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Company No: SC502890 (Scotland)

# SKY BLUE SCOTLAND LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

SKY BLUE SCOTLAND LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

SKY BLUE SCOTLAND LIMITED

## BALANCE SHEET

AS AT 31 OCTOBER 2024
SKY BLUE SCOTLAND LIMITED

## BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 2,220,010 |  | 1,598,919
|  | 2,220,010 |  | 1,598,919
Current assets |  |  |  |
Debtors | 4 | 51,294 |  | 2,523
Cash at bank and in hand |  | 1,472 |  | 1,199
|  | 52,766 |  | 3,722
Creditors: amounts falling due within one year | 5 | ( 577,743) |  | ( 496,910)
Net current liabilities |  | (524,977) |  | (493,188)
Total assets less current liabilities |  | 1,695,033 |  | 1,105,731
Creditors: amounts falling due after more than one year | 6 | ( 1,281,975) |  | ( 767,700)
Provision for liabilities |  | ( 5,262) |  | ( 5,807)
Net assets |  | 407,796 |  | 332,224
Capital and reserves |  |  |  |
Called-up share capital | 7 | 2 |  | 1
Other reserves |  | 7,508 |  | 0
Profit and loss account |  | 400,286 |  | 332,223
Total shareholders' funds |  | 407,796 |  | 332,224

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Sky Blue Scotland Limited (registered number: SC502890) were approved and authorised for issue by the Board of Directors on 23 October 2025. They were signed on its behalf by:

J Di Ciacca Director |

SKY BLUE SCOTLAND LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
SKY BLUE SCOTLAND LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Sky Blue Scotland 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 1 Main Street, Bothwell, Glasgow, G71 8RD, Scotland, 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.

##### Turnover

Turnover is recognised at the fair value of the bar and property rental income received, and is shown net of VAT and other sales related taxes.

##### Employee benefits

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.

##### 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 liabilities are not discounted.

##### 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:

Land and buildings | not depreciated
Plant and machinery etc. | 20 % reducing balance

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.

##### Leases

##### Impairment of 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.

##### 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 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 | 6 |  | 5

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 November 2023 | 1,583,510 |  | 47,785 |  | 1,631,295
Additions | 616,665 |  | 0 |  | 616,665
Revaluations | 7,508 |  | 0 |  | 7,508
At 31 October 2024 | 2,207,683 |  | 47,785 |  | 2,255,468
Accumulated depreciation |  |  |  |  |
At 01 November 2023 | 0 |  | 32,376 |  | 32,376
Charge for the financial year | 0 |  | 3,082 |  | 3,082
At 31 October 2024 | 0 |  | 35,458 |  | 35,458
Net book value |  |  |  |  |
At 31 October 2024 | 2,207,683 |  | 12,327 |  | 2,220,010
At 31 October 2023 | 1,583,510 |  | 15,409 |  | 1,598,919

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 48,930 |  | 1,141
Amounts owed by related parties | 514 |  | 0
Other debtors | 1,850 |  | 1,382
| 51,294 |  | 2,523

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans and overdrafts | 84,243 |  | 107,960
Trade creditors | 53,250 |  | 18,793
Amounts owed to related parties | 283,597 |  | 261,824
Corporation tax | 112,191 |  | 82,568
Other taxation and social security | 1,426 |  | 15,081
Other creditors | 43,036 |  | 10,684
| 577,743 |  | 496,910

Bank loans are secured by a standard security over the properties.

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

| 2024 |  | 2023
| £ |  | £
Bank loans | 484,160 |  | 504,775
Amounts owed to related parties | 283,686 |  | 262,925
Other creditors | 514,129 |  | 0
| 1,281,975 |  | 767,700

Bank loans are secured by a standard security over the properties.

#### 7. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each (2023: 1 share of £ 1.00 ) | 2 |  | 1

#### 8. Related party transactions

Transactions with the entity's directors

| 2024 |  | 2023
| £ |  | £
Amounts due to key management personnel | 162 |  | 74

Other related party transactions

| 2024 |  | 2023
| £ |  | £
Amounts due to other related parties | 567,283 |  | 524,750