Charity registration number SC035397 (Scotland)
Company registration number SC266261
THE FACTORY SKATEPARK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THE FACTORY SKATEPARK LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Mr D Marshall
Mr N Forrest
Mr M Selvey
Mr D Chisholm
Mr N Brown
Charity number (Scotland)
SC035397
Company number
SC266261
Registered office
15 Balunie Drive
Dundee
DD4 8PS
Independent examiner
Lesley Campbell, CA
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Bankers
Royal Bank of Scotland
3 High Street
Dundee
DD1 9LY
Solicitors
Gilson Gray LLP
2 West Marketgait
Dundee
DD1 1QN
THE FACTORY SKATEPARK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4 - 5
Balance sheet
6 - 7
Notes to the financial statements
8 - 20
THE FACTORY SKATEPARK LIMITED
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Our objectives, as recorded in our Articles, are to promote the benefit of young people, the aged and disabled without distinction in common effort with others. This will be achieved through educational and lifestyle choices, others services and provision of (or assisting in provision of) facilities in the interest of their social welfare and improving their life conditions by recreation and other leisure time activities.

Public benefit

The directors have paid due regard to guidance issued by OSCR in deciding what activities the charity should undertake.

Achievements and performance

During the year in question, 2024/25 it became clear to the directors that the running of the soft play centre was becoming unsustainable and it was agreed to cease trading at the end of September 2024 and to find a suitable tenant to take over the running of the downstairs part of the building whilst the Factory Skatepark continued to operate the upstairs part of the building along with the downstairs shop and MSPs office. A new tenant was secured who moved in on 1st November 2024. Regular rental income has now been secured from 7 tenants for the charity meaning we now have a strong regular source of income in place over the medium to long term which covers all our operating costs with a reasonable profit margin.

Financial review

At the year end, the charity holds funds totalling £1,465,133 (2024 - £1,494,542), of which £792,818 (2024 - £822,227) is unrestricted and £672,315 (2024 - £672,315) is restricted.

Reserves policy

The board of directors has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets, net of any loans secured over the assets ("the free reserves") held by the charity should amount to 3 months of the unrestricted reserves expended, which is currently being met. The Trustees are continuing to look at ways of increasing general funds.

Structure, governance and management

The Factory Skatepark is a company limited by guarantee and a charity, governed by its Memorandum and Articles of Association.

The directors who served during the year and up to the date of signature of the financial statements were:

Mr D Marshall
Mr N Forrest
Mr M Selvey
Mr D Chisholm
Mr N Brown
Recruitment and appointment of trustees

Directors will be identified and asked to join the board as appropriate to the needs of the charity. This will be with the unanimous approval of the board. The appointment of directors is governed by the Memorandum and Articles of Association. There is no formal induction or training procedure.

 

No person shall be admitted as a member of the charity unless they are appointed by the directors.

THE FACTORY SKATEPARK LIMITED
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Organisational structure

The Factory Skatepark is a parent of a small group. The details of the activities of the subsidiary undertakings are included in notes of the financial statements.

The Board of Directors which meets twice a year administers the charity. The Chief Executive is appointed by the directors to manage the day-to-day operations of the charity assisted by the Deputy CEO. The current CEO is Derek Marshall.

Remuneration policy

The remuneration of the senior management team is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay levels in the other charities of a similar size.

 

The directors consider the board of directors, and the senior management team the key management personnel of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis.

Relationship with related parties

The Factory Skatepark is a parent of a small group. The Factory III Limited is a wholly owned subsidiary of The Factory Skatepark. The Factory III Limited ceased trading on 30 September 2024.

The directors' report was approved by the Board of Directors.

Mr D Marshall
Director
3 June 2025
THE FACTORY SKATEPARK LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF THE FACTORY SKATEPARK LIMITED
- 3 -

I report on the financial statements of the charity for the year ended 31 March 2025, which are set out on pages 4 to 20.

