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Company No: SC591232 (Scotland)

NORTON PROPERTIES SCOTLAND LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 DECEMBER 2023 TO 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

NORTON PROPERTIES SCOTLAND LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 DECEMBER 2023 TO 31 DECEMBER 2024

Contents

NORTON PROPERTIES SCOTLAND LTD

BALANCE SHEET

AS AT 31 DECEMBER 2024
NORTON PROPERTIES SCOTLAND LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 31.12.2024 30.11.2023
£ £
Fixed assets
Investment property 3 0 571,870
Investments 4 1,868,972 3,324,845
1,868,972 3,896,715
Current assets
Debtors 5 3,766,240 2,436,000
Cash at bank and in hand 6 609,861 17,772
4,376,101 2,453,772
Creditors: amounts falling due within one year 7 ( 5,994,604) ( 6,101,002)
Net current liabilities (1,618,503) (3,647,230)
Total assets less current liabilities 250,469 249,485
Net assets 250,469 249,485
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 250,369 249,385
Total shareholders' funds 250,469 249,485

For the financial period ending 31 December 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 Norton Properties Scotland Ltd (registered number: SC591232) were approved and authorised for issue by the Board of Directors on 15 July 2025. They were signed on its behalf by:

Mark Grier
Director
NORTON PROPERTIES SCOTLAND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 DECEMBER 2023 TO 31 DECEMBER 2024
NORTON PROPERTIES SCOTLAND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 DECEMBER 2023 TO 31 DECEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Norton Properties 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 Eastcroft House, 25 Woodhall Road, Wishaw, ML2 8PY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period covers 13 months from 1 December 2023 until the Company's financial year end of 31 December 2024.

Turnover

Turnover is recognised at the fair value of the consideration received for rental of investment properties in the normal course of business.

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.

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 investment property and 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:

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies that are classified as debt, 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

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

Period from
01.12.2023 to
31.12.2024
Year ended
30.11.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 December 2023 571,870
Disposals (571,870)
As at 31 December 2024 0

4. Fixed asset investments

Investments in subsidiaries

31.12.2024
£
Cost
At 01 December 2023 3,324,845
Disposals ( 1,455,873)
At 31 December 2024 1,868,972
Carrying value at 31 December 2024 1,868,972
Carrying value at 30 November 2023 3,324,845

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2024
Ownership
30.11.2023
Foundry Park Ltd Foundry Park Lows Lane, Stanton-By-Dale, Ilkeston, Derbyshire, DE7 4QU Construction of civil engineering projects Ordinary 50.00% 66.75%
Foundry Park 2 Ltd Lows Lane, Stanton-By-Dale, Ilkeston, United Kingdom, DE7 4QU Real estate Ordinary 50.00% 100.00%

5. Debtors

31.12.2024 30.11.2023
£ £
Trade debtors 2,240 0
Amounts owed by related parties 0 30,000
Other debtors 3,764,000 2,406,000
3,766,240 2,436,000

6. Cash and cash equivalents

31.12.2024 30.11.2023
£ £
Cash at bank and in hand 609,861 17,772

7. Creditors: amounts falling due within one year

31.12.2024 30.11.2023
£ £
Trade creditors 1,124 1,309
Taxation and social security 12,671 16,062
Other creditors 5,980,809 6,083,631
5,994,604 6,101,002

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

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

8. Called-up share capital

31.12.2024 30.11.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

31.12.2024 30.11.2023
£ £
Amounts owed to directors 5,976,807 4,496,807

The above loan is unsecured, interest-free and repayable on demand.

Other related party transactions

31.12.2024 30.11.2023
£ £
Amounts owed to related parties 0 1,580,822
Amounts owed from related parties 3,764,000 2,426,000

The above loans are unsecured, interest-free and repayable on demand.