Silverfin false false 30/06/2024 01/07/2023 30/06/2024 K B Stephen 02/07/2017 O J Stephen 03/06/2016 27 February 2025 The principal activity of the Company during the financial year was that of commercial property investment, rental and facilities management. SC537088 2024-06-30 SC537088 bus:Director1 2024-06-30 SC537088 bus:Director2 2024-06-30 SC537088 2023-06-30 SC537088 core:CurrentFinancialInstruments 2024-06-30 SC537088 core:CurrentFinancialInstruments 2023-06-30 SC537088 core:Non-currentFinancialInstruments 2024-06-30 SC537088 core:Non-currentFinancialInstruments 2023-06-30 SC537088 core:ShareCapital 2024-06-30 SC537088 core:ShareCapital 2023-06-30 SC537088 core:OtherCapitalReserve 2024-06-30 SC537088 core:OtherCapitalReserve 2023-06-30 SC537088 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC537088 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC537088 core:OtherPropertyPlantEquipment 2023-06-30 SC537088 core:OtherPropertyPlantEquipment 2024-06-30 SC537088 core:CostValuation 2023-06-30 SC537088 core:AdditionsToInvestments 2024-06-30 SC537088 core:DisposalsRepaymentsInvestments 2024-06-30 SC537088 core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 SC537088 core:CostValuation 2024-06-30 SC537088 core:ImmediateParent core:CurrentFinancialInstruments 2024-06-30 SC537088 core:ImmediateParent core:CurrentFinancialInstruments 2023-06-30 SC537088 core:MoreThanFiveYears 2024-06-30 SC537088 core:MoreThanFiveYears 2023-06-30 SC537088 core:OptionContract core:CurrentFinancialInstruments 2024-06-30 SC537088 core:OptionContract core:CurrentFinancialInstruments 2023-06-30 SC537088 core:OptionContract core:Non-currentFinancialInstruments 2024-06-30 SC537088 core:OptionContract core:Non-currentFinancialInstruments 2023-06-30 SC537088 bus:OrdinaryShareClass1 2024-06-30 SC537088 2023-07-01 2024-06-30 SC537088 bus:FilletedAccounts 2023-07-01 2024-06-30 SC537088 bus:SmallEntities 2023-07-01 2024-06-30 SC537088 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC537088 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC537088 bus:Director1 2023-07-01 2024-06-30 SC537088 bus:Director2 2023-07-01 2024-06-30 SC537088 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-07-01 2024-06-30 SC537088 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 SC537088 2022-07-01 2023-06-30 SC537088 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC537088 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC537088 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 SC537088 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC537088 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC537088 (Scotland)

ESKMILLS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

ESKMILLS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

ESKMILLS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
ESKMILLS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 109,529 64,450
Investment property 4 13,998,845 13,833,958
Investments 5 293,175 7,001
14,401,549 13,905,409
Current assets
Debtors
- due within one year 6 566,994 498,944
- due after more than one year 6 295,662 468,313
Cash at bank and in hand 121,697 272,230
984,353 1,239,487
Creditors: amounts falling due within one year 7 ( 890,375) ( 908,026)
Net current assets 93,978 331,461
Total assets less current liabilities 14,495,527 14,236,870
Creditors: amounts falling due after more than one year 8 ( 3,106,625) ( 3,457,760)
Provision for liabilities ( 648,053) ( 803,223)
Net assets 10,740,849 9,975,887
Capital and reserves
Called-up share capital 10 8,192,535 8,192,535
Other reserves 210,163 339,650
Profit and loss account 2,338,151 1,443,702
Total shareholder's funds 10,740,849 9,975,887

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Eskmills Limited (registered number: SC537088) were approved and authorised for issue by the Board of Directors on 27 February 2025. They were signed on its behalf by:

O J Stephen
Director
ESKMILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
ESKMILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

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

General information and basis of accounting

Eskmills 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 7-11 Melville Street, Edinburgh, EH3 7PE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent and service charges provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account. No impairments were noted in the year by the Directors.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments due in over one year are subsequently carried at amortised cost.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

Hedge accounting
The Company designates certain derivatives as hedging instruments in cash flow hedges and fair value hedges designed to hedge future cash flows arising on variable rate interest loan arrangements.

At the inception of the hedge relationship, the entity documents the economic relationship between the hedging instrument and the hedged item, along with its risk management objectives and clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge the Company determines and documents causes for hedge ineffectiveness.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including unpaid directors 8 8

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 206,884 206,884
Additions 62,772 62,772
Disposals ( 40,519) ( 40,519)
At 30 June 2024 229,137 229,137
Accumulated depreciation
At 01 July 2023 142,434 142,434
Charge for the financial year 17,693 17,693
Disposals ( 40,519) ( 40,519)
At 30 June 2024 119,608 119,608
Net book value
At 30 June 2024 109,529 109,529
At 30 June 2023 64,450 64,450

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 13,833,958
Additions 164,887
As at 30 June 2024 13,998,845

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30 June 2024 by the directors. No valuation by an independent valuer has been undertaken in the period. The fair value of the property is deemed equivalent to the cost by the Company director.

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 7,001 7,001
Additions 328,614 328,614
Disposals ( 55,370) ( 55,370)
Movement in fair value 12,930 12,930
At 30 June 2024 293,175 293,175
Carrying value at 30 June 2024 293,175 293,175
Carrying value at 30 June 2023 7,001 7,001

The fair value of listed investments was determined with reference to the quoted market price at the reporting date per the investment report.

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 188,191 214,261
Amounts owed by Group undertakings 80,429 5,106
Amounts owed by Parent undertakings 241,524 210,056
Other debtors 56,850 69,521
566,994 498,944
Debtors: amounts falling due after more than one year
Other debtors 295,662 468,313

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 495,955 475,151
Trade creditors 145,316 78,410
Other taxation and social security 12,880 28,035
Other creditors 236,224 326,430
890,375 908,026

Loans are secured by standard security and floating charges over the assets of the Company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 3,106,625 3,457,760

Long-term loans are secured by standard security and floating charges of the assets of the Company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 494,223 901,124

9. Derivative financial instruments

Due within one year Due after one year
2024 2023 2024 2023
£ £ £ £
Financial assets included at fair value (included in debtors)
Option contract 0 0 295,662 468,313

The Company has entered into interest rate swaps with third parties for the same notional amount as the Company’s variable rate borrowings which has the commercial effect of swapping the variable rate interest coupon on those loans for a fixed rate coupon. The bank loans and related interest rate swaps amortise at the same rate over the life of the loan / swap arrangements.

The Director's believe that the hedging relationship between the interest rate swaps and related variable rate bank loans are highly effective and as a consequence have concluded that these derivatives meet the definition of a cash flow hedge and has formally designated them as such.

The Company’s derivative financial instruments are carried at fair value. All of the movements during the year in the fair value of the derivative financial instruments have been recorded in the cash flow hedge reserve amounting to a debit of £295,662.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
8,192,535 Ordinary shares of £ 1.00 each 8,192,535 8,192,535