Respective responsibilities of directors and examiner

The charity trustees (who are also the directors of The Factory Skatepark Limited for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The charity directors consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

 

1. which gives me reasonable cause to believe that in any material respect the requirements:

have not been met, or

 

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Lesley Campbell, CA
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
3 June 2025
THE FACTORY SKATEPARK LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2025
2025
2025
2024
Notes
£
£
£
£
Income from:
Donations and legacies
3
-
-
-
232,989
Charitable activities
4
14,339
-
14,339
-
Investments
5
174,817
-
174,817
113,589
Total income
189,156
-
189,156
346,578
Expenditure on:
Charitable activities
6
144,758
-
144,758
89,669
Other material expenditure
9
73,807
-
73,807
-
Total expenditure
218,565
-
218,565
89,669
Net gains/(losses) on investments
10
-
-
-
120,000
Net income/(expenditure) and movement in funds
(29,409)
-
(29,409)
376,909
Reconciliation of funds:
Fund balances at 1 April 2024
822,227
672,315
1,494,542
1,117,633
Fund balances at 31 March 2025
792,818
672,315
1,465,133
1,494,542

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 20 form part of these financial statements.

THE FACTORY SKATEPARK LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
232,989
-
232,989
Investments
5
113,589
-
113,589
Total income
346,578
-
346,578
Expenditure on:
Charitable activities
6
89,669
-
89,669
Total expenditure
89,669
-
89,669
Net gains/(losses) on investments
10
120,000
-
120,000
Net income and movement in funds
376,909
-
376,909
Reconciliation of funds:
Fund balances at 1 April 2023
445,318
672,315
1,117,633
Fund balances at 31 March 2024
822,227
672,315
1,494,542
THE FACTORY SKATEPARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 6 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,886
-
Investment property
12
2,020,000
2,020,000
Investments
13
1
1
2,021,887
2,020,001
Current assets
Debtors
14
67,465
18,015
Cash at bank and in hand
87,858
181,636
155,323
199,651
Creditors: amounts falling due within one year
16
(238,254)
(77,259)
Net current (liabilities)/assets
(82,931)
122,392
Total assets less current liabilities
1,938,956
2,142,393
Creditors: amounts falling due after more than one year
17
(473,823)
(647,851)
Net assets
1,465,133
1,494,542
The funds of the charity
Restricted income funds
19
672,315
672,315
Unrestricted funds
20
792,818
822,227
1,465,133
1,494,542

The notes on pages 8 to 20 form part of these financial statements.

THE FACTORY SKATEPARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 7 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the directors on 3 June 2025
Mr D Marshall
Director
Company registration number SC266261 (Scotland)
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
1
Accounting policies
Charity information

The Factory Skatepark Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 15 Balunie Drive, Dundee, DD4 8PS.

 

The charity is the parent undertaking of a group that includes one wholly owned trading subsidiary, The Factory III Limited (SC415994). The subsidiary company ceased trading on 30 September 2024.

 

These financial statements present information about the charity as an individual entity and not about the group. In accordance with section 405 of the Companies Act 2006 (as applied by the Charities SORP and the Charities Accounts (Scotland) Regulations 2006), the charity has not prepared consolidated group financial statements.

 

This is because the group qualifies as a small group under the conditions set out in section 383 of the Companies Act 2006, and the charity is therefore exempt from the requirement to prepare consolidated accounts. The exemption has been taken on the grounds that the income of the group, calculated in accordance with relevant regulations, does not exceed £500,000 in the financial year.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. 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

At the time of approving the financial statements, the directors have a reasonable expectation that the charity 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.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% to 20% straight line
Computers
3 years or 20% straight line

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 recognised in the statement of financial activities.

1.7
Investment property

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

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

1.9
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of 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).

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -
1.11
Financial instruments

The charity 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 charity's balance sheet when the charity 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 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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 operations 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the charity’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.
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Critical accounting estimates and judgements
(Continued)
- 11 -
Investment Properties

Investment Property is held at fair value.

 

The property at Balunie Drive is valued at £1,670,000. The last formal valuation was performed in 2024. The valuation remains the same based on the directors estimates of value.

