Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 6,819,093 | 6,945,622 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 2,164,131 | 2,083,990 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (992,278) | (822,769) | ||
| Total assets less current liabilities | 5,826,815 | 6,122,853 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | 8 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Fair value reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of S. & D. Properties (Edinburgh) Limited (registered number:
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Ms C M Swan
Director |
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.
S. & D. Properties (Edinburgh) Limited (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 79 West Regent Street, Suite 1/1, Glasgow, G2 2AW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 £.
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.
The directors note that the business has net current liabilities of £992,278.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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.
| Plant and machinery etc. |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
The fair value is determined annually by the director, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.
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 at transaction price.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 | 66 | 66 | |
| At 31 December 2023 | 245 | 245 |
| Investment property | |
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| Valuation | |
| As at 01 January 2024 |
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| Additions | 592 |
| Fair value movement | (44,269) |
| Disposals | (91,093) |
| Amortisation of refinancing costs | 8,420 |
| As at 31 December 2024 |
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The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by related parties |
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| Other debtors |
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| £ | £ | ||
| Bank loans (secured) |
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| Trade creditors |
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| Amounts owed to related parties |
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| Taxation and social security |
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| Other creditors |
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Other loans are secured over the investment properties to which they relate.
The Bank of Scotland plc loan included within S & D Properties (Investments) Ltd holds a bond and floating charge over 7 Rodney Street, Edinburgh and 404 Dumbarton Road, Glasgow.
A guarantee and indemnity of £600,000 and interest has been given to S & D Properties (Investments) Ltd.
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Other creditors |
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Other loans are secured over the investment properties to which they relate.
The Bank of Scotland plc loan included within S & D Properties (Investments) Ltd holds a bond and floating charge over 7 Rodney Street, Edinburgh and 404 Dumbarton Road, Glasgow.
A guarantee and indemnity of £600,000 and interest has been given to S & D Properties (Investments) Ltd.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured / repayable by instalments) |
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| £ | £ | ||
| Deferred tax |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 1,100 | 1,100 |
Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts due to related parties | 3,931,220 | 2,945,709 | |
| Amounts due from related parties | 1,763,894 | 1,720,537 |
Amounts due to related parties are unsecured, interest free and have no fixed repayment terms.
Amounts due from Multi Trades (Glasgow Developments) Limited of £1,212,697 (2023: £1,203,033 ) are unsecured, interest free and have no fixed repayment terms.
Amounts due from S & D (Investments) Limited of £542,254(2023: £517,504 ) are unsecured, are charged interest at market rate and have no fixed repayment terms.
Parent Company:
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| S&D Properties Group, 79 West Regent Street, Suite 1/1, Glasgow, G2 2AW |