Company Registration No. SC517507 (Scotland)
CSG GEORGE STREET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CSG GEORGE STREET LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
CSG GEORGE STREET LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
3,550,000
3,550,000
Investments
5
-
0
1
3,550,000
3,550,001
Current assets
Stocks
6
-
4,250,000
Debtors
7
407,595
65,144
Cash at bank and in hand
44,416
45,517
452,011
4,360,661
Creditors: amounts falling due within one year
8
(2,708,070)
(8,401,736)
Net current liabilities
(2,256,059)
(4,041,075)
Total assets less current liabilities
1,293,941
(491,074)
Creditors: amounts falling due after more than one year
9
(1,897,500)
-
0
Provisions for liabilities
-
0
(34,620)
Net liabilities
(603,559)
(525,694)
Capital and reserves
Called up share capital
10
1
1
Revaluation reserve
18,458
145,002
Profit and loss reserves
(622,018)
(670,697)
Total equity
(603,559)
(525,694)

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 25 April 2025 and are signed on its behalf by:
A J Aiton
Director
Company Registration No. SC517507
CSG GEORGE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

CSG George Street Limited is a private company limited by shares incorporated in Scotland. The registered office is The Tower, 7 Advocate's Close, EDINBURGH, 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

The financial statements have been prepared on the going concern basis, notwithstanding the net current liabilities of £2,256,059 (2023: £4,041,075) which the Directors believe to be appropriate for the following reasons: true

 

Based on the Company’s forecast and projections, the Directors have a reasonable expectation that the Company will have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 

The Directors have prepared forecasts for a period in excess of 12 months from the date of signing the financial statements. The forecasts have been prepared with reference to latest actual trading results as well as seeking to model the impact of severe but plausible downside risks.

 

The Company meets the day to day working capital requirements from a loan facility agreement. In October 2023 the Company entered into a £1.95m facility with Handelsbanken that is due for full repayment in 2028.

 

The forecasts for this Company assume that its creditors under common control of the ultimate controlling party, Christopher Stewart, will not withdraw amounts forwarded to it for the period covered by the forecasts. This has been confirmed in writing by those parties.

1.3
Turnover

Turnover includes amounts receivable for rent and service charges as well as revenue generated from the disposal of property developments held for resale.

 

Turnover from rent receivable is recognised on a straight line basis over the rental agreement.

 

Turnover from the sale of property developments held for resale is recognised in accordance with underlying contractual obligations.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

CSG GEORGE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in profit and loss account.

1.7
Cash and cash equivalents

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

1.8
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.

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.

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

Basic financial liabilities, including certain creditors 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.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CSG GEORGE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value of investment property

Investment property is carried at fair value and measured at its fair value at each reporting date. In making their fair value assessment, the directors consider independent valuations which are obtained with sufficient regularity to ensure that the stated fair value remains appropriate.

 

The fair value of investment property at the reporting date is outlined at note 4.

3
Employees

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

4
Investment property
2024
£
Fair value
At 1 July 2023
3,550,000
Additions
126,544
Revaluations
(126,544)
At 30 June 2024
3,550,000

The fair value of the investment property has been arrived at based on an assessment made by the directors. This assessment has been informed by a valuation conducted in October 2023 by Shepherd Chartered Surveyors, independent property agents, who are not connected with the company.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
1
CSG GEORGE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost
At 1 July 2023
1
Disposals
(1)
At 30 June 2024
-
Carrying amount
At 30 June 2024
-
At 30 June 2023
1

The company disposed of its investment in Love Loan Limited to CSG Commercial Limited prior to the company being transferred from CSG Commercial Limited to CSG Investments Limited.

6
Stocks
2024
2023
£
£
Development stock held for sale
-
4,250,000
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
67,676
-
0
Other debtors
339,919
65,144
407,595
65,144
CSG GEORGE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
52,500
5,230,852
Trade creditors
34,799
830,848
Amounts owed to group undertakings
-
0
1,533,540
Amounts owed to related undertakings
2,351,010
-
Taxation and social security
4,736
-
0
Other creditors
265,025
806,496
2,708,070
8,401,736

Bank loans are secured by fixed and floating charges over the company's investment property.

 

On 13 October 2023, the company was transferred from its then parent undertaking, CSG Commercial Limited, to CSG Investments Limited, a company under common control. As a result of the transfer, amounts owed to undertakings which were formerly part of the same group as the company have now been classified as amounts owed to related undertakings. The amounts remain interest free and repayable on demand, as confirmed in writing by those parties.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,897,500
-
0

Bank loans are secured by fixed and floating charges over the company's investment property.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
11
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
5,949,315
6,199,315
CSG GEORGE STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
12
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.
13
Related party transactions

As at 30 June 2024, the immediate and ultimate parent undertaking of the company was CSG Investments Limited, a company whose registered office is 12 Hope Street, Edinburgh, EH2 4DB. The ultimate controlling party is Christopher Stewart.

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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