Saltire Investments Limited 02521904 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the rental of own property and real estate. Digita Accounts Production Advanced 6.30.9574.0 true true false 02521904 2023-09-01 2024-08-31 02521904 2024-08-31 02521904 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-08-31 02521904 core:RetainedEarningsAccumulatedLosses 2024-08-31 02521904 core:ShareCapital 2024-08-31 02521904 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-08-31 02521904 core:CurrentFinancialInstruments 2024-08-31 02521904 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02521904 core:Non-currentFinancialInstruments 2024-08-31 02521904 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 02521904 core:FurnitureFittingsToolsEquipment 2024-08-31 02521904 core:LandBuildings 2024-08-31 02521904 bus:SmallEntities 2023-09-01 2024-08-31 02521904 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02521904 bus:FilletedAccounts 2023-09-01 2024-08-31 02521904 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02521904 bus:RegisteredOffice 2023-09-01 2024-08-31 02521904 bus:Director1 2023-09-01 2024-08-31 02521904 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-01 2024-08-31 02521904 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02521904 core:FurnitureFittings 2023-09-01 2024-08-31 02521904 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 02521904 core:LandBuildings 2023-09-01 2024-08-31 02521904 core:OfficeEquipment 2023-09-01 2024-08-31 02521904 5 2023-09-01 2024-08-31 02521904 countries:England 2023-09-01 2024-08-31 02521904 2023-08-31 02521904 core:CostValuation 2023-08-31 02521904 core:FurnitureFittingsToolsEquipment 2023-08-31 02521904 core:LandBuildings 2023-08-31 02521904 2022-09-01 2023-08-31 02521904 2023-08-31 02521904 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-08-31 02521904 core:RetainedEarningsAccumulatedLosses 2023-08-31 02521904 core:ShareCapital 2023-08-31 02521904 core:CurrentFinancialInstruments 2023-08-31 02521904 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02521904 core:Non-currentFinancialInstruments 2023-08-31 02521904 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02521904

Saltire Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

image-name
 

Saltire Investments Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Saltire Investments Limited

Company Information

Director

Mr Kristopher McGrath

Registered office

24 St. Martins Street
Brighton
BN2 3HJ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

 

Saltire Investments Limited

(Registration number: 02521904)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,544

-

Investment property

5

1,975,000

1,975,000

Investments

6

24,391

24,391

Other financial assets

7

5,822

5,257

 

2,009,757

2,004,648

Current assets

 

Debtors

8

591,062

847,729

Cash at bank and in hand

 

4,880

13,554

 

595,942

861,283

Creditors: Amounts falling due within one year

9

(221,280)

(182,636)

Net current assets

 

374,662

678,647

Total assets less current liabilities

 

2,384,419

2,683,295

Creditors: Amounts falling due after more than one year

9

(941,769)

(944,207)

Provisions for liabilities

(202,466)

(258,838)

Net assets

 

1,240,184

1,480,250

Capital and reserves

 

Called up share capital

10

100,000

100,000

Profit and loss account

1,140,184

1,380,250

Shareholders' funds

 

1,240,184

1,480,250

For the financial year ending 31 August 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Saltire Investments Limited

(Registration number: 02521904)
Statement of Financial Position as at 31 August 2024

Approved and authorised by the director on 21 May 2025
 

.........................................
Mr Kristopher McGrath
Director

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
24 St. Martins Street
Brighton
BN2 3HJ
England

These financial statements were authorised for issue by the director on 21 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2

Accounting policies (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the accounts reported. These estimates and judgements are reviewed regularly and are based on experience and other factors, including expectations of future outcomes. The judgement and estimates used are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

The company carries its investment properties at market value, which are estimates made by the management based on their knowledge of the assets and the market.
The carrying amount is £1,975,000 (2023 -£1,975,000).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

20% reducing balance

Office equipment

25% straight line

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by management. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

-

6,828

6,828

Additions

4,544

-

4,544

At 31 August 2024

4,544

6,828

11,372

Depreciation

At 1 September 2023

-

6,828

6,828

At 31 August 2024

-

6,828

6,828

Carrying amount

At 31 August 2024

4,544

-

4,544

Included within the net book value of land and buildings above is £4,544 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 September

1,975,000

At 31 August

1,975,000

The investment properties have been revalued by a third party during this year. The properties have been revalued to reflect market value.

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

24,391

24,391

Subsidiaries

£

Cost or valuation

At 1 September 2023

24,391

Provision

Carrying amount

At 31 August 2024

24,391

At 31 August 2023

24,391

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2023

5,257

5,257

Fair value adjustments

565

565

At 31 August 2024

5,822

5,822

Impairment

Carrying amount

At 31 August 2024

5,822

5,822

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

1,318

1,150

Prepayments

18,063

13,797

Other debtors

571,681

832,782

 

591,062

847,729

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

22,726

20,325

Trade creditors

 

3,417

2,000

Accruals and deferred income

 

1,440

1,380

Other creditors

 

193,697

158,931

 

221,280

182,636

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

941,769

944,207

 

941,769

944,207

 

Saltire Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

         

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

928,047

944,207

Other borrowings

13,722

-

941,769

944,207

2024
£

2023
£

Current loans and borrowings

Bank borrowings

20,880

20,325

Other borrowings

1,846

-

22,726

20,325