Company No: SC521826 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	472		718
Investments	4	95,021		95,021
		95,493		95,739
Current assets
Debtors	5	3,193,644		2,147,387
Cash at bank and in hand	6	8,688		12
		3,202,332		2,147,399
Creditors
Amounts falling due within one year	7	( 823,738)		( 1,565,139)
Net current assets		2,378,594		582,260
Total assets less current liabilities		2,474,087		677,999
Provision for liabilities	8	( 118)		( 136)
Net assets		2,473,969		677,863
Capital and reserves
Called-up share capital	9	1		1
Capital redemption reserve		1		1
Profit and loss account		2,473,967		677,861
Total shareholders' funds		2,473,969		677,863

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; 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 St Machar Properties Limited (registered number: SC521826) were approved and authorised for issue by the Director on 02 March 2023. They were signed on its behalf by:

Paul Howard Gee 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

St Machar Properties 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 Union Plaza (6th Floor), 1 Union Wynd, Aberdeen, AB10 1DQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 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.

Fixed asset investments

Investments in subsidiaries, associates and jointly controlled entities 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.

The company is a profit sharing member of a limited liability partnership. The investment reflects the company's share of the net assets of the limited liability partnership and the company's share of the profit or loss is shown in the Profit & Loss account.

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 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. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2021	985		985
At 31 December 2021	985		985
Accumulated depreciation
At 01 January 2021	267		267
Charge for the financial year	246		246
At 31 December 2021	513		513
Net book value
At 31 December 2021	472		472
At 31 December 2020	718		718

4. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 January 2021	23
Disposals	( 2)
At 31 December 2021	21
Provisions for impairment
At 01 January 2021	2
Disposals	( 2)
At 31 December 2021	0
Carrying value at 31 December 2021	21
Carrying value at 31 December 2020	21

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2021	95,000		95,000
At 31 December 2021	95,000		95,000
Provisions for impairment
At 01 January 2021	0		0
At 31 December 2021	0		0
Carrying value at 31 December 2021	95,000		95,000
Carrying value at 31 December 2020	95,000		95,000

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.12.2021	Ownership 31.12.2020
First Foot Properties Limited	UK	Property development	Ordinary	50.00%	50.00%
Redco Properties (Aberdeen) Limited	UK	Property development	Ordinary	100.00%	100.00%

5. Debtors

	2021		2020
	£		£
Amounts owed by Group undertakings	371,519		1,019,014
Amounts owed by related parties	119,638		40,500
Other debtors	2,702,487		1,087,873
	3,193,644		2,147,387

6. Cash and cash equivalents

	2021		2020
	£		£
Cash at bank and in hand	8,688		12
Less: Bank overdrafts	0		( 930,622)
	8,688		(930,610)

7. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank overdrafts	0		930,622
Trade creditors	4,861		3,360
Amounts owed to Group undertakings	1		1
Amounts owed to related parties	0		111,065
Corporation tax	787,576		477,480
Other creditors	31,300		42,611
	823,738		1,565,139

8. Provision for liabilities

	2021		2020
	£		£
Deferred tax	118		136

9. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
70 Ordinary A shares of £ 0.01 each	0.70		0.70
30 Ordinary B shares of £ 0.01 each	0.30		0.30
	1.00		1.00

10. Related party transactions

Transactions with the entity's directors

	2021		2020
	£		£
Amount due from a company director	1,469,523		161,438
	0		0

Other related party transactions

	2021		2020
	£		£
Amount due from a close family member of a director	570,057		570,057

Transactions entered into with the wholly owned subsidiary have not been disclosed.

11. Events after the Balance Sheet date

Post year end the company has agreed the sale of a significant asset with sales proceeds in instalments.