Company registration number SC689383 (Scotland)
SPRINGBURN DEPOT SPV LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SPRINGBURN DEPOT SPV LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
SPRINGBURN DEPOT SPV LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
43,305
12,028
Investment property
5
3,148,080
3,148,080
3,191,385
3,160,108
Current assets
Debtors
6
108,272
125,292
Cash at bank and in hand
30,915
4,615
139,187
129,907
Creditors: amounts falling due within one year
7
(260,921)
(254,575)
Net current liabilities
(121,734)
(124,668)
Total assets less current liabilities
3,069,651
3,035,440
Creditors: amounts falling due after more than one year
8
(4,197,871)
(3,758,015)
Provisions for liabilities
(10,454)
-
0
Net liabilities
(1,138,674)
(722,575)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(1,138,675)
(722,576)
Total equity
(1,138,674)
(722,575)
SPRINGBURN DEPOT SPV LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 August 2025
H Kerr
Director
Company registration number SC689383 (Scotland)
SPRINGBURN DEPOT SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Springburn Depot SPV Limited is a private company limited by shares incorporated in Scotland. The registered office is 200 St Vincent Street, Glasgow, Scotland, G2 5SG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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

The company meets its day to day working capital requirements through loans from related parties. The director expects this to continue and therefore the financial statements have been prepared on a going concern basis.true

1.3
Turnover

Turnover represents the amounts derived from rental income in the period. Rental income relating to future years is recorded as deferred income and recognised as turnover when the service has been provided.

1.4
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:

Lease costs
over the term of the lease
Fixtures and fittings
15% reducing balance

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.

1.5
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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SPRINGBURN DEPOT SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.8
Financial instruments

The company 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 company's statement of financial position when the company 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.

Classification of financial liabilities

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.

SPRINGBURN DEPOT SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts 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. A m ounts 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SPRINGBURN DEPOT SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Lease costs
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
1,671
14,354
16,025
Additions
-
0
33,000
33,000
At 31 December 2024
1,671
47,354
49,025
Depreciation and impairment
At 1 January 2024
14
3,983
3,997
Depreciation charged in the year
167
1,556
1,723
At 31 December 2024
181
5,539
5,720
Carrying amount
At 31 December 2024
1,490
41,815
43,305
At 31 December 2023
1,657
10,371
12,028
SPRINGBURN DEPOT SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
3,148,080

The director considers the fair value of the Investment Property to be equal to the current book value and therefore has not revalued during the year.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
54,599
-
0
Amounts owed by group undertakings
1
1
Other debtors
53,672
39,816
108,272
39,817
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
85,475
Total debtors
108,272
125,292
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,635
41,563
Taxation and social security
1,957
-
0
Other creditors
218,329
213,012
260,921
254,575
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,197,871
3,758,015

Included within other creditors is a loan balance of £4,197,871 (2023 - £3,758,015) which is secured with a standard security over the investment property and a bond and floating charge over the assets of the company.

SPRINGBURN DEPOT SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
(18,899)
87,021
7,406
7,093
Loan received / (repaid)
Loan interest charged / (paid)
2024
2023
2024
2023
£
£
£
£
Other related parties
159,676
160,000
267,095
259,797

These are related parties of the company because the ultimate controlling party has common control.

2024
2023
Amounts due to related parties
£
£
Other related parties
4,393,072
3,960,472

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
54,599
-
Other information

The company has taken advantage of the exemption granted by paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned group companies.true

10
Parent company

The ultimate parent company is Springburn Depot Holding SPV Limited, a company incorporated in Scotland. Group financial statements are not prepared.

2024-12-31 2024-01-01 false false false CCH Software CCH Accounts Production 2024.310 No description of principal activity H Kerr 0 SC689383 2024-01-01 2024-12-31 SC689383 2024-12-31 SC689383 2023-12-31 SC689383 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-31 SC689383 core:FurnitureFittings 2024-12-31 SC689383 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 SC689383 core:FurnitureFittings 2023-12-31 SC689383 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC689383 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC689383 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC689383 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC689383 core:CurrentFinancialInstruments 2024-12-31 SC689383 core:CurrentFinancialInstruments 2023-12-31 SC689383 core:ShareCapital 2024-12-31 SC689383 core:ShareCapital 2023-12-31 SC689383 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC689383 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC689383 bus:Director1 2024-01-01 2024-12-31 SC689383 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 SC689383 core:FurnitureFittings 2024-01-01 2024-12-31 SC689383 2023-01-01 2023-12-31 SC689383 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 SC689383 core:FurnitureFittings 2023-12-31 SC689383 2023-12-31 SC689383 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 SC689383 core:WithinOneYear 2024-12-31 SC689383 core:WithinOneYear 2023-12-31 SC689383 core:AfterOneYear 2024-12-31 SC689383 core:AfterOneYear 2023-12-31 SC689383 core:Non-currentFinancialInstruments 2024-12-31 SC689383 core:Non-currentFinancialInstruments 2023-12-31 SC689383 core:OtherRelatedParties core:SaleOrPurchaseGoods 2024-01-01 2024-12-31 SC689383 core:OtherRelatedParties core:SaleOrPurchaseGoods 2023-01-01 2023-12-31 SC689383 core:OtherRelatedParties 2024-01-01 2024-12-31 SC689383 core:OtherRelatedParties 2023-01-01 2023-12-31 SC689383 core:OtherRelatedParties 2024-12-31 SC689383 core:OtherRelatedParties 2023-12-31 SC689383 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC689383 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC689383 bus:FRS102 2024-01-01 2024-12-31 SC689383 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC689383 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP