REGISTERED NUMBER: SC620819 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Silvermills Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

168

Investment property

5

1,144,358

1,144,358

1,144,358

1,144,526

CURRENT ASSETS

Cash at bank

268,724

342,601

CREDITORS

Amounts falling due within one year

6

(587,120

)

(142,987

)

NET CURRENT (LIABILITIES)/ASSETS

(318,396

)

199,614

TOTAL ASSETS LESS CURRENT LIABILITIES

825,962

1,344,140

CREDITORS

Amounts falling due after more than one year

7

(455,901

)

(968,663

)

PROVISIONS FOR LIABILITIES

(3,048

)

(5,322

)

NET ASSETS

367,013

370,155

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

193,251

211,404

Retained earnings

173,662

158,651

367,013

370,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Mr A W Lyle - Director

1.	STATUTORY INFORMATION

Silvermills Limited is a private company, limited by shares, domiciled in Scotland, registration number SC620819. The registered office is 4 West Silvermills Lane, Stockbridge, Edinburgh, Scotland, EH3 5BD.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Property rights straight line over five years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Other operating income

Other operating income represents net invoiced rental income, excluding value added tax. Other operating income is recognised at the point at which the service is complete.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

2,020

Disposals

(2,020

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

1,852

Charge for year

168

Eliminated on disposal

(2,020

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

168

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

1,144,358

NET BOOK VALUE

At 31 December 2024

1,144,358

At 31 December 2023

1,144,358

The directors have reviewed the carrying value of the investment property and concluded that this has not changed materially since the date of acquisition.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

479,404

34,635

Amounts owed to related parties

97,614

91,735

Taxation and social security

330

6,845

Other creditors

9,772

9,772

587,120

142,987

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

-

476,636

Amounts owed to related parties

455,901

492,027

455,901

968,663

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

479,404

511,271

The company has granted to Clydesdale Bank PLC a standard security over the investment property, a floating charge and a negative pledge, as security for amounts due to the bank under a term loan facility.