Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mr P McGinlay 12/04/2017 Mr B Weal 05/04/2022 25 June 2025 The principal activity of the Company during the financial year continued to be that of developing and selling of real estate. SC480051 2024-06-30 SC480051 bus:Director1 2024-06-30 SC480051 bus:Director2 2024-06-30 SC480051 2023-06-30 SC480051 core:CurrentFinancialInstruments 2024-06-30 SC480051 core:CurrentFinancialInstruments 2023-06-30 SC480051 core:Non-currentFinancialInstruments 2024-06-30 SC480051 core:Non-currentFinancialInstruments 2023-06-30 SC480051 core:ShareCapital 2024-06-30 SC480051 core:ShareCapital 2023-06-30 SC480051 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC480051 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC480051 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-06-30 SC480051 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 SC480051 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2024-06-30 SC480051 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-06-30 SC480051 bus:OrdinaryShareClass1 2024-06-30 SC480051 2023-07-01 2024-06-30 SC480051 bus:FilletedAccounts 2023-07-01 2024-06-30 SC480051 bus:SmallEntities 2023-07-01 2024-06-30 SC480051 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC480051 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC480051 bus:Director1 2023-07-01 2024-06-30 SC480051 bus:Director2 2023-07-01 2024-06-30 SC480051 2022-07-01 2023-06-30 SC480051 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC480051 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 SC480051 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC480051 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC480051 (Scotland)

SL SCOTLAND LTD

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

SL SCOTLAND LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

SL SCOTLAND LTD

BALANCE SHEET

AS AT 30 JUNE 2024
SL SCOTLAND LTD

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Current assets
Stocks 3 2,032,512 1,755,420
Debtors 4 554,726 332
Cash at bank and in hand 584 5,902
2,587,822 1,761,654
Creditors: amounts falling due within one year 5 ( 1,774,968) ( 1,113,020)
Net current assets 812,854 648,634
Total assets less current liabilities 812,854 648,634
Creditors: amounts falling due after more than one year 6 ( 2,897,683) ( 2,729,097)
Net liabilities ( 2,084,829) ( 2,080,463)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 2,084,830 ) ( 2,080,464 )
Total shareholder's deficit ( 2,084,829) ( 2,080,463)

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

Directors' responsibilities:

The financial statements of SL Scotland Ltd (registered number: SC480051) were approved and authorised for issue by the Board of Directors on 25 June 2025. They were signed on its behalf by:

Mr P McGinlay
Director
SL SCOTLAND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
SL SCOTLAND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

SL Scotland 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 58 Waterloo Street, Glasgow, G2 7DA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and 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

As at the balance sheet date, the company had net liabilities of £2,084,829 (2023: £2,080,463). Included in other creditors are balances owed to related parties. These related parties will not seek repayment of these balances until the company has sufficient resources to do so. The directors therefore have prepared the financial statements on the going concern basis.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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, 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. 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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Stocks

2024 2023
£ £
Work in progress 2,032,512 1,755,420

Work in progress comprises site development costs for Exchequer House, Aberdeen, which are pledged as security for the bank loan. These assets are also pledged as security for a bank loan held by related party Swan Real Estate Limited totalling £886,154 (2023: £788,432).

4. Debtors

2024 2023
£ £
Amounts owed by related parties 554,726 0
Other debtors 0 332
554,726 332

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to related parties 1,770,260 1,108,410
Other creditors 4,708 4,610
1,774,968 1,113,020

There are no amounts included above in respect of which any security has been given by the small entity.

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

2024 2023
£ £
Amounts owed to related parties 1,794,110 1,685,398
Other creditors 1,103,573 1,043,699
2,897,683 2,729,097

Included in other creditors at 30 June 2024 are bank loans of £1,103,572 (2023: £1,043,699) owed to Together Finance. The assets pledged as security for this liability are work in progress costs and the subjects in entirety for Exchequer House, Aberdeen site totalling £1,991,854 (2023: £1,755,420).

Also secured by a floating charge over the work in progress costs and Exchequer House site subjects in entirety is a balance owed to Scottish Ministers, of which the liability is held within a related party entity. Ultimate Bridging Finance Ltd also have a charge on Exchequer House.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed to related parties (3,564,370) (2,793,808)
Amounts owed by related parties 554,726 0

The balances are unsecured, interest free and repayable on demand.