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REGISTERED NUMBER: SC219103 (Scotland)












Financial Statements

for the Year Ended 31 May 2024

for

Spiersbridge Property Developments
Limited

Spiersbridge Property Developments
Limited (Registered number: SC219103)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spiersbridge Property Developments
Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: F McSkeane
C Hanlon





SECRETARY: C Hanlon





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC219103 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Spiersbridge Property Developments
Limited (Registered number: SC219103)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 198,351 249,052

CURRENT ASSETS
Inventories 3,946,469 3,946,469
Debtors 4 840,901 864,816
Cash at bank 861,025 980,453
5,648,395 5,791,738
CREDITORS
Amounts falling due within one year 5 779,398 688,696
NET CURRENT ASSETS 4,868,997 5,103,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,067,348

5,352,094

CREDITORS
Amounts falling due after more than one year 6 3,843,163 4,144,077
NET ASSETS 1,224,185 1,208,017

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 1,224,035 1,207,867
SHAREHOLDERS' FUNDS 1,224,185 1,208,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Spiersbridge Property Developments
Limited (Registered number: SC219103)

Balance Sheet - continued
31 May 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 23 January 2025 and were signed on its behalf by:





F McSkeane - Director


Spiersbridge Property Developments
Limited (Registered number: SC219103)

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

1. 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.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stock & inventories
Stock comprises the company's business park development asset at Thornliebank and is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

For information, while stock has been reported at net cost, the business park was valued on a current market value basis with certain assumptions, on 5 December 2023 by D M Hall at £10.5m.

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.

Spiersbridge Property Developments
Limited (Registered number: SC219103)

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

1. ACCOUNTING POLICIES - continued

Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefit and risk of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

3. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 35,454 273,801 309,255
Additions - 119,136 119,136
Disposals - (145,895 ) (145,895 )
At 31 May 2024 35,454 247,042 282,496
DEPRECIATION
At 1 June 2023 31,682 28,521 60,203
Charge for year 566 63,079 63,645
Eliminated on disposal - (39,703 ) (39,703 )
At 31 May 2024 32,248 51,897 84,145
NET BOOK VALUE
At 31 May 2024 3,206 195,145 198,351
At 31 May 2023 3,772 245,280 249,052

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,961 5,410
Other debtors 837,940 859,406
840,901 864,816

Spiersbridge Property Developments
Limited (Registered number: SC219103)

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

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 226,004 263,706
Hire purchase contracts 42,490 26,994
Trade creditors 72,451 54,532
Taxation and social security 184,834 134,591
Other creditors 253,619 208,873
779,398 688,696

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 3,725,611 4,005,472
Hire purchase contracts 117,552 138,605
3,843,163 4,144,077

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,879,844 3,145,275

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,951,615 4,269,178

The company's loan provider, Bank of Scotland, holds a legal charge over the Spiersbridge Business Park and the land at Evanton Place, Thornliebank, together with a floating charge over the company's assets.

8. OTHER FINANCIAL COMMITMENTS

Despite committing very significant amounts of time over several years, in particular relating to refinancing matters, the present directors have not drawn any remuneration from the company. It is their intention to draw appropriate compensation and bonuses / fees from the company when circumstances permit, to obtain appropriate reward for their input.

Spiersbridge Property Developments
Limited (Registered number: SC219103)

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

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
F McSkeane
Balance outstanding at start of year 404,270 764,270
Amounts advanced 1,540 150,000
Amounts repaid (200,000 ) (510,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 205,810 404,270

C Hanlon
Balance outstanding at start of year 264,571 714,571
Amounts advanced 1,540 150,000
Amounts repaid - (600,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 266,111 264,571