REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 May 2024 |
for |
Spiersbridge Property Developments |
Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Inventories |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
3. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
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 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |