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REGISTERED NUMBER: SC113598 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Spectrum Properties (Scotland) Limited

Spectrum Properties (Scotland) Limited (Registered number: SC113598)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spectrum Properties (Scotland) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: W J Roddie
Ms S Roddie





REGISTERED OFFICE: 120 Carstairs Street
Glasgow
G40 4JD





REGISTERED NUMBER: SC113598 (Scotland)





ACCOUNTANTS: Advantage Accounting (Scotland) Ltd
Pavilion 2
Finnieston Business Park
Minerva Way
Glasgow
G3 8AU

Spectrum Properties (Scotland) Limited (Registered number: SC113598)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,741,682 1,994,614
Investment property 5 14,480,341 18,458,401
17,222,023 20,453,015

CURRENT ASSETS
Debtors 6 17,285,915 11,904,875
Cash at bank and in hand 50,816 2,922,413
17,336,731 14,827,288
CREDITORS
Amounts falling due within one year 7 9,600,865 9,023,932
NET CURRENT ASSETS 7,735,866 5,803,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,957,889

26,256,371

CREDITORS
Amounts falling due after more than one
year

8

(3,516,946

)

(6,550,000

)

PROVISIONS FOR LIABILITIES (3,463,983 ) (2,795,350 )
NET ASSETS 17,976,960 16,911,021

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves (699,933 ) (544,066 )
Fair value reserve 10 10,108,609 12,290,011
Retained earnings 8,568,184 5,164,976
SHAREHOLDERS' FUNDS 17,976,960 16,911,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Spectrum Properties (Scotland) Limited (Registered number: SC113598)

Balance Sheet - continued
30 April 2024


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 29 January 2025 and were signed on its behalf by:





W J Roddie - Director


Spectrum Properties (Scotland) Limited (Registered number: SC113598)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Spectrum Properties (Scotland) 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 as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

Spectrum Properties (Scotland) Limited (Registered number: SC113598)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 1,470,254 2,083,069 3,553,323
Additions 792,153 113,274 905,427
Disposals - (13,913 ) (13,913 )
At 30 April 2024 2,262,407 2,182,430 4,444,837
DEPRECIATION
At 1 May 2023 - 1,558,709 1,558,709
Charge for year - 148,620 148,620
Eliminated on disposal - (4,174 ) (4,174 )
At 30 April 2024 - 1,703,155 1,703,155
NET BOOK VALUE
At 30 April 2024 2,262,407 479,275 2,741,682
At 30 April 2023 1,470,254 524,360 1,994,614

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 18,458,401
Additions 485,715
Disposals (2,282,373 )
Revaluations (2,181,402 )
At 30 April 2024 14,480,341
NET BOOK VALUE
At 30 April 2024 14,480,341
At 30 April 2023 18,458,401

The 2024 valuations were made by the director, on an open market value for existing use basis. The last external valuations were carried out in 2016 by DTZ (Debenham Tie Leung Limited) Chartered Surveyors, on an open market value for existing use basis.

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2021 188,872
Valuation in 2023 (338,607 )
Valuation in 2024 1,583,450
Cost 13,046,626
14,480,341

Spectrum Properties (Scotland) Limited (Registered number: SC113598)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 6,373 45,837
Amounts owed by associates 15,215,710 11,856,968
Other debtors 2,063,832 2,070
17,285,915 11,904,875

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 700,000 700,000
Trade creditors 962,694 1,544,054
Amounts owed to associates 6,046,158 5,919,914
Taxation and social security 331,765 310,077
Other creditors 1,560,248 549,887
9,600,865 9,023,932

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 2,705,000 6,550,000
Other creditors 811,946 -
3,516,946 6,550,000

9. SECURED DEBTS

The bank loan is secured by a floating charge over the assets of the company, a standard security over certain properties owned by the company and by the related entities, Spectrum Developments Scotland LLP, Units to Let (Scotland) Limited and Roddie Developments LLP.

10. RESERVES
Fair
value
reserve
£   
At 1 May 2023 12,290,011
Movement (2,181,402 )

At 30 April 2024 10,108,609

11. RELATED PARTY DISCLOSURES

Amounts due to/from are unsecured, interest free and repayable on demand.