Company No: SC378970 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
				Restated - note 2
Fixed assets
Investment property	5	300,000		1,750,000
Investments	6	46,365		0
		346,365		1,750,000
Current assets
Debtors
- due within one year	7	64,886		69,341
- due after more than one year	7	676,157		871,934
Cash at bank and in hand		30,534		1,034
		771,577		942,309
Creditors
Amounts falling due within one year	8	( 964,247)		( 50,912)
Net current (liabilities)/assets		(192,670)		891,397
Total assets less current liabilities		153,695		2,641,397
Creditors
Amounts falling due after more than one year	9	( 2,540,361)		( 3,100,016)
Net liabilities		( 2,386,666)		( 458,619)
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		( 2,386,766 )		( 458,719 )
Total shareholders' deficit		( 2,386,666)		( 458,619)

For the financial year ending 30 November 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ensco 325 Limited (registered number: SC378970) were approved and authorised for issue by the Director on 23 August 2022. They were signed on its behalf by:

Mr C Traynor Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ensco 325 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 218 St Vincent Street, Glasgow, G2 5SG, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £2,375,010. The Company is supported through loans from the Parent Company, other Related Companies and from the director. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company, Related Companies and director himself will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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 extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. 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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Prior year adjustment

The accounts have been restated to incorporate the impact of a misclassification of the revaluation reserve. The change has resulted in a reduction in profits available for distribution at 30 November 2021 after tax by £1,135,000.

		As previously reported		Adjustment		As restated
Year ended 30 November 2020		£		£		£
Revaluation reserve		(1,135,000)		1,135,000		0
Profit and loss reserves		676,281		(1,135,000)		(458,719)

3. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 December 2020	51,000		51,000
At 30 November 2021	51,000		51,000
Accumulated depreciation
At 01 December 2020	51,000		51,000
At 30 November 2021	51,000		51,000
Net book value
At 30 November 2021	0		0
At 30 November 2020	0		0

5. Investment property

	Investment property
	£
Valuation
As at 01 December 2020	1,750,000
Fair value movement	(1,450,000)
As at 30 November 2021	300,000

Valuation

The valuation of the investment property was made as at 30 November 2021 by the director with the assistance of a close contact surveyor.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

	2021		2020
	£		£
Historic cost	3,380,692		3,380,692

6. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 December 2020	0
Additions	46,365
At 30 November 2021	46,365
Carrying value at 30 November 2021	46,365
Carrying value at 30 November 2020	0

7. Debtors

	2021		2020
	£		£
Debtors: amounts falling due within one year
Trade debtors	6,000		60,055
Other debtors	58,886		9,286
	64,886		69,341
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings	0		231,409
Amounts owed by fellow subsidiaries	131,639		117,453
Amounts owed by related parties	544,518		523,072
	676,157		871,934

8. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	73,566		4,797
Other creditors	770,367		43,444
Corporation tax	120,314		2,671
	964,247		50,912

Secured Debt - Bank of Scotland PLC contains a floating charge over all the assets and undertakings of the company.

9. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Amounts owed to Group undertakings	2,529,835		2,043,694
Amounts owed to related parties	10,526		1,056,322
	2,540,361		3,100,016

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Related party transactions

Other related party transactions

	2021		2020
	£		£
Amounts due to related parties	2,540,360		3,100,017
Amounts due from related parties	676,157		871,934

These loans are unsecured, interest has been charged at 2.5% and have no fixed date of repayment.