Company Registration No. SC469781 (Scotland)
CSG BAXTER'S PLACE HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CSG BAXTER'S PLACE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CSG BAXTER'S PLACE HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
2
Current assets
Debtors
4
2,235,586
3,646,422
Creditors: amounts falling due within one year
5
(2,430,307)
(3,646,422)
Net current liabilities
(194,721)
-
0
Net (liabilities)/assets
(194,721)
2
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(194,722)
1
Total equity
(194,721)
2

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 31 March 2025 and are signed on its behalf by:
A J Aiton
Director
Company Registration No. SC469781
CSG BAXTER'S PLACE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

CSG Baxter's Place Holdings 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 UK Companies Act requires the board to consider whether it remains appropriate to adopt the going concern basis of accounting in preparing these financial statements, and to identify any material uncertainties to the company’s ability to continue as a going concern over a period of at least twelve months from the date of approval of the financial statements. The period of the company’s going concern assessment is the period to 31 May 2026. true

 

In making this assessment, the board has taken into consideration the company’s business activities, together with factors likely to affect its performance and principal risks and uncertainties.

 

Following the completion of the sale of its trading subsidiary in December 2021, the directors recognise that the company is current processing the necessary conditions of the sale and has the necessary resources available to meet these obligations as they fall due. At the time of approving the financial statements, the directors, having considered available forecasts, cash resources and available facilities to the company, have concluded that there is no material uncertainty arising in relation to going concern. Upon completion of the obligations in respect of the sale, the directors will consider options in respect of the future trade of the business, but conclude it remains appropriate to prepare the accounts on a going concern basis.

 

CSG Hotels and Apartments 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 £1,978,688, during the going concern assessment period. This has been confirmed in writing by this party.

 

Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

CSG BAXTER'S PLACE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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, 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.

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 amounts owed to fellow group companies and related undertakings, 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 receipts 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.

1.5
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 0 (2023: 0).

 

 

CSG BAXTER'S PLACE 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
-
0
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
2
Disposals
(2)
At 30 June 2024
-
Carrying amount
At 30 June 2024
-
At 30 June 2023
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
1,205,333
Amounts owed by related parties
1,383,966
438,812
Other debtors
851,620
2,002,277
2,235,586
3,646,422

Other debtors includes £851,620 due in respect of the company's disposal of its investment in BPH Baxter's Place Limited.

 

Amounts owed by group undertakings and related parties are interest free and repayable on demand.

 

5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,978,688
-
0
Amounts owed to related parties
-
3,184,021
Other creditors
451,619
462,401
2,430,307
3,646,422

Amounts owed to group undertakings and related parties are interest free and repayable on demand.

CSG BAXTER'S PLACE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
6
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
7
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.
8
Related party transactions
Transactions with related parties

As at 30 June 2024, the immediate and ultimate parent company and the largest and smallest group in which the results are consolidated is CSG Hotels and Apartments Limited, a company whose registered office is 12 Hope Street, Edinburgh, EH2 4DB. The accounts of CSG Hotels and Apartments Limited can be obtained from the Companies House online register at https://www.gov.uk/government/organisations/companies-house. The ultimate controlling party is Christopher Stewart.

 

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

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