Directors Report 1

Directors' Report for the year ended 31 December 2018
The directors present their annual report and the audited financial statements for the year ended 31 December 2018. The annual report comprises the directors' report which provides the information required by the Companies Act 2006. The financial statements have been prepared under United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102.
A strategic report as required by section 414 of the Companies Act 2006 is not presented under the small companies exemption.
Principal activities and future developments The company's purpose is to undertake residential property development. The company was set up for the sole purpose to undertake development of 75 residential properties at the site known as St Andrews Brae, Bearsden, Glasgow. The development was completed in 2016. The company will remain in operation for commercial reasons.
Directors The directors who served during the year and thereafter are shown on page 1.
Qualifying third party indemnities In common with many other companies, Morgan Sindall Group plc and its subsidiaries and joint ventures had during the year and continues to have in place directors' and officers' insurance in favour of its directors and other officers in respect of certain losses or liability to which they may be exposed due to their office.
Dividends An interim dividend of f nil was paid during the year (2017: f nil). The directors do not recommend the payment of a final dividend (2017: f nil).
Going concern The directors have reviewed the performance of the company during the year as set out in these financial statements and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the company.
Having regards to the above and after making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a minimum of 12 months after the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

2.0
St Andrews Brae Developments Limited

Directors' Responsibilities Statement
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?make judgements and accounting estimates that are reasonable and prudent; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor In the case of each of the persons who are directors of the company at the date when this report was approved:
So far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and Each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP has expressed its willingness to be reappointed for another term and appropriate arrangements have been put in place for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.
3.0 2019-03-05 00:00:00 y the Board and signed on its behalf by:

St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2018
Report on the audit of the financial statements
Opinion In our opinion the financial statements of St Andrews Brae Developments Limited (the 'company'): ?give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its result for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and ?have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise the Profit and Loss account, Statement of Comprehensive income, Balance Sheet, the Statement of Changes in Equity, the Principal Accounting Policies and the related notes 1 to 8.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the 'FRC's') Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern We are required by ISAs (UK) to report in respect of the following matters where: ?the directors' use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or ?the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
We have nothing to report in respect of these matters.

4.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2018 (continued)
Other information The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in respect of these matters.
Responsibilities of directors As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

5.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2018 (continued)
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ?the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ?the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any. material misstatements in the directors' report.
Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report.
We have nothing to report in respect of these matters.
Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. dor-
Paul Hazelton CA (Senior Statutory Auditor) for and on behalf of Deloitte LIP Statutory Auditor Glasgow United Kingdom 2019-03-11 00:00:00

6.0
St Andrews Brae Developments Limited

Directors Report 2

Directors' Report for the year ended 31 December 2017
The directors present their annual report and the audited financial statements for the year ended 31 December 2017. The annual report comprises the directors' report which provides the information required by the Companies Act 2006. The financial statements have been prepared under United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Furthermore, a strategic report as required by section 414 of the Companies Act 2006 is not presented under the small companies exemption.
Principal activities and future developments The company's purpose is to undertake residential property development. The company was set up for the sole purpose to undertake development of 75 residential properties at the site known as St Andrews Brae, Bearsden, Glasgow. The development was completed in 2016. The company will remain in operation for commercial reasons.
Directors The directors who served during the year and thereafter are shown on page 1.
Qualifying third party indemnities In common with many other companies, Morgan Sindall Group plc and its subsidiaries and joint ventures had during the year and continues to have in place directors' and officers' insurance in favour of its directors and other officers in respect of certain losses or liability to which they may be exposed due to their office.
Dividends An interim dividend of ?nil was paid during the year (2016: ?2,200,000). The directors do not recommend the payment of a final dividend (2016: ? nil).
Going concern The directors have reviewed the performance of the company during the year as set out in these financial statements and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the company.
Having regards to the above and after making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a minimum of 12 months after the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

2.0
St Andrews Brae Developments Limited

Directors' Responsibilities Statement
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?make judgements and accounting estimates that are reasonable and prudent; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor In the case of each of the persons who are directors of the company at the date when this report was approved:
-So far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and Each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP has expressed its willingness to be reappointed for another term and appropriate arrangements have been put in place for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.
3.0

on behalf of the board:

Dire
2018-04-16 00:00:00
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
Report on the audit of the financial statements
Opinion In our opinion the financial statements: ? ?give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its profit for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and ?have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of St Andrews Brae Developments Limited (the 'company') which comprise the Profit and Loss account, Statement of Comprehensive income, Balance Sheet, the Statement of Changes in Equity, the Principal Accounting Policies and the related notes 1 to 11.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern We are required by ISAs (UK) to report in respect of the following matters where: ?the directors' use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or ?the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
We have nothing to report in respect of these matters.
Other information The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

4.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017 (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in respect of these matters.
Responsibilities of directors As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

5.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017 (continued)
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ?the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ?the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors' report.
Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
We have nothing to report in respect of these matters.

