Company Registration No. SC126359 (Scotland)
S & D PROPERTIES (INVESTMENTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
S & D PROPERTIES (INVESTMENTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
S & D PROPERTIES (INVESTMENTS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,261,786
1,261,786
Current assets
Debtors
5
3,382
3,269
Cash at bank and in hand
6,409
288,086
9,791
291,355
Creditors: amounts falling due within one year
6
(1,011,990)
(1,295,787)
Net current liabilities
(1,002,199)
(1,004,432)
Total assets less current liabilities
259,587
257,354
Creditors: amounts falling due after more than one year
7
(457,326)
(490,189)
Net liabilities
(197,739)
(232,835)
Capital and reserves
Called up share capital
9
3
3
Fair Value Reserve
10
45,000
45,000
Distributable profit and loss reserves
(242,742)
(277,838)
Total equity
(197,739)
(232,835)
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 year ended 31 December 2020 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 year 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.
S & D PROPERTIES (INVESTMENTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2021 and are signed on its behalf by:
Ms C Swan
Director
Company Registration No. SC126359
S & D PROPERTIES (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
S & D Properties (Investments) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
S&D Properties Group, 79 West Regent Street, Suite 1/1, Glasgow, United Kingdom, G2 2AW.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared under the going concern basis based on the continued support of the group. This will allow the company to continue to trade for at least the next 12 months from the date of signing the financial statements.
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-changing situation as effectively as possible.
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts
.
1.3
Turnover
Turnover represents net invoiced value of net, excluding value added tax.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
50% on cost
1.5
Investment properties
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable
.
S & D PROPERTIES (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 and 31 December 2020
1,717
Depreciation and impairment
At 1 January 2020 and 31 December 2020
1,717
Carrying amount
At 31 December 2020
At 31 December 2019
4
Investment property
2020
£
Fair value
At 1 January 2020 and 31 December 2020
1,261,786
S & D PROPERTIES (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4
Investment property
(Continued)
- 5 -
The investment property portfolio is valued at fair value.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,432
1,148
Amounts owed by group undertakings
1,456
1,456
Other debtors
494
665
3,382
3,269
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
32,864
29,948
Trade creditors
2,394
979
Amounts owed to group undertakings
380,666
666,666
Taxation and social security
233
Other creditors
595,833
598,194
1,011,990
1,295,787
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
457,326
490,189
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
306,948
363,538
S & D PROPERTIES (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
8
Security
The Bank of Scotland plc loan holds a first ranking standard security and bond and floating charge over the assets of the company.
The Bank of Scotland plc loan also holds a bond and floating charge over 7 Rodney Street, Edinburgh and 404 Dumbarton Road, Glasgow owed by S & D Properties (Edinburgh) Ltd.
A guarantee and indemnity for £600,000 and interest has been provided by S & D Properties (Edinburgh) Ltd.
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
10
Fair Value Reserve
2020
2019
£
£
At the beginning and end of the year
45,000
45,000
11
Events after the reporting date
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever
changing situation as effectively as possible.
12
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2020
2019
2020
2019
£
£
£
£
Key management personnel
580,964
580,964
Other related parties
1,456
1,456
380,666
666,666
Other information
S & D PROPERTIES (INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
12
Related party transactions
(Continued)
- 7 -
Amounts due to directors are unsecured, interest free and have no fixed terms of repayment.
Amounts due from Multi-trades (Glasgow Developments) Limited are unsecured, interest free and have no terms of repayment.
Amounts due to S & D Properties (Edinburgh) Ltd are secured, have no fixed terms of repayment and interest is charged at market rate.
13
Directors' transactions
Amounts due from directors are unsecured, interest free and have no fixed terms of repayment.