Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Roderick Michael Sim 01/06/2011 01 May 2025 The principal activity of the Company during the financial period was the operating of owned and leased real estate.

In the current and prior period the company also accepted orders to built a small number of lodges specifically for offsite third parties.
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Company No: SC400709 (Scotland)

ERROL GROUND LTD

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

ERROL GROUND LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

ERROL GROUND LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
ERROL GROUND LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,273,835 516,708
Investment property 5 4,275,000 4,275,000
Investments 6 100 100
5,548,935 4,791,808
Current assets
Stocks 7 0 167,897
Debtors 8 104,063 25,313
Cash at bank and in hand 9 96,515 29,959
200,578 223,169
Creditors: amounts falling due within one year 10 ( 3,589,180) ( 736,087)
Net current liabilities (3,388,602) (512,918)
Total assets less current liabilities 2,160,333 4,278,890
Creditors: amounts falling due after more than one year 11 ( 21,250) ( 1,869,051)
Provision for liabilities 12, 13 ( 528,000) ( 590,000)
Net assets 1,611,083 1,819,839
Capital and reserves
Called-up share capital 14 1 1
Revaluation reserve 1,862,633 1,800,633
Profit and loss account ( 251,551 ) 19,205
Total shareholders' funds 1,611,083 1,819,839

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Errol Ground Ltd (registered number: SC400709) were approved and authorised for issue by the Director on 01 May 2025. They were signed on its behalf by:

Roderick Michael Sim
Director
ERROL GROUND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
ERROL GROUND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Errol Ground Ltd.(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 Silverwood, Inchcoonans, Errol, PH2 7RB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain items at fair value 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. In coming to this conclusion the director has considered the cashflow of the group for twelve months after the date of approval of the financial statements. He confirms that discussions with lending providers are at advanced stage and he is confident that the restructure of repayment terms will support the companies cashflow and together with his continued support of the company, applying the going concern basis is appropriate. The director has also confirmed that loan facilities from himself and connected companies under his control will continue to be available for at least twelve months from the date of approval of the financial statements.

Group accounts exemption

Group accounts exemption s399
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.

Prior year adjustment

Prior period adjustments have been processed in these financial statements relating to the period ended 30 September 2023. Information in relation to the restatement of opening balances of fixed assets and retained earnings are included at note 2.

Turnover

Income generated from letting and operating of real estate is recognised net of VAT and trade discounts on a straight-line basis over the term of the relevant lease.

Income generated from the sale of lodges built for 3rd parties is recognised on an accruals basis net of applicable VAT.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 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:

Assets under construction not depreciated
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 3 years straight line

Assets under the course of construction are not depreciated.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets within assets under construction, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

Included within assets under construction at 30 September 2024 are capitalised borrowing costs of £103,376 (2023 - £nil).

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

Leases

The Company as lessee
Assets held under hire purchase contracts, 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.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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.

Non-financial assets
At each balance sheet date, the company reviews 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).

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 profit or loss.

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.

Cash and cash equivalents

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

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

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 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 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.

Government grants recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Prior year adjustment

During the year ended 30 September 2024 the directors identified that the phase 1 development assets were generating revenue for the group and therefore should have been reflected as Investment Properties. Revenue had been generated from 01 October 2022 therefore have made the appropriate prior year adjustments to reflect the form and substance of the business.

As previously reported Adjustment As restated
Year ended 30 September 2023 £ £ £
Profit and Loss Account - Depreciation 107,483 (97,766) 9,717
Profit and Loss Account - Repairs 35,152 579 35,731
Fixed Assets - Tangible Assets 4,694,523 (4,177,815) 516,708
Fixed Assets - Investment Property 0 4,275,000 4,275,000
Capital and Reserves - Retained Earnings (77,982) 97,187 19,205

3. Employees

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

4. Tangible assets

Assets under construc-
tion
Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2023 449,185 86,269 3,700 4,526 543,680
Additions 757,442 10,946 3,100 0 771,488
At 30 September 2024 1,206,627 97,215 6,800 4,526 1,315,168
Accumulated depreciation
At 01 October 2023 0 24,004 925 2,043 26,972
Charge for the financial year 0 12,701 719 941 14,361
At 30 September 2024 0 36,705 1,644 2,984 41,333
Net book value
At 30 September 2024 1,206,627 60,510 5,156 1,542 1,273,835
At 30 September 2023 449,185 62,265 2,775 2,483 516,708

5. Investment property

Investment property
£
Valuation
As at 01 October 2023 4,275,000
As at 30 September 2024 4,275,000

Valuation

A full market valuation of investment property was completed by Avison Young on 24 July 2022. As a result of the valuation of a number of properties, prior period impairments were reversed. The fair value of the company's investment property at 30 September 2024 has been arrived at by the director on the basis he believes that the valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued continues to be appropriate.

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 100
At 30 September 2024 100
Carrying value at 30 September 2024 100
Carrying value at 30 September 2023 100

7. Stocks

2024 2023
£ £
Work in progress 0 167,897

8. Debtors

2024 2023
£ £
Trade debtors 70,913 25,313
Other debtors 33,150 0
104,063 25,313

9. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 96,515 29,959

10. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 2,611,534 96,126
Trade creditors 101,314 21,560
Amounts owed to own subsidiaries (note 15) 735,887 428,602
Other taxation and social security 8,701 23,274
Obligations under finance leases and hire purchase contracts (secured) 34,995 68,820
Other creditors 96,749 97,705
3,589,180 736,087

Bank loans totalling £2,611,534 (2023 - £96,126) are secured under fixed charges over Errol Brick Works, Errol and the subjects lying on 3.4 hectare area to the North of the Inchcoonans to Errol Road, along with a floating charge over the assets and undertakings of the company.

The bank loan is repayable within one year of the balance sheet date. At the date of signing the financial statements negotiations are at an advanced stage in relation to future financing options.

Obligations under hire purchase contracts are secured over the related assets and include amounts totalling £14,557 (2023 - £46,395) which are covered by a government backed guarantee under the Coronavirus Business Interruption Loan Scheme.

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

2024 2023
£ £
Bank loans 0 1,831,952
Obligations under finance leases and hire purchase contracts 0 14,599
Other creditors 21,250 22,500
21,250 1,869,051

Bank loans are secured under a fixed charges over Errol Brick Works, Errol and the subjects lying on 3.4 hectare area to the North of the Inchcoonans to Errol Road, along with a floating charge over the assets and undertakings of the company.

Obligations under hire purchase contracts are secured over the related assets and include amounts totalling £nil (2023 - £14,599) which are covered by a government backed guarantee under the Coronavirus Business Interruption Loan Scheme.

12. Provision for liabilities

2024 2023
£ £
Deferred tax 528,000 590,000

13. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 590,000) ( 590,000)
Credited to the Profit and Loss Account 62,000 0
At the end of financial year ( 528,000) ( 590,000)

14. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1 1

15. Related party transactions

Transactions with group companies

Amounts owed to own subsidiaries

2024 2023
£ £
Loan 735,887 428,602

Connected company loans are unsecured, interest free and will not be repaid until all other creditors have been met as they fall due.

Transactions with the entity’s director (or members of its governing body)

Amounts owed to director

2024 2023
£ £
Loan 0 456

In the year advances of £6,231 have been made to the director and £5,775 has been repaid. The loan is unsecured, interest free and repayable on demand.