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Company registration number: SC324749
South Stand Development Company Ltd
Unaudited filleted financial statements
30 November 2024
South Stand Development Company Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
South Stand Development Company Ltd
Directors and other information
Directors Alexander T Alexander (Resigned 28 February 2025)
Paul E Kenny
Robert D Leishman (Appointed 28 February 2025)
Mark A Whittet (Appointed 28 February 2025)
Keith A Gourlay (Appointed 28 February 2025)
Nigel M Serafini (Appointed 28 February 2025)
Stuart W Adam (Appointed 28 February 2025)
Thomas A G Angus (Appointed 28 February 2025)
Company number SC324749
Registered office The Falkirk Stadium
Stadium Way
Westfield
Falkirk
FK2 9EE
Accountants Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
Bankers Virgin Money
83 George Street
Edinburgh
EH2 3ES
Solicitors DWF
2 Semple Street
Edinburgh
EH3 8BL
South Stand Development Company Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of South Stand Development Company Ltd
Year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of South Stand Development Company Ltd for the year ended 30 November 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of South Stand Development Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of South Stand Development Company Ltd and state those matters that we have agreed to state to the board of directors of South Stand Development Company Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Stand Development Company Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that South Stand Development Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of South Stand Development Company Ltd. You consider that South Stand Development Company Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of South Stand Development Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
13 March 2025
South Stand Development Company Ltd
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 1,958,915 1,959,159
_______ _______
1,958,915 1,959,159
Current assets
Debtors 7 14,560 -
Cash at bank and in hand 9,120 18,636
_______ _______
23,680 18,636
Creditors: amounts falling due
within one year 8 ( 55,634) ( 50,253)
_______ _______
Net current liabilities ( 31,954) ( 31,617)
_______ _______
Total assets less current liabilities 1,926,961 1,927,542
Creditors: amounts falling due
after more than one year 9 ( 531,800) ( 560,370)
Provisions for liabilities ( 61,096) ( 59,795)
_______ _______
Net assets 1,334,065 1,307,377
_______ _______
Capital and reserves
Called up share capital 10 1,101,001 1,101,001
Profit and loss account 233,064 206,376
_______ _______
Shareholders funds 1,334,065 1,307,377
_______ _______
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Paul E Kenny
Director
Company registration number: SC324749
South Stand Development Company Ltd
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Falkirk Stadium, Stadium Way, Westfield, Falkirk, FK2 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% reducing balance
Computer equipment - straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revauled to its fair value at each reporting date and any changes in fair value are recognised in profit and loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 43,755 34,150
Company contributions to pension schemes in respect of qualifying services 5,250 5,300
_______ _______
49,005 39,450
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2024 2023
Number Number
Defined contribution plans 1 1
_______ _______
6. Tangible assets
Freehold property Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 1 December 2023 and 30 November 2024 1,958,873 1,166 1,696 1,961,735
_______ _______ _______ _______
Depreciation
At 1 December 2023 - 1,114 1,462 2,576
Charge for the year - 10 234 244
_______ _______ _______ _______
At 30 November 2024 - 1,124 1,696 2,820
_______ _______ _______ _______
Carrying amount
At 30 November 2024 1,958,873 42 - 1,958,915
_______ _______ _______ _______
At 30 November 2023 1,958,873 52 234 1,959,159
_______ _______ _______ _______
Investment property
Investment property has been valued by the board, who do not hold a recognised relevant qualification. The valuation is based on knowledge of the property and area.
7. Debtors
2024 2023
£ £
Other debtors 14,560 -
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 28,570 28,570
Corporation tax 5,073 5,960
Social security and other taxes 1,901 449
Other creditors 20,090 15,274
_______ _______
55,634 50,253
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 531,800 560,370
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 417,520 (2023 £ 446,090 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 901,001 901,001 901,001 901,001
Preference shares of £ 1.00 each 200,000 200,000 200,000 200,000
_______ _______ _______ _______
1,101,001 1,101,001 1,101,001 1,101,001
_______ _______ _______ _______
11. Events after the end of the reporting period
After the year end, all shares in South Stand Development Company Ltd were sold to The Falkirk Football and Athletic Club Ltd.
12. Related party transactions
During the year £34,560 (30 November 2023: £17,750) of salary costs were recharged to Earlsgate Property Investments Limited. At the balance sheet date the company was due £Nil (30 November 2023: £9,724) to Earlsgate Property Investments Limited, a company in which both A T Alexander and P E Kenny are directors. Rent of £85,350 (30 November 2023: £85,350) was charged during the year to The Falkirk Football and Athletic Club Limited, a company which held one ordinary share in South Stand Development Company Limited during the year.