Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-07-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC186601 2023-07-01 2024-06-30 SC186601 2022-07-01 2023-06-30 SC186601 2024-06-30 SC186601 2023-06-30 SC186601 c:CompanySecretary1 2023-07-01 2024-06-30 SC186601 c:Director1 2023-07-01 2024-06-30 SC186601 c:Director2 2023-07-01 2024-06-30 SC186601 c:Director3 2023-07-01 2024-06-30 SC186601 c:RegisteredOffice 2023-07-01 2024-06-30 SC186601 d:CurrentFinancialInstruments 2024-06-30 SC186601 d:CurrentFinancialInstruments 2023-06-30 SC186601 d:Non-currentFinancialInstruments 2024-06-30 SC186601 d:Non-currentFinancialInstruments 2023-06-30 SC186601 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 SC186601 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 SC186601 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 SC186601 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 SC186601 d:ShareCapital 2024-06-30 SC186601 d:ShareCapital 2023-06-30 SC186601 d:RetainedEarningsAccumulatedLosses 2024-06-30 SC186601 d:RetainedEarningsAccumulatedLosses 2023-06-30 SC186601 c:OrdinaryShareClass1 2023-07-01 2024-06-30 SC186601 c:OrdinaryShareClass1 2024-06-30 SC186601 c:FRS102 2023-07-01 2024-06-30 SC186601 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC186601 c:FullAccounts 2023-07-01 2024-06-30 SC186601 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC186601 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC186601










UNION STREET PROPERTIES LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
UNION STREET PROPERTIES LTD.
 

COMPANY INFORMATION


DIRECTORS
D J Souter 
J K Kerr 
D R Souter 




COMPANY SECRETARY
Thorntons Law LLP



REGISTERED NUMBER
SC186601



REGISTERED OFFICE
Whitehall House
33 Yeaman Shore

Dundee

DD1 4BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
UNION STREET PROPERTIES LTD.
REGISTERED NUMBER: SC186601

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
255,483
246,707

Cash at bank and in hand
  
847
3,180

  
256,330
249,887

Creditors: amounts falling due within one year
 5 
(237,253)
(160,264)

Net current assets
  
 
 
19,077
 
 
89,623

Total assets less current liabilities
  
19,077
89,623

Creditors: amounts falling due after more than one year
 6 
(1,269,995)
(1,270,883)

  

Net liabilities
  
(1,250,918)
(1,181,260)


Capital and reserves
  

Called up share capital 
 7 
3
3

Profit and loss account
  
(1,250,921)
(1,181,263)

  
(1,250,918)
(1,181,260)


Page 1

 
UNION STREET PROPERTIES LTD.
REGISTERED NUMBER: SC186601

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2025.




D J Souter
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
UNION STREET PROPERTIES LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Union Street Properties Ltd is a private company. limited by shares, domiciled in Scotland with registration number SC186601.   The registered office is Whitehall House, 33 Yeaman Shore, Dundee DD1 4BJ. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

Union Street Properties Ltd (USP) continues as a going concern with the support of Union Street Investments Ltd (USI), when and where this can be afforded without compromising the financial wellbeing of USI. USP is institutional funder free and has granted Standard Securities to the investors/directors and a secondary Standard Security to USI over USP’s Ground Floor assets namely 84,88,96 and 100 Union Street relating to Loans due and scheme development costs funded  over a 26-year period.
USP owns the Ground Floor property at 84,86,96 and 100 Union Street, Glasgow incorporating. retail units that are available for let. The property is not considered to have a positive market value. currently (-10M according to June 2019 Valuation report) as it is subject to a 1991 Listed Buildings Repairs Notice (LBRN) and a 2008 Conservation Burden from GCC. 
The long term, current situation was described as thus “There are some complex issues around Egyptian Halls. Solving those issues will need some creative solutions. It needs creative approaches to design and engineering, but also creative approaches to funding. It also needs a commitment from all involved to continue to discuss and test a wide range of options” Dara Parsons HES. Save The Egyptian Halls  Event Feb 2020. 
USP would have a positive value if  a) the LBRN discharge cost were funded from the public purse or b) there was a New Build scheme. USP believes strongly it has a right to a commercial future based upon the following confirmation of USP’s investment by GCC in correspondence to Culture Minister Hyslop July 2010 “USP has committed a very significant expenditure on bringing the building into a single ownership, on preparing a range of technical and conservation studies, and in completing option and development appraisals for a variety of potential end uses." 
This investment has of course continued as USP has funded a range of maintenance, public safety protective measures and development options. In the event USI cannot continue to cross subsidise USP until the aforementioned referenced collaborative solution is delivered? It would then require pressing ahead with New Build Options given the application to implement based on the benchmark for HES SHEP Tests have been met since 2010, which was reinforced by both GCC and Historic Scotland confirming the approved 100% conservation schemes were non-viable and which of course this non viability has only increased since then due to causal cost uplifts and accelerating deterioration.  GCC has defined step in rights as detailed the 2008 Deed of Conservation Burden, which would see GCC carry out relevant works and then re-charge USP for this activity and be reimbursed after the primary standard securities are discharged. It is of course the fervent combined objective of all stakeholders that New Build will not be the implemented project option and the Egyptian Halls will be preserved.

Page 3

 
UNION STREET PROPERTIES LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The Company generates income from the letting of its shop and business premises situated at 84, 86, 96 and 100 Union Street, Glasgow. 
A sum totalling £450,000 was received July 2015 and it has been used in the intervening period to fund Maintenance, Scaffolding, Structural Works, Planning activity and Project Management. It was believed appropriate to recognise this sum in the prior year.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

USP Ltd owns the Ground Floor property at 84,86,96 and 100 Union Street, Glasgow incorporating retail units that are available for let. The property is not considered to have a positive market value currently as it is subject to a Listed Buildings Repairs Notice (LBRN) from GCC but does have a positive value if a commercial New Build project was approved. Various scheme options including updated development appraisals were submitted Feb 2020 It is believed one of these will be funded and implemented. This is expected to have a positive value and in the medium to longer term the valuation of the Ground Floor would increase proportionately. 
USP Ltd in conjunction with USI Ltd continue to offer GCC, without liability, private and confidential discussions which would see the Egyptian Halls both preserved and returned to long term commercial sustainability at the least cost to the public purse, whilst also returning the investors a fair and reasonable commercial return.

Page 4

 
UNION STREET PROPERTIES LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


DEBTORS

2024
2023
£
£


Trade debtors
76,956
20,660

Other debtors
178,527
210,047

Prepayments and accrued income
-
16,000

255,483
246,707



5.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,464
3,013

Trade creditors
131,417
62,044

Other creditors
45,730
54,310

Accruals and deferred income
57,642
40,897

237,253
160,264


Page 5

 
UNION STREET PROPERTIES LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,942
13,830

Other creditors
1,257,053
1,257,053

1,269,995
1,270,883


Details of security provided:
The Directors have granted registered First Standard Securities over USP’s Ground and Basement Floor assets namely 84,88,96 and 100 Union Street equally to Kelvin Kerr, Duncan Souter and Derek Souter and a secondary ranking security to Union Street Investments Ltd, which in turn is controlled by the aforementioned three core investors.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
3,082
989

3,082
989

Included in the comparative year's bank loans is a Bounce Back Loan with repayments of £3,082 (2023 - £989) due in more than 5 years.


7.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



3 Ordinary shares of £1.00 each
3
3



Page 6