Standard Real Estate Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC446868 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

STANDARD REAL ESTATE LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

H H Munro

S Campbell

SECRETARY:

H H Munro

REGISTERED OFFICE:

16 Royal Terrace

Glasgow

G3 7NY

REGISTERED NUMBER:

SC446868 (Scotland)

ACCOUNTANTS:

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

FIXED ASSETS

Tangible assets

4

1,131,834

391,331

Investments

5

522,600

Investment property

6

26,210,000

24,745,000

27,864,434

25,658,931

CURRENT ASSETS

Debtors

7

3,120,384

3,575,681

Cash at bank and in hand

122,525

28,104

3,242,909

3,603,785

CREDITORS

Amounts falling due within one year

8,766,440

8,344,923

NET CURRENT LIABILITIES

(5,523,531

)

(4,741,138

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

22,340,903

20,917,793

CREDITORS

Amounts falling due after more than one year

8

(15,138,087

)

(13,634,402

)

PROVISIONS FOR LIABILITIES

10

(194,587

)

(49,400

)

NET ASSETS

7,008,229

7,233,991

CAPITAL AND RESERVES

Called up share capital

11

100

Fair value reserve

12

8,453,505

7,785,056

Retained earnings

12

(1,445,376

)

(551,165

)

SHAREHOLDERS' FUNDS

7,008,229

7,233,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 4 December 2025 and were signed on its behalf by:

H H Munro - Director

1.	STATUTORY INFORMATION

Standard Real Estate Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

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

Monetary amounts in these financial statements are rounded to the nearest £.

Preparation of consolidated financial statements

The financial statements contain information about Standard Real Estate Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

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 it's 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 surplus.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2023

503,496

Additions

839,349

At 30 September 2024

1,342,845

DEPRECIATION

At 1 October 2023

112,165

Charge for year

98,846

At 30 September 2024

211,011

NET BOOK VALUE

At 30 September 2024

1,131,834

At 30 September 2023

391,331

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 October 2023

and 30 September 2024

522,600

NET BOOK VALUE

At 30 September 2024

522,600

At 30 September 2023

522,600

Details of the investments in which the group and the parent company have an interest of 50% or more in are as follows:

Subsidiary Undertakings

Registered Office

Class Of Share

Percentage Of
shares held

Standard Real Estate (Union Point) Ltd

16 Royal Terrace Glasgow
G3 7NY

Ordinary

100

Standard Real Estate Bothwell Ltd

16 Royal Terrace Glasgow
G3 7NY

Ordinary

75

Standard Real Estate (Waterloo) Ltd

16 Royal Terrace Glasgow
G3 7NY

Ordinary

87

Standard Real Estate (Exchange) Ltd

16 Royal Terrace Glasgow
G3 7NY

Ordinary

100

Standard Real Estate (Metropolitan) Ltd

102 Hope Street Glasgow G2
6PH

Ordinary

75

Standard Real Estate (Capital) Ltd

16 Royal Terrace Glasgow
G3 7NY

Ordinary

75

Other significant holdings

Wooton Rutley Estates Ltd

16 Royal Terrace Glasgow
G3 7NY

Ordinary

50

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

24,745,000

Additions

1,728,916

Disposals

(2,000,000

)

Revaluations

1,736,084

At 30 September 2024

26,210,000

NET BOOK VALUE

At 30 September 2024

26,210,000

At 30 September 2023

24,745,000

Fair value at 30 September 2024 is represented by:

£

Valuation in 2017

4,698,177

Valuation in 2018

467,184

Valuation in 2019

2,073,010

Valuation in 2020

1,322,921

Valuation in 2021

410,720

Valuation in 2023

(2,050,565

)

Valuation in 2024

813,635

Cost

18,474,918

26,210,000

7.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

30.9.24

30.9.23

£

Other debtors

376,921

-

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS

30.9.24

30.9.23

£

Repayable by instalments

Bank loans more 5 yr by instal

15,127,489

9,222,338

9.

LOANS

An analysis of the maturity of loans is given below:

30.9.24

30.9.23

£

Amounts falling due within one year or on demand:

Bank loans

-

1,096,392

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

1,096,392

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

3,289,176

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

15,127,489

9,222,338

10.	PROVISIONS FOR LIABILITIES

30.9.24

30.9.23

£

Deferred tax

194,587

49,400

Deferred

tax

£

Balance at 1 October 2023

49,400

Charge to Income Statement during year

145,187

Balance at 30 September 2024

194,587

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

100

Ordinary

1

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

At 1 October 2023

(551,165

)

7,785,056

7,233,891

Deficit for the year

(894,211

)

(894,211

)

Revaluation in year

-

813,636

Deferred Tax Movement

-

(145,187

)

(145,187

)

At 30 September 2024

(1,445,376

)

8,453,505

7,008,129

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24

30.9.23

£

H H Munro

Balance outstanding at start of year

(44,071

)

(177,647

)

Amounts advanced

74,158

133,576

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

30,087

(44,071

)

S Campbell

Balance outstanding at start of year

95,490

(37,510

)

Amounts advanced

70,500

133,000

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

165,990

95,490

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Standard Real Estate Ltd for the year ended 30 September 2024 which comprise the Abridged Income Statement, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Standard Real Estate Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Standard Real Estate Ltd and state those matters that we have agreed to state to the Board of Directors of Standard Real Estate Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Standard Real Estate Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Standard Real Estate Ltd. You consider that Standard Real Estate Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Standard Real Estate Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

4 December 2025