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Company No: SC188397 (Scotland)

ST VINCENT STREET (287) LIMITED

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

ST VINCENT STREET (287) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

ST VINCENT STREET (287) LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
ST VINCENT STREET (287) LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 253,576 172,112
253,576 172,112
Current assets
Debtors
- due within one year 4 11,250 29,420
- due after more than one year 4 75,966 76,972
Cash at bank and in hand 4,202 211
91,418 106,603
Creditors: amounts falling due within one year 5 ( 593,718) ( 410,403)
Net current liabilities (502,300) (303,800)
Total assets less current liabilities (248,724) (131,688)
Creditors: amounts falling due after more than one year 6 ( 27,126) ( 33,661)
Net liabilities ( 275,850) ( 165,349)
Capital and reserves
Called-up share capital 7 167 167
Profit and loss account ( 276,017 ) ( 165,516 )
Total shareholder's deficit ( 275,850) ( 165,349)

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of St Vincent Street (287) Limited (registered number: SC188397) were approved and authorised for issue by the Director on 28 March 2025. They were signed on its behalf by:

Mrs K Paterson
Director
ST VINCENT STREET (287) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
ST VINCENT STREET (287) 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

St Vincent Street (287) 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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and 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

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £275,850. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Leasehold improvements 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 as described below.

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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.

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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 30,000 258,544 165,610 454,154
Additions 0 138,913 0 138,913
At 30 June 2024 30,000 397,457 165,610 593,067
Accumulated depreciation
At 01 July 2023 28,800 94,975 158,267 282,042
Charge for the financial year 1,200 54,299 1,950 57,449
At 30 June 2024 30,000 149,274 160,217 339,491
Net book value
At 30 June 2024 0 248,183 5,393 253,576
At 30 June 2023 1,200 163,569 7,343 172,112

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 11,250 29,420
Debtors: amounts falling due after more than one year
Amounts owed by related parties 75,966 76,972

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,536 6,536
Trade creditors 0 62,450
Amounts owed to related parties 131,483 102,559
Taxation and social security 19,408 10,521
Other creditors 436,291 228,337
593,718 410,403

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

2024 2023
£ £
Bank loans 27,126 33,661

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
167 Ordinary Share Capital shares of £ 1.00 each 167 167

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts due to related parties 131,483 102,559
Amounts owed by related parties 75,966 76,972

These loans are interest free and have no fixed repayment terms.

Transactions with the entity's director

2024 2023
£ £
Amounts owed to entity's directors 381,596 163,520