Company No: SC721215 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
				Restated - note 3
Fixed assets
Investment property	5	2,414,042		452,250
		2,414,042		452,250
Current assets
Debtors	6	32,475		1,464
Cash at bank and in hand		58,004		63,617
		90,479		65,081
Creditors: amounts falling due within one year	7	( 2,477,744)		( 514,738)
Net current liabilities		(2,387,265)		(449,657)
Total assets less current liabilities		26,777		2,593
Provision for liabilities		( 525)		( 525)
Net assets		26,252		2,068
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		26,152		1,968
Total shareholders' funds		26,252		2,068

For the financial year ending 31 March 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Splendid Development Limited (registered number: SC721215) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

D Hobbs Director

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 period, unless otherwise stated.

General information and basis of accounting

Splendid Development 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 2-4 Corunna Place, Edinburgh, EH6 5JG, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties, 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 Company is supported through loans from related shareholder companies. The directors have confirmed that the loan facilities will continue to be available 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.

Prior year adjustment

The Company has transitioned from FRS 105 to FRS 102 Section 1A in the current year. The only impact of this change is the requirement under FRS 102 to recognise deferred tax on temporary differences, which was not permitted under FRS 105.

Accordingly, the comparative figures have been restated. The effect of the adjustment is as follows:

Opening reserves at 01.02.2023 have been adjusted by £525 for the recognition of deferred tax.
Deferred tax liability has increased by £525.
Profit for the prior year has decreased) by £525.

No other financial statement line items were affected by the transition.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 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.

Impairment of assets

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 (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 31 March 2025 and has restated the comparative period amounts.

Reconciliation of equity

	Note	01.02.2023		31.03.2024
		£		£
Capital and reserves (as previously stated)		(2,084)		2,593
Deferred tax movement		0		(525)
Capital and reserves (as restated)		(2,084)		2,068

Reconciliation of profit or loss

	Note			31.03.2024
				£
Profit for the period (as previously stated)				4,593
Deferred tax movement	i			(525)
Profit for the period (as restated)				4,068

Notes to the reconciliations

(i)	Deferred tax movement
	On transition to FRS 102, deferred tax has been recognised for the first time in accordance with the requirements of the standard. This resulted in an adjustment to opening retained earnings at the transition date.

3. Prior year adjustment

The Company has transitioned from FRS 105 to FRS 102 Section 1A for the current year. In line with the new accounting framework, the comparative figures have been restated.

The main adjustment relates to the recognition of deferred tax, which is required under FRS 102 1A. This has resulted in an adjustment to opening reserves and the prior year profit. No other balances have been affected.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Tax on (loss)/profit		585		525		1,110
Provision for liabilities		0		(525)		(525)

4. Employees

	Year ended 31.03.2025		Period from 01.02.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	452,250
Additions	1,961,792
As at 31 March 2025	2,414,042

Valuation

The directors have confirmed the fair value of the investment properties at 31 March 2025 is £2,414,042 being unchanged from cost of acquisition.

6. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	32,375		0
Amounts owed by related parties	100		100
Other debtors	0		1,364
	32,475		1,464

7. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Trade creditors	148,062		2,838
Amounts owed to related parties	1,693,681		505,081
Taxation and social security	7,019		585
Other creditors	628,982		6,234
	2,477,744		514,738

There are no amounts included above in respect of which any security has been given by the small entity.

Included within other creditors is an amount of £621,564 due to the directors

8. Called-up share capital

	31.03.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each	50		50
50 Ordinary B shares of £ 1.00 each	50		50
	100		100

9. Related party transactions

Transactions with the entity's directors

	31.03.2025		31.03.2024
	£		£
Amounts due to directors	621,564		0

During the year, the directors were each advanced £139,168 which was repaid on 31 March 2025. Interest of £1,179 was charged to each director at rate of 2.25%.

Other related party transactions

	31.03.2025		31.03.2024
	£		£
Amounts due to entities over which the directors have control, joint control or significant influence	(1,841,643)		(504,981)

The above loans are unsecured, interest free and are repayable on demand.