Ica&D) 4(3 7/Q
Rachel Argyle (Senior Statutory Auditor) for and on behalf of Deloitte LIP Statutory Auditor Manchester United Kingdom
UMet1 2oig

6.0
St Andrews Brae Developments Limited

Directors Report 3

Directors' Report for the year ended 31 December 2016
The directors present their annual report and the audited financial statements for the year ended 31 December 2016. The annual report comprises the directors' report which provides the information required by the Companies Act 2006. The financial statements have been prepared under United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Furthermore, a strategic report as required by section 414 of the Companies Act 2006 is not presented under the small companies exemption.
Principal activities and future developments The company's purpose is to undertake residential property development. The company was set up for the sole purpose to undertake development of 75 residential properties at the site known as St Andrews Brae, Bea rsden, Glasgow. The development is complete and the final part exchange property was sold in early 2017. The company will remain in operation for commercial reasons.
Directors The directors who served during the year and thereafter are shown on page 1.
Qualifying third party indemnities In common with many other companies, Morgan Sindall Group plc and its subsidiaries and joint ventures had during the year and continues to have in place directors' and officers' insurance in favour of its directors and other officers in respect of certain losses or liability to which they may be exposed due to their office.
Dividends An interim dividend of ?2,200,000 was paid during the year (2015: &Ill). The directors do not recommend the payment of a final dividend (2015: End).
Going concern The directors have reviewed the performance of the company during the year as set out in these financial statements and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the company.
Having regards to the above and after making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

2.0
St Andrews Brae Developments Limited

Directors' Responsibilities Statement
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?make judgements and accounting estimates that are reasonable and prudent; and ?prepare the financial statements on the going concern basis unless it is inappropriate to

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor In the case of each of the persons who are directors of the company at the date when this report was approved:
So far as each director is aware, there is no relevant audit information of which the company's
Each director has taken all the steps that they ought to have taken as a director in order to
auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP has expressed its willingness to be reappointed for another term and appropriate arrangements have been put in place for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.
3.0 nd on behalf of the board:

2017-05-12 00:00:00
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2016
We have audited the financial statements of St Andrews Brae Developments Limited for the year ended 31 December 2016 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Principal Accounting Policies and the related notes 1 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor As explained more fully in the Directors' Responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements In our opinion the financial statements: ?give a true and fair view of the state of the company's affairs as at 31 December 2016 and of the company's profit for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.

4.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2016 (Continued)
Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:
?the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ?the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Directors' Report or from the requirement to prepare a Strategic Report. CuCe/J2) er-(5

Rachel Argyle (Senior Statutory A ditor) for and on behalf of Deloitte LIP Chartered Accountants and Statutory Auditor Manchester United Kingdom 2017-05-12 00:00:00

5.0
St Andrews Brae Developments Limited

Directors Report 4

The directors present their Strategic Report, in compliance with s414c of the Companies Act 2006.
Principal activities The Company's purpose is to undertake residential property development. The Company was set up for the sole purpose to undertake development of 75 residential properties at the site known as St Andrews Brae, Bearsden, Glasgow.
Business Review The Company has continued to develop and generate revenue from its sole site at St Andrews Brae during the year.
Sheet1 The Company's performance during the year saw a ?0.5m decrease in operating profit to ?0.8m (2014: ?1.3m). This is largely as a result of the fall in operating margin achieved on sales of 8% (2014: 15%) due to increases in projected costs and reduced revenues. Capital employed at the year-end was ?3.2m which includes shareholder loans. The return on capital employed at year-end was 25.0% (2014: 13.6%).
The Company completed construction of all residential properties in 2015. Looking forward, the company expect to sell the remaining properties in 2016 and continue to deliver profit.
Risks and uncertainties The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to the market environment, the availability of residential mortgages and construction and time related costs to complete and sell out the remainder of the development.
Key performance indicators The Company uses the key performance indicators as disclosed in the Business Review within the Strategic Report above.

2.0
St Andrews Brae Developments Limited

Strategic Report for the year ended 31 December 2015 (continued)
Financial risk management The Company's operations expose it to a variety of financial risks that include credit risk, liquidity risk, interest rate risk and price risk.
Credit risk With regard to credit risk the Company requires its customers to provide cleared funds prior to hand- over of residential properties to them.
Liquidity risk This is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company aims to manage liquidity by ensuring that it will always have sufficient resources from shareholders to meet its liabilities when they fall due. Liquidity is provided through cash balances and access to the shareholders' committed loan facilities.
Interest rate risk In respect of interest rate risk, whilst the Company does not have interest bearing assets and no longer has interest bearing liabilities, interest rates have an impact on the market environment in which the Company operates, affecting demand in terms of price and rate of sale.
Price risk The Company is exposed to the risk of price movements in the housing market which affect underlying sales values and rate of sale which, given the nature of this development, is not mitigated.

Approved by the Board and signed on its behalf by:

DH Director 2016-03-31 00:00:00

3.0
St Andrews Brae Developments Limited
Directors' Report for the year ended 31 December 2015 The directors present their annual report and audited financial statements.
The Company's principal activities, results, principal risks and uncertainties, future developments and financial risk management policies and objectives are presented in the Strategic report. Post balance sheet events have been considered in note 13 of these financial statements.
Directors The directors who served during the year and thereafter are shown on page 1.
Qualifying third party indemnities In common with many other companies, Morgan Sindall Group plc and its subsidiaries and joint ventures had during the year and continues to have in place directors' and officers' insurance in favour of its directors and other officers in respect of certain losses or liability to which they may be exposed due to their office.
Dividends The directors do not recommend the payment of a dividend (2014: Enil).
Going concern The directors have reviewed the performance of the company during the year as set out in these accounts and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the company.
Having regards to the above and after making enquiries the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Directors' responsibilities statement The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?make judgments and accounting estimates that are reasonable and prudent; ?state whether Financial Reporting Standard 101 Reduced Disclosure Framework has been followed, subject to any material departures disclosed and explained in the financial statements; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

4.0
St Andrews Brae Developments Limited

Directors' Report for the year ended 31 December 2015 (continued)
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor In the case of each of the persons who are directors of the Company at the date when this report was approved:
So far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware; and Each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP has expressed its willingness to be reappointed for another term and appropriate arrangements have been put in place for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

For and on behalf of the board:

2016-03-31 00:00:00
5.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015
We have audited the financial statements of St Andrews Brae Developments Limited for the year ended 31 