/05/2023 Stephanie Friel 24/05/2023 14 January 2025 The principal activity of the Company during the financial year was that of property investment. SC770558 2024-05-31 SC770558 bus:Director1 2024-05-31 SC770558 bus:Director2 2024-05-31 SC770558 core:CurrentFinancialInstruments 2024-05-31 SC770558 core:ShareCapital 2024-05-31 SC770558 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC770558 2023-05-31 SC770558 bus:OrdinaryShareClass1 2024-05-31 SC770558 bus:OrdinaryShareClass2 2024-05-31 SC770558 2023-06-01 2024-05-31 SC770558 bus:FilletedAccounts 2023-06-01 2024-05-31 SC770558 bus:SmallEntities 2023-06-01 2024-05-31 SC770558 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC770558 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC770558 bus:Director1 2023-06-01 2024-05-31 SC770558 bus:Director2 2023-06-01 2024-05-31 SC770558 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC770558 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC770558 (Scotland)

SPF PROPERTY (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

SPF PROPERTY (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

SPF PROPERTY (SCOTLAND) LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
SPF PROPERTY (SCOTLAND) LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024
£
Fixed assets
Investment property 3 220,370
220,370
Current assets
Cash at bank and in hand 23,461
23,461
Creditors: amounts falling due within one year 4 ( 243,249)
Net current liabilities (219,788)
Total assets less current liabilities 582
Net assets 582
Capital and reserves
Called-up share capital 5 200
Profit and loss account 382
Total shareholders' funds 582

For the financial year ending 31 May 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 SPF Property (Scotland) Limited (registered number: SC770558) were approved and authorised for issue by the Board of Directors on 14 January 2025. They were signed on its behalf by:

Philip Friel
Director
Stephanie Friel
Director
SPF PROPERTY (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
SPF PROPERTY (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

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

General information and basis of accounting

SPF Property (Scotland) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Campsie Dene House, Campsie Dene Road, Blanefield, Glasgow, G63 9BN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements cover the period from incorporation on 24/05/2023 to 31/05/2024. There are no comparative figures as this is the first set of financial statements.

Turnover

Turnover represents rent receivable from the letting of commercial property. Revenue is recognised when the company has entitlement to the rental income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024
Number
Monthly average number of persons employed by the Company during the year, including directors 2

3. Investment property

Investment property
£
Valuation
As at 01 June 2023 0
Additions 220,370
As at 31 May 2024 220,370

4. Creditors: amounts falling due within one year

2024
£
Amounts owed to directors 239,799
Accruals 3,360
Taxation and social security 90
243,249

5. Called-up share capital

2024
£
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100
100 B ordinary shares of £ 1.00 each 100
200

6. Related party transactions

Transactions with the entity's directors

2024
£
Amounts owed to directors 239,800