Company Registration No. SC710067 (Scotland)
CSG QUEENSFERRY HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CSG QUEENSFERRY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CSG QUEENSFERRY HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
4
11,308,301
8,155,281
Cash at bank and in hand
700,268
43,288
Net current assets
12,008,569
8,198,569
Net assets
12,008,570
8,198,570
Capital and reserves
Called up share capital
5
12,008,570
8,198,570
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 April 2025 and are signed on its behalf by:
A J Aiton
Director
Company Registration No. SC710067
CSG QUEENSFERRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
CSG Queensferry Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is The Tower, 7 Advocates 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 QUEENSFERRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 certain creditors, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
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 employed by the company during the year was nil (2023: nil).
CSG QUEENSFERRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
11,308,301
8,155,281
Amounts owed by group undertakings are non-interest bearing and although repayable on demand, are not expected to be settled within one year.
CSG QUEENSFERRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
72,858
68,316
72,858
68,316
B Ordinary shares of £1 each
460,835
296,035
460,835
296,035
C Ordinary shares of £1 each
100
100
100
100
533,793
364,451
533,793
364,451
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
11,474,777
7,834,119
11,474,777
7,834,119
Preference shares classified as equity
11,474,777
7,834,119
Total equity share capital
12,008,570
8,198,570
On 16 August 2023, the company issued the following shares, all at par value:
1,838 A Ordinary shares of £1 each;
7,965 B Ordinary shares of £1 each; and
210,197 Preference shares of £1 each.
On 28 November 2023, the company issued the following shares, all at par value:
1,080 A Ordinary shares of £1 each;
4,682 B Ordinary shares of £1 each; and
124,238 Preference shares of £1 each.
On 1 February 2024, the company issued the following shares, all at par value:
1,008 A Ordinary shares of £1 each;
4,365 B Ordinary shares of £1 each; and
114,627 Preference shares of £1 each.
On 6 March 2024, the company issued the following shares, all at par value:
616 A Ordinary shares of £1 each;
2,671 B Ordinary shares of £1 each; and
71,713 Preference shares of £1 each.
On 3 April 2024, the company issued the following shares, all at par value:
20,682 B Ordinary shares of £1 each; and
444,318 Preference shares of £1 each.
On 21 June 2024, the company issued the following shares, all at par value:
124,435 B Ordinary shares of £1 each; and
2,675,565 Preference shares of £1 each.
CSG QUEENSFERRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
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.
7
Events after the reporting date
On 30 October 2024, the company issued the following shares, all at par value:
46,683 B Ordinary shares of £1 each; and
1,003,317 Preference shares of £1 each.
On 6 February 2025, the company issued the following shares, all at par value:
12,247 B Ordinary shares of £1 each; and
262,753 Preference shares of £1 each.
On 28 February 2025, the company issued the following shares, all at par value:
182,247 B Ordinary shares of £1 each; and
3,917,753 Preference shares of £1 each.
Following the fruition of the share issuance, the equity funding was transferred to CSG Queensferry Limited, from which the Amounts owed by group undertakings increased to £16,869,001.
8
Related party transactions
During the year, CSG Queensferry Holdings Limited advanced £3,153,020 (2023: £1,725,098) of cash to CSG Queensferry Limited. The total amount due from CSG Queensferry Limited at 30 June 2024 was £11,308,301 (2023: £8,155,281).