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Registration number: SC291205

SF 3023 Limited
Filleted Financial Statements
for the Year Ended 31 July 2025

SF 3023 Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 8

SF 3023 Limited

(Registration number: SC291205)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed assets |  |  |
Investment property | 4 | 25,950,000 | 25,950,000
Current assets |  |  |
Debtors | 5 | 1,220,650 | 14,024,740
Cash at bank and in hand |  | 1,652,439 | 974,773
|  | 2,873,089 | 14,999,513
Creditors: Amounts falling due within one year | 6 | (30,622,104) | (39,050,121)
Net current liabilities |  | (27,749,015) | (24,050,608)
Net (liabilities)/assets |  | (1,799,015) | 1,899,392
Capital and reserves |  |  |
Called up share capital | 7 | 1 | 1
Retained earnings |  | (1,799,016) | 1,899,391
Shareholders' (deficit)/funds |  | (1,799,015) | 1,899,392

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 April 2026 and signed on its behalf by:

......................................... Mrs Patricia Henry Company secretary and director

SF 3023 Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
58 Morrison Street
Edinburgh
Scotland
EH3 8BP

These financial statements were authorised for issue by the Board on 21 April 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the positive trading position and levels of profitability, and have received confirmation that the shareholders will not call in their loans and support the group, should it be required. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

SF 3023 Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 21 April 2026 was James Wallace, who signed for and on behalf of D T Carson & Co.

.........................................

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Key sources of estimation uncertainty

Investment properties are valued annually by directors using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and a value can only ultimately be reliably tested in the market itself. Key inputs into the valuations were annual rent per square metre and anticipated property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The carrying amount is £25,950,000 (2024 -£25,950,000).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Finance income and costs policy

Finance costs are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

SF 3023 Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

SF 3023 Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the related contractual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position 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.
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial assets expire or are settled; the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial assset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

SF 3023 Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

4 | Investment properties

| 2025 £
At 1 August | 25,950,000
Disposals | (65,021)
Fair value adjustments | 65,021
At 31 July | 25,950,000

Investment property was valued by the directors. The directors were informed by a professional valuation, on an open market value for existing use basis, in March 2024 by JLL (an independent valuer with recent experience in the location and class of the investment property being valued). The market value was primarily derived using comparable recent market transactions on arm's length terms. The directors have valued the investment property at the year end based on their estimate of the market value in the light of the aforementioned valuation and overall market conditions. The directors believe that the above valuation represents the fair value of the investment property at the year end.

5 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 232,371 | 84,038
Amounts owed by related parties | 9 | - | 13,218,526
Prepayments |  | 846,468 | 624,388
Other debtors |  | 141,811 | 97,788
|  | 1,220,650 | 14,024,740

SF 3023 Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | (As restated) 2024 £
Due within one year |  |  |
Trade creditors |  | 79,110 | 2,239
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 9 | 29,966,171 | 38,377,507
Taxation and social security |  | 76,812 | 270,094
Accruals and deferred income |  | 189,576 | 212,278
Other creditors |  | 310,435 | 188,003
|  | 30,622,104 | 39,050,121

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £0.01 each | 108 | 1 | 108 | 1

8 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

A first legal charge has been registered on the investment property by Santander Bank PLC to secure loans obtained by the parent company, Tungsten Developments Limited.

SF 3023 Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

9 | Related party transactions

The group is taking advantage of the exemption in FRS 102 to not disclose transactions bewteen wholly owned members within the group.

Key management personnel

The directors are deemed to be the key management personnel of the company. The directors did not receive remuneration during the current and prior years.

10 | Parent and ultimate parent undertaking

The company's immediate parent is Tungsten Developments Limited, incorporated in Northern Ireland.
The ultimate controlling party is HCW Properties Limited.

11 | Prior period adjustment

There was a prior period adjustment in relation to the gain on revaluation of the investment property, which was not allocated to the profit and loss account.