STIRLING ENTERPRISE PARK LIMITED - Accounts to registrar (filleted) - small 22.3
STIRLING ENTERPRISE PARK LIMITED - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2022 |
| for |
| STIRLING ENTERPRISE PARK LIMITED |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| STIRLING ENTERPRISE PARK LIMITED |
| Company Information |
| for the Year Ended 31 March 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| 64 Murray Place |
| Stirling |
| FK8 2BX |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Balance Sheet |
| 31 March 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| PENSION LIABILITY | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non-distributable reserve | 10 |
| Other reserves | 10 |
| Retained earnings | 10 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2022 |
| 1. | STATUTORY INFORMATION |
| STIRLING ENTERPRISE PARK LIMITED is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
| The company's functional and presentational currency is GBP. |
| The presentation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). |
| The following principal accounting policies have been applied |
| Investment in associated undertakings |
| Investment in associated undertakings are held at cost less impairment. |
| Revenue |
| Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from investment properties comprise rental income and service charges. This income is recognized in the Statement of comprehensive income on a straight line basis over the term of the lease. |
| Tangible fixed assets |
| Tangible fixed assets,other than investment properties are stated at historical cost less accumulated depreciation. |
| The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred. If the replacement part is expected to provide incremental future benefit to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of comprehensive income during the period in which they are incurred. |
| Depreciation is provided on the following basis |
| Motor vehicles -20% on reducing balance |
| Fixtures and fittings - 20% on reducing balance |
| Computer equipment -25% on reducing balance |
| The assets' residual values, useful lives and depreciation method are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the Statement of comprehensive income. |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
| Current tax |
| The tax expense for the year comprises current and deferred tax. Tax is recognized in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognized as other comprehensive income or to an item recognized directly in equity is also recognized in other comprehensive income or directly in equity respectively. |
| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or subsequently enacted by the balance sheet date in the countries where the company operates and generates income. |
| Deferred tax |
| Deferred tax is recognized in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized 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. |
| Unrelieved tax losses and other deferred tax assets are recognized 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. |
| Debtors |
| Short term debtors are measured at transaction price. Loans receivable are measured initially at fair value, net of transaction cost, and are measured subsequently at amortized cost using the effective interest method , less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortized cost using the effective interest rate method. |
| Pension costs and other post-retirement benefits |
| During the year under review the company operated a defined contributions pension scheme, to provide employee retirement benefits. Contributions payable to the company's defined contributions pension scheme are charged to the profit and loss account in the period to which they relate.. |
| Defined benefit pension plan |
| In previous years a defined benefits plan was operated for certain employees but the company ceased participation in the fund on 31 December 2018. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. An unfunded liability to that plan remained at the balance sheet date in respect of a former employee.. |
| The liability recognized in the balance sheet in respect of the unfunded liability to that defined benefit plan is the present value of the defined benefit obligation at the balance sheet date. |
| Operating leases : the company as lessor |
| Rental income from operating leases is credited to the Statement of comprehensive income on a straight line basis over the term of the relevant lease. |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Operating leases : the company as lessee |
| Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. The following judgements and estimates have had the most significant effects on the amounts recognized in the financial statements. |
| Investment property valuation |
| The company's investment property is revalued annually by the directors. The valuation is subjective to, amongst other factors, the nature of the property, its location and the expected future rentals. As a result,the valuation of the investment property incorporated into the financial statements is subject to a degree of uncertainty and is made on the basis of assumptions which may prove to be inaccurate, particularly in periods of volatility or low transaction flow in the property market. If any of the assumptions used by the directors prove to be incorrect this could result in the valuation of the company's investment property differing from the valuation incorporated into the financial statements and the difference could have a material effect on the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| The carrying amount of land and buildings comprises: |
| 2022 | 2021 |
| £ | £ |
| Investment properties at fair value | 2,,703,000 | 2,703,200 |
| Investment property at cost | 251,609 | 251,609 |
| Step office accommodation | 97,000 | 97,000 |
| 3,051,609 | 3,051,609 |
| ======== | ======== |
| Basis of investment property valuation |
| The investment property, including STEP office accommodation, was valued by an independent valuer with a recognized and relevant professional qualification, Graham & Sibbald on the basis of open market value in accordance with RICS Valuation Professional Standards 2014 and International Valuation Standards at 26 August 2020. The directors consider that the valuation at this date closely approximates that of the value at 31 March 2022. |
| 5. | FIXED ASSET INVESTMENTS |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 April 2021 |
| and 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Associated company |
| Registered office: Scotland |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2022 | 2021 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other creditors |
| 9. | SECURED DEBTS |
| The company's bankers hold a bond and floating charge over the assets of the company. |
| 10. | RESERVES |
| Retained | Non-distributable | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 April 2021 | 3,458,602 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 March 2022 | 3,410,445 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| STIRLING ENTERPRISE PARK LIMITED (Registered number: SC085314) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 12. | PENSION COMMITMENT |
| In previous years the company participated in the Falkirk Council Pension Fund (''The Fund''), a multi-employer defined benefits pension scheme, which was funded. The Company ceased to participate in the Fund on 31 December 2018 and Falkirk Council agreed to take on the Employer's funded pension obligations within the fund from that date. The company remained responsible for the payment of benefits in respect of one unfunded liability payable for the remainder of the members life. |
| Changes in the present value of the defined benefits obligations are analysed as follows: |
| 2022 | 2021 |
| £ | £ |
| At the beginning of the year | 17,602 | 18,301 |
| Benefits paid | (699 | ) | (699 | ) |
| ------------ | -------------- |
| At the end of the year | 16,903 | 17,602 |
| ====== | ======= |
| 13. | PENSION COMMITMENTS CONTINUED |
| 2021 | 2020 |
| £ | £ |
| The net defined pension scheme liability is as follows |
| Fair value of asset plan | - | - |
| Present value of plan liabilities | (17,602 | ) | (18,301 | ) |
| ------------ | ----------- |
| Net pension scheme liability | (17,602 | ) | (18,301 | ) |
| ====== | ====== |
| . |
| 14. | COMMITMENTS UNDER OPERATING LEASES |
| The company as a lessee has no future operating lease commitments. |
| The company as a lessor is entitled to future operating lease income of £453,841 (2021 - £333,250). |
| 15. | CONTINGENT LIABILITIES |
| Stirling Enterprise Park Limited and Stirling Council have entered into a subscription agreement whereby those parties would undertake to subscribe for a further 25,000 shares in Stirling Business Centre Limited if required to do so by that company. |
| 16. | RELATED PARTY DISCLOSURES |
| Stirling Enterprise Park Limited act as managing agents on behalf of Stirling Business Centre Limited in respect of properties sub-let to tenants by that company. The managing agents fees were £36,000 (2021 - £36,409). Contribution to staff costs were £55,960 (2021 - £26,705) |
| 17. | CONTROLLING PARTY |
| Stirling Council is the ultimate holding company. The articles of association preclude any shareholder from receiving dividends or having any rights over the assets of the company in the event of a winding up. |