Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mrs K Middleton 26/02/2019 Mr K Middleton 26/02/2019 27 March 2025 The principal activity of the Company during the financial year continued to be that of buying, selling and letting of owned real estate. SC622517 2024-06-30 SC622517 bus:Director1 2024-06-30 SC622517 bus:Director2 2024-06-30 SC622517 2023-06-30 SC622517 core:CurrentFinancialInstruments 2024-06-30 SC622517 core:CurrentFinancialInstruments 2023-06-30 SC622517 core:Non-currentFinancialInstruments 2024-06-30 SC622517 core:Non-currentFinancialInstruments 2023-06-30 SC622517 core:ShareCapital 2024-06-30 SC622517 core:ShareCapital 2023-06-30 SC622517 core:RevaluationReserve 2024-06-30 SC622517 core:RevaluationReserve 2023-06-30 SC622517 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC622517 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC622517 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-06-30 SC622517 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 SC622517 core:MoreThanFiveYears 2024-06-30 SC622517 core:MoreThanFiveYears 2023-06-30 SC622517 2022-06-30 SC622517 bus:OrdinaryShareClass1 2024-06-30 SC622517 2023-07-01 2024-06-30 SC622517 bus:FilletedAccounts 2023-07-01 2024-06-30 SC622517 bus:SmallEntities 2023-07-01 2024-06-30 SC622517 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC622517 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC622517 bus:Director1 2023-07-01 2024-06-30 SC622517 bus:Director2 2023-07-01 2024-06-30 SC622517 2022-07-01 2023-06-30 SC622517 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC622517 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 SC622517 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC622517 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC622517 (Scotland)

BINNIE PROPERTIES UK LTD

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

BINNIE PROPERTIES UK LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

BINNIE PROPERTIES UK LTD

BALANCE SHEET

AS AT 30 JUNE 2024
BINNIE PROPERTIES UK LTD

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 455,000 337,531
455,000 337,531
Current assets
Cash at bank and in hand 12,222 9,831
12,222 9,831
Creditors: amounts falling due within one year 4 ( 115,870) ( 282,102)
Net current liabilities (103,648) (272,271)
Total assets less current liabilities 351,352 65,260
Creditors: amounts falling due after more than one year 5 ( 156,591) 0
Provision for liabilities 6, 7 ( 29,367) 0
Net assets 165,394 65,260
Capital and reserves
Called-up share capital 8 2 2
Revaluation reserve 88,102 0
Profit and loss account 77,290 65,258
Total shareholders' funds 165,394 65,260

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 Binnie Properties UK Ltd (registered number: SC622517) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Mrs K Middleton
Director
BINNIE PROPERTIES UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
BINNIE PROPERTIES UK LTD

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

Binnie Properties UK Ltd (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 272 Bath Street, Glasgow, G2 4JR, 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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have confirmed that the related party will not seek repayment of the loan to the detriment of the company's ability to trade. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts receivable for property rental. Turnover is recognised at point of invoice.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 337,531
Fair value movement 117,469
As at 30 June 2024 455,000

Investment property comprises of one commercial property. The fair value of the investment property at 30 June 2024 been arrived at on the basis of a valuation carried out on 01 May 2024 by Shepherd Commercial. The valuation was made on an open market basis by reference to market evidence of the transaction prices for similar properties.

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to related parties 100,000 99,461
Taxation and social security 2,822 3,640
Other creditors 13,048 179,001
115,870 282,102

The balance included in other creditors is secured by a floating charge over the property owned by the company.

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

2024 2023
£ £
Other creditors 156,591 0

The balance included in other creditors is secured by a floating charge over the property owned by the company.

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

2024 2023
£ £
Other creditors (repayable by instalments) 101,111 0

6. Provision for liabilities

2024 2023
£ £
Deferred tax 29,367 0

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 29,367) 0
At the end of financial year ( 29,367) 0

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed to related party 100,000 99,461

The above loan is unsecured, interest free and has no fixed terms of repayment.