Company Registration No. SC533986 (Scotland)
CSG MARTHA STREET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CSG MARTHA STREET LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CSG MARTHA STREET LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,899,878
20,124,546
Current assets
Debtors
4
133,700
483,470
Cash at bank and in hand
613,620
65,111
747,320
548,581
Creditors: amounts falling due within one year
5
(15,398,498)
(15,168,505)
Net current liabilities
(14,651,178)
(14,619,924)
Total assets less current liabilities
15,248,700
5,504,622
Creditors: amounts falling due after more than one year
6
(15,248,699)
(5,504,621)
Net assets
1
1
Capital and reserves
Called up share capital
7
1
1

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
A J Aiton
Director
Company Registration No. SC533986
CSG MARTHA STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

CSG Martha Street Limited is a private company limited by shares incorporated in Scotland. The registered office is The Tower, 7 Advocate's Close, Edinburgh, United Kingdom, EH1 1ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Notwithstanding net current liabilities of £14,651,178 at 30 June 2024, and no profit or loss for the year since the company has not yet commenced trading, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons: true

 

The directors have prepared a cash flow forecast for the company covering the going concern assessment period, being at least 12 months from the date of approval of these financial statements.

 

The company meets its day to day working capital requirements from a term loan and intercompany loan with its parent company Martha Street Holdings Limited.

 

The directors have prepared cash flow forecasts and performed a going concern assessment which indicates that, taking account of reasonably possible downsides, the company will have sufficient funds, through an external financing facility of £38 million from ENIV incorporated in Luxembourg and funding from its immediate parent company, Martha Street Holdings Limited, to meet its liabilities as they fall due during the going concern assessment period. The financing facility of £38m as amended and restated was agreed on 16 May 2024 and is repayable 47 months from the date of the agreement. The facility is with an external third-party finance provider and not a related party.

 

Martha Street Holdings Limited, has indicated that it does not intend to seek repayments of the amounts current due to the company, which at balance sheet date amounted to £12,512,957, during the going concern assessment period. This has been confirmed in writing by this party.

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Assets under construction
Not depreciated

Assets in the course of construction are not depreciated until ready and available for use.

CSG MARTHA STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -

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 the profit and loss account.

1.4
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CSG MARTHA STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include certain 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.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans and 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 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2023: nil).

CSG MARTHA STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Assets under construction
£
Cost
At 1 July 2023
20,124,546
Additions
9,775,332
At 30 June 2024
29,899,878
Depreciation and impairment
At 1 July 2023 and 30 June 2024
-
0
Carrying amount
At 30 June 2024
29,899,878
At 30 June 2023
20,124,546

Included within assets under construction is borrowing costs of £2,669,972 (2023: £1,579,182) directly attributable to the acquisition and development of the assets.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
VAT receivable
133,700
483,470
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
920,545
2,809,519
Amounts owed to group undertakings
12,512,957
12,012,939
Amounts owed to related parties
82,835
49,634
Other creditors
1,882,161
296,413
15,398,498
15,168,505

Amounts owed to group undertakings are non-interest bearing and repayable on demand.

CSG MARTHA STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Third party loans
15,248,699
5,504,621

Third party loans are secured by standard securities and fixed and floating charge over the assets of the company.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Capital commitments

The company had no amounts contracted for but not provided in the financial statements at the balance sheet date.

9
Events after the reporting date

In January 2025, subject to the completion of the development and fulfilment of all necessary conditions, an agreement for sale was reached with a third party. As at the year-end date, the asset was classified as an asset under construction.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was James Hamilton and the auditor was Johnston Carmichael LLP.
11
Related party transactions

As at 30 June 2024, the immediate parent company is Martha Street Holdings Limited. The ultimate controlling parties are Martha Street Holdco Limited and Sinope Capital Limited by virtue of their 50% shareholdings in Martha Street Holdings Limited.

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

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