 

The property at Camperdown Road is valued at £350,000. The last formal valuation was performed in 2024. The valuation remains the same based on the directors estimates of value.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
-
232,989
Donations and gifts
Gift aid from subsidiaries - FII
-
171,679
Gift aid from subsidiaries - FIII
-
9,073
Gift aid from subsidiaries - FVI
-
52,237
-
232,989
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Charitable activities
Management fees
14,339
-
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Rental income
168,642
112,763
Interest receivable
6,175
826
174,817
113,589
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
6
Expenditure on charitable activities
Charitable activities
Charitable activities
2025
2024
£
£
Direct costs
Depreciation and impairment
1,363
-
Repairs & maintenance
9,251
13,503
Loan interest
32,843
36,883
Bank charges
2,403
1,147
Heat & light
9,430
23,038
Rates
2,928
4,498
Insurance
11,464
-
Cleaning
848
-
Telephone
4,675
-
Computer & IT
750
-
Travel & Subsistance
379
-
Legal & professional fees
20,184
600
Management fees
42,607
-
Miscellaneous
1,383
-
140,508
79,669
Share of support and governance costs (see note 7)
Governance
4,250
10,000
144,758
89,669
Analysis by fund
Unrestricted funds
144,758
89,669
7
Support costs allocated to activities
2025
2024
£
£
Governance costs
4,250
10,000
Analysed between:
Charitable activities
4,250
10,000
2025
2024
Governance costs comprise:
£
£
Audit fees
-
10,000
Independent examiner fees
4,250
-
4,250
10,000
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
8
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's independent examiner:
- for the audit of the charity's financial statements
-
10,000
- for the independent examination of the charity's financial statements
4,250
-
Depreciation of owned tangible fixed assets
1,363
-
9
Other material expenditure

During the year, the charity wrote off an intercompany loan of £73,806 due from The Factory III Limited, a wholly owned trading subsidiary, following its cessation of trading on 30 September 2024. The intention is for the subsidiary to be struck off.

10
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
Gains/(losses) arising on:
£
£
Revaluation of investment properties
-
120,000
11
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
Additions
779
2,470
3,249
At 31 March 2025
779
2,470
3,249
Depreciation and impairment
Depreciation charged in the year
111
1,252
1,363
At 31 March 2025
111
1,252
1,363
Carrying amount
At 31 March 2025
668
1,218
1,886
12
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
2,020,000
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Investment property
(Continued)
- 14 -

Investment properties comprises two properties at Balunie Drive, Dundee and another property at Camperdown Road, Dundee.

 

The fair value of the investment properties located at 15 Balunie Drive and 99 Campberdown Road has been arrived at on the basis of a valuation carried out on 22 January 2024 by Graham & Sibbald Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe the value reflects the current fair value at 31 March 2025.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
2,029,768
2,029,768
Accumulated depreciation
-
-
Carrying amount
2,029,768
2,029,768
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
13
Fixed asset investments
Other investments
Cost or valuation
At 1 April 2024 & 31 March 2025
1
Carrying amount
At 31 March 2025
1
At 31 March 2024
1
2025
2024
Other investments comprise:
Notes
£
£
Investments in subsidiaries
24
1
1

The Factory III Limited is a wholly owned subsidiary incorporated in Scotland.

14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,361
-
Amounts owed by subsidiary undertakings
26,500
13,431
Other debtors
35,425
350
Prepayments and accrued income
3,179
4,234
67,465
18,015
15
Loans and overdrafts
2025
2024
£
£
Bank loans
673,074
703,990
Payable within one year
199,251
56,139
Payable after one year
473,823
647,851
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Loans and overdrafts
(Continued)
- 16 -

The bank loans are secured in favour of The Royal Bank of Scotland PLC who hold a floating charge over all the assets, both present and future of the charity. A standard security is also held over the following properties:

 

The Fun Factory and land 15 Balunie Drive, Dundee, DD4 8PS
99 Camperdown Road, Dundee. DD3 8RF

 

Loans are financed on interest rates which are linked to the Bank of England base rates.

16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
199,251
56,139
Other taxation and social security
7,452
4,048
Deferred income
18
883
1,494
Trade creditors
443
-
Other creditors
26,499
-
Accruals
3,726
15,578
238,254
77,259
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
15
473,823
647,851
18
Deferred income
2025
2024
£
£
Other deferred income
883
1,494

Deferred income is included in the financial statements as follows:

2025
2024
£
£
Deferred income is included within:
Current liabilities
883
1,494
Movements in the year:
Deferred income at 1 April 2024
1,494
333
Released from previous periods
(1,494)
-
Resources deferred in the year
883
1,161
Deferred income at 31 March 2025
883
1,494
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18
Deferred income
(Continued)
- 17 -

Deferred income included within the financial statements relates to rental income paid in advance.

