Company No: SC335129 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	1,213,417		1,212,485
Investment property	4	250,000		250,000
Investments	5	800		800
		1,464,217		1,463,285
Current assets
Debtors	6	14,361		16,727
Cash at bank and in hand		47,061		8,962
		61,422		25,689
Creditors: amounts falling due within one year	7	( 70,593)		( 855,098)
Net current liabilities		(9,171)		(829,409)
Total assets less current liabilities		1,455,046		633,876
Creditors: amounts falling due after more than one year	8	( 915,000)		( 125,000)
Provision for liabilities		( 173,185)		( 166,659)
Net assets		366,861		342,217
Capital and reserves
Called-up share capital	9	1		1
Revaluation reserve		419,138		417,163
Profit and loss account		( 52,278 )		( 74,947 )
Total shareholder's funds		366,861		342,217

For the financial year ending 30 September 2023 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 Statement of Comprehensive Income has not been delivered.

The financial statements of 26 Dublin Street Limited (registered number: SC335129) were approved and authorised for issue by the Director on 11 May 2024. They were signed on its behalf by:

Mr J A Watts 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

26 Dublin Street 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 14 Albany Street, Edinburgh, EH1 3QB, 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 has 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.

Turnover

Turnover represents amounts receivable for rental income, membership fees and other serviced office activities net of VAT.

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:

Land and buildings	not depreciated
Fixtures and fittings	5 years straight line
Computer equipment	3 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in 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 Statement of Comprehensive Income 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, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Land and buildings		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 October 2022	1,207,900		34,240		2,117		1,244,257
Additions	0		3,375		0		3,375
At 30 September 2023	1,207,900		37,615		2,117		1,247,632
Accumulated depreciation
At 01 October 2022	0		29,774		1,998		31,772
Charge for the financial year	0		2,324		119		2,443
At 30 September 2023	0		32,098		2,117		34,215
Net book value
At 30 September 2023	1,207,900		5,517		0		1,213,417
At 30 September 2022	1,207,900		4,466		119		1,212,485

Revaluation of tangible assets

Freehold and leasehold land and buildings were professionally valued by J & E Shepherd Chartered Surveyors, an independent valuer, to fair value on 28 July 2022.

	2023		2022
	£		£
Historical cost	689,035		689,035
Carrying value	689,035		689,035

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2022	250,000
As at 30 September 2023	250,000

Valuation

A full market valuation of investment property was completed by J & E Shepherd Chartered Surveyors on 15 August 2022. The fair value of the group’s investment property at 30 September 2023 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued.

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 October 2022	800		800
At 30 September 2023	800		800
Carrying value at 30 September 2023	800		800
Carrying value at 30 September 2022	800		800

6. Debtors

	2023		2022
	£		£
Trade debtors	11,928		14,978
Corporation tax	0		919
Other debtors	2,433		830
	14,361		16,727

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	0		792,616
Trade creditors	5,361		13,370
Other taxation and social security	8,463		4,850
Other creditors	56,769		44,262
	70,593		855,098

Bank loans of £Nil (2022: £792,616) are secured over the assets they were used to purchase.

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

	2023		2022
	£		£
Other loans (secured)	800,000		0
Other creditors	115,000		125,000
	915,000		125,000

Other loans of £800,000 (2022: £Nil) are secured over the assets they were used to purchase.

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

10. Related party transactions

During the period, expenses were paid for and transfers took place between 26 Dublin Street Limited and Kingsford Estates Limited, a company under common control. 26 Dublin Street Limited paid property management fees of £49,395 (2022: £36,922) to Kingsford Estates Limited. At the end of the period, 26 Dublin Street Limited owed Kingsford Estates Limited £1,987 (2022: £1,538) in relation to items paid by Kingsford Estates Limited on behalf of 26 Dublin Street Limited.

At the end of the period, 26 Dublin Street Limited owed Walker Street LLP a loan of £115,000 (2022: £125,000) and interest accruing on the loan of £511 (2022: £500). The balance is unsecured and has an interest rate of 5% applicable.

Included in trade debtors at the end of the period is £74 (2022: £1,149) and £74 (2022: £608) owed by Albany Street Limited and Walker Street LLP respectively. These balances both relate to recharges for expenses. Both Albany Street Limited and Walker Street LLP are under common control with 26 Dublin Street Limited.

Included in trade creditors at the end of the period is £Nil (2022: £54) owed to Albany Street Limited relating to expenses recharged.