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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 27 FEBRUARY 2022 |
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ENTERPRISE PROPERTIES (SCOTLAND) LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 27 FEBRUARY 2022 |
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FOR |
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ENTERPRISE PROPERTIES (SCOTLAND) LIMITED |
ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 27 FEBRUARY 2022 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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ENTERPRISE PROPERTIES (SCOTLAND) LIMITED |
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COMPANY INFORMATION |
for the year ended 27 FEBRUARY 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308) |
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STATEMENT OF FINANCIAL POSITION |
27 FEBRUARY 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308) |
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STATEMENT OF FINANCIAL POSITION - continued |
27 FEBRUARY 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 27 FEBRUARY 2022 |
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1. | STATUTORY INFORMATION |
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Enterprise Properties (Scotland) Limited is a private company, limited by shares, registered in Scotland, registration number SC581308. The registered office is 3 Clairmont Gardens, Glasgow G3 7LW. |
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The principal activity of the company is property letting. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentational and functional currency of the financial statements is Pounds Sterling (£). |
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Going concern |
These financial statements have been prepared on the going concern basis despite the fact that Statement of Financial Position is showing a net current liability position of the Company. The key driver for this are loans provided to the Company by the directors/shareholders, which are all repayable on demand with no fixed terms of repayment. The directors do not intend to recall the loans or sell the investment properties within the next 12 months, hence the going concern basis of the Company is considered to be appropriate. |
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Significant judgements and estimates |
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
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The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements: |
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Valuation of investment property |
As noted below, investment property is included in the Statement of Financial Position at fair value. The valuation is based on the directors' consideration of several factors including previous professional valuations, local market conditions, estate agent valuations, and recent selling prices of similar properties. |
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Turnover |
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes. |
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Rental Income |
Rental income from investment properties is recognised as turnover when received or receivable. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be reasonable. |
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Investment property |
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. |
ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 27 FEBRUARY 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management. |
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Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Provisions |
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2021 - NIL). |
ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 27 FEBRUARY 2022 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 28 February 2021 |
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Additions |
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At 27 February 2022 |
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DEPRECIATION |
At 28 February 2021 |
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Charge for year |
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At 27 February 2022 |
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NET BOOK VALUE |
At 27 February 2022 |
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At 27 February 2021 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 28 February 2021 |
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Additions |
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Disposals | ( |
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At 27 February 2022 |
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NET BOOK VALUE |
At 27 February 2022 |
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At 27 February 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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ENTERPRISE PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC581308) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 27 FEBRUARY 2022 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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Repayable by instalments |
Bank loans more 5 yr by instal | 448,493 | 469,394 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank loans |
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The company has granted a standard security over one of its investment properties in favour of Lendinvest BTL Ltd. |
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The company has also granted a standard security over a further six of its investment properties in favour of Paragon Bank plc. |