19
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2024
At 31 March 2025
£
£
672,315
672,315
Previous year:
At 1 April 2023
At 31 March 2024
£
£
Capital grant - Skatepark
316,707
316,707
Capital grant - Fun Factory
327,608
327,608
Capital grant - Garage
28,000
28,000
672,315
672,315

Purpose of restricted funds:

Capital grants were awarded against the property held at 15 Balunie Drive, Dundee.

20
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024
Incoming resources
Resources expended
Gains and losses
At 31 March 2025
£
£
£
£
£
General funds
822,227
189,156
(218,565)
-
792,818
Previous year:
At 1 April 2023
Incoming resources
Resources expended
Gains and losses
At 31 March 2024
£
£
£
£
£
General funds
445,318
346,578
(89,669)
120,000
822,227
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
21
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
1,886
-
1,886
Investment properties
1,347,685
672,315
2,020,000
Investments
1
-
1
Current assets/(liabilities)
(82,931)
-
(82,931)
Long term liabilities
(473,823)
-
(473,823)
792,818
672,315
1,465,133
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Investment properties
1,347,685
672,315
2,020,000
Investments
1
-
1
Current assets/(liabilities)
122,392
-
122,392
Long term liabilities
(647,851)
-
(647,851)
822,227
672,315
1,494,542
22
Operating lease commitments
Lessor

The charity owns 2 investment properties for rental purposes.

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

2025
2024
£
£
Within one year
164,000
31,500
Between two and five years
495,792
52,500
659,792
84,000
THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
23
Related party transactions

Name of related party: Dundee Social Enterprise Network
Nature of relationship: 1 common director (D Marshall)
Nature of transaction: During the year the charity received rental income for office space within Balunie Drive totalling £2,000 (2024 - £2,000)

 

Name of related party: D Marshall
Nature of relationship: Director of The Factory Skatepark Limited and The Factory III Limited.
Nature of transaction: D Marshall received remuneration from The Factory III Limited, for the role of director, equitable to his contract of employment with his salary authorised by the Board.

 

Name of related party: M Selvey
Nature of relationship: Director of The Factory Skatepark Limited and The Factory III Limited.
Nature of transaction: M Selvey received remuneration from The Factory III Limited, for the role of director, equitable to his contract of employment with his salary authorised by the Board.

 

Name of related party: D Marshall, D Chisholm, N Forrest, N Brown, M Selvey

Nature of relationship: Directors

Nature of transaction: The above named directors also served as directors of The Factory III Limited during the year.

 

Name of related party: G Selvey
Nature of relationship: Wife of director (M Selvey)
Nature of transaction: During the year the charity received rental income for shop space within Balunie Drive totalling £4,094 (2024 - £3,750). G Selvey received remuneration from The Factory III Limited, for the role of General Manager, equitable to her contract of employment. The Factory III Limited purchased party bags from the Balloon Factory, of which G Selvey is owner, totalling £2,055 (2024 - £7,696)

 

Name of related party: The Factory III Limited (SC415994)
Nature of relationship: The above named company is a wholly owned trading subsidiary of The Factory Skatepark Limited
Nature of transaction: During the year, the charity were charged management fees amounting to £42,607 for providing back-office support.

 

Name of related party: The Factory III Limited (SC415994)
Nature of relationship: The above named company is a wholly owned trading subsidiary of The Factory Skatepark Limited
Nature of transaction: At the year end The Factory Skatepark Limited was due £26,500 from The Factory III Limited. Amounts totalling £73,807 were written off following the subsidiary's cessation of trading on 30 September 2024.

THE FACTORY SKATEPARK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
24
Subsidiaries

These financial statements are separate charity financial statements.

The charity has taken advantage of the exemption available under section 405 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that the group is small. The accounts present information about the charity only, and not its group.

Details of the charity's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
The Factory III Limited
15 Balunie Drive, Dundee
Soft Play
Ordinary
100.00
Name of undertaking
Profit/(Loss)
Capital and Reserves
The Factory III Limited
(4,756)
(4,755)

The investments in subsidiaries are all stated at cost.

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