REGISTERED NUMBER: SC333729 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2025

for

Sarti (Sauchiehall Street) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A C Arrighi

R Cimmino

P M Diamond

D S Clelland

SECRETARY:

P M Diamond

REGISTERED OFFICE:

133 Wellington Street

Glasgow

G2 2XD

REGISTERED NUMBER:

SC333729 (Scotland)

ACCOUNTANTS:

Gillespie & Anderson

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

FIXED ASSETS

Intangible assets

4

147,299

208,252

Tangible assets

5

156,831

202,446

Investments

6

3

3

304,133

410,701

CURRENT ASSETS

Stocks

64,540

65,265

Debtors

7

20,848

10,774

Cash at bank and in hand

350,267

291,420

435,655

367,459

CREDITORS

Amounts falling due within one year

8

489,112

401,079

NET CURRENT LIABILITIES

(53,457

)

(33,620

)

TOTAL ASSETS LESS CURRENT LIABILITIES

250,676

377,081

CREDITORS

Amounts falling due after more than one year

9

(63,100

)

(98,347

)

PROVISIONS FOR LIABILITIES

(20,618

)

(20,618

)

NET ASSETS

166,958

258,116

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Capital redemption reserve

6,850

6,850

Retained earnings

110,108

201,266

SHAREHOLDERS' FUNDS

166,958

258,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 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.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2026 and were signed on its behalf by:

P M Diamond - Director

M A C Arrighi - Director

R Cimmino - Director

D S Clelland - Director

1.	STATUTORY INFORMATION

Sarti (Sauchiehall Street) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The directors review current trading conditions and cash flow on a regular basis to ensure that the company has adequate resources to meet commitments as they fall due. This review also takes account of bank support and the support of associated businesses. Having carried out this review the directors are of the opinion that the company does have sufficient resources to meet its commitments over the next twelve months and on that basis are satisfied that the accounts be prepared on a going concern basis.

Turnover/ revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Goodwill

Positive goodwill is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life of 20 years, Impairment tests on the carrying value of goodwill are undertaken.

- At the end of the first full financial year following acquisition:

- In other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Depreciation

Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, over their expected useful lives. It is calculated at the following rates:-

Tenant's property improvements

4% straight line

Plant, equipment, fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs ot completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 amount 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.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2024 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2024

and 30 September 2025

1,219,056

AMORTISATION

At 1 October 2024

1,010,804

Charge for year

60,953

At 30 September 2025

1,071,757

NET BOOK VALUE

At 30 September 2025

147,299

At 30 September 2024

208,252

The company acquired the whole of the issued share capital of Northfern Limited on 29 February 2008. Following that acquisition and as part of the rationalisation of the group, the trade and net assets of Northfern Limited were transferred into the company on 1 March 2008.

The consideration for this hive up was based upon the book value of the subsidiary undertaking's net assets and took no account of the goodwill inherent in the business. This resulted in an apparent overvaluation of the investment held in the company's books although there was no overall loss to the group. Schedule 4 to the Companies Act 1985, the Act in force at the date of the acquisition, required that where such a valuation is expected to be permanent, the investment should be written down accordingly.

The directors considered that as the substance of the transaction was merely to recognise the group's operations such a treatment would fail to give a true and fair view. Consequently the diminution in value of the investment was reallocated to goodwill. The effect on the company's balance sheet of this departure from requirements of Schedule 4 was to recognise goodwill of £1,219,056 which is being amortised over 20 years.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2024

358,021

Additions

5,370

Disposals

(104,514

)

At 30 September 2025

258,877

DEPRECIATION

At 1 October 2024

155,575

Charge for year

22,679

Eliminated on disposal

(76,208

)

At 30 September 2025

102,046

NET BOOK VALUE

At 30 September 2025

156,831

At 30 September 2024

202,446

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2024

and 30 September 2025

87,110

DEPRECIATION

At 1 October 2024

30,695

Charge for year

13,721

Reclassification/transfer

1,532

At 30 September 2025

45,948

NET BOOK VALUE

At 30 September 2025

41,162

At 30 September 2024

56,415

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2024

and 30 September 2025

3

NET BOOK VALUE

At 30 September 2025

3

At 30 September 2024

3

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Sarti (Glasgow) Limited

Registered office: 133 Wellington Street Glasgow G2 2XD

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

3

3

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by associates

-

3,756

Social security

14,227

-

Directors' loan accounts

3,000

5,000

Prepayments and accrued income

3,621

2,018

20,848

10,774

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 10)

30,000

33,333

Hire purchase contracts (see note 11)

8,579

10,511

Trade creditors

143,938

138,221

Amounts owed to associates

160,903

86,567

Corporation tax

6,308

10,994

Social security and other taxes

-

109,095

VAT

116,370

-

Other creditors

5,661

2,901

Directors' loan accounts

2,000

-

Accruals and deferred income

15,353

9,457

489,112

401,079

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 10)

17,500

44,167

Hire purchase contracts (see note 11)

45,600

54,180

63,100

98,347

10.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

30,000

33,333

Amounts falling due between one and two years:

Bank loans - 1-2 years

17,500

33,333

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

10,834

11.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

8,579

10,511

Between one and five years

45,600

54,180

54,179

64,691

The company has operating lease commitments in the form of equipment hire at an annual level of £4,600.

12.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

47,500

77,500

Hire purchase contracts

54,179

64,691

101,679

142,191

The company has a CBILS loan secured under the Enterprise Finance Guarantee Scheme. Interest is chargeable after an initial interest free period at the rate of 2.62% above Bank of England base rate. Bank borrowings are also secured by bond and floating charge over all the assets of the company.

Hire purchase advances are secured over the asset being financed and interest charged at varying rates of interest.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2025 and 30 September 2024:

2025

2024

£

£

R Cimmino

Balance outstanding at start of year

2,000

2,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,000

2,000

M A C Arrighi

Balance outstanding at start of year

3,000

3,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,000

3,000

The amounts due from directors are interest free and repayable on demand.

14.	RELATED PARTY TRANSACTIONS AND BALANCES

The company entered into the following commercial transactions with Sarti (Wellington Street Trading) Limited, a company in which the majority of directors are shareholders:

(a) Net value of inter company transactions during the year was £195,557 (2024: £50,447).

As at 30 September 2025 the balance owed from Sarti (Wellington Street Trading) Limited to Sarti (Sauchiehall Street) Limited was £91,010 (2024: £86,567).

The company entered into the following commercial transactions with DPMR Limited, a company in which the majority of directors are shareholders:

(a) Net value of inter company transactions during the year was £42,861 (2024: £37,889).

As at 30 September 2025 the balance owed from DPMR Limited from Sarti (Sauchiehall Street) Limited was £69,893 (2024: £3,756, owed to DPMR).

Rent was paid during the year to DPMR at a commercial rate.

15.	CONTROLLING PARTIES

The company is controlled by the directors who between them own 100% of the Ordinary issued share capital.

16.

PENSIONS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.