Company Registration No. SC443166 (Scotland)
SALTIRE BUSINESS PARKS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
SALTIRE BUSINESS PARKS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SALTIRE BUSINESS PARKS LTD
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,727,488
878,431
Investments
4
100
100
3,727,588
878,531
Current assets
Stocks
5,288,250
6,489,058
Debtors
5
184,923
165,749
Cash at bank and in hand
1,267,255
3,254,864
6,740,428
9,909,671
Creditors: amounts falling due within one year
6
(7,807,088)
(9,566,904)
Net current (liabilities)/assets
(1,066,660)
342,767
Total assets less current liabilities
2,660,928
1,221,298
Creditors: amounts falling due after more than one year
7
(2,094,379)
(1,338,008)
Net assets/(liabilities)
566,549
(116,710)
Capital and reserves
Called up share capital
8
100
100
Other reserves
917,460
Profit and loss reserves
(351,011)
(116,810)
Total equity
566,549
(116,710)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SALTIRE BUSINESS PARKS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 January 2022 and are signed on its behalf by:
Mr A Adam
Director
Company Registration No. SC443166
SALTIRE BUSINESS PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
Saltire Business Parks Ltd is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Alexander Fleming House, 8 Southfield Drive, ELGIN, IV30 6GR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis despite the company having net liabilities of £1,066,660 at the year-end as the directors deem it appropriate to do so. They have agreed to continue to support the business and will not seek amounts due to them until all other creditors are met as they fall due.
true
1.3
Reporting period
The current reporting period covers the 15 month period to 31 May 2021. The comparative period covers the 12 month period to 28 February 2020.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
,
net of VAT
.
Revenue
on
sale of
land
is recognised when
control has been transferred to the purchaser which will normally occur at handover/ legal completion.
Revenue for rental of units is received quarterly in advance.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
SALTIRE BUSINESS PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Land held under development, acquired or being constructed for sale in the ordinary course of business, rather than held for rental or capital appreciation, is held as stock and is measured at the lower of cost and net realisable value.
Cost comprises of the invoiced value of goods purchased and includes attributable direct costs, labour and production overheads.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with bank
s.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs
.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including
trade and other creditors
, 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
paymen
ts 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. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SALTIRE BUSINESS PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Government grants
Grants are being recognised using the accrual model. They are classified as relating to either revenue or assets and those relating to revenue are recognised in income on a systematic basis over the period in which the related costs are recognised.
The grant received to date is related to work in progress. It is currently shown as deferred income and will be released to the profit and loss on a proportionate basis when plots are sold.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
SALTIRE BUSINESS PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
4
4
3
Investment property
2021
£
Fair value
At 29 February 2020
878,431
Additions
2,849,057
At 31 May 2021
3,727,488
The closing value of Investment properties as at 31 May 2021 is £3,727,488. The directors believe this value to be representative of the market value at 31 May 2021.
Investment property additions include £1,729,203 of assets which are under construction at the year end.
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
83,448
64,718
Corporation tax recoverable
22,500
22,500
Other debtors
78,975
78,531
184,923
165,749
SALTIRE BUSINESS PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
45,000
Trade creditors
15,504
108,774
Taxation and social security
1,196
637
Other creditors
7,745,388
9,457,493
7,807,088
9,566,904
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
847,500
Other creditors
1,246,879
1,338,008
2,094,379
1,338,008
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Key management personnel
1,702,440
3,369,900
Other related parties
5,746,791
5,744,310
The amounts due to key management personnel are repayable on demand and no interest has been charged.
The amounts due to other related parties is repayable on demand and interest has been charged at 2%.
SALTIRE BUSINESS PARKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2021
- 8 -
10
Parent company
The parent company is Alba Properties Limited, a company registered in Scotland, which owns 100% of the issued ordinary share capital of Saltire Business Parks Limited.
On 21 April 2021, Saltire Business Parks received a capital contribution from Alba Properties Limited of £917,460 via the waiver of their inter company loan of the same amount. The inter-company loan arose due to the transfer of amounts due to directors from Alba Properties Limited, which took place on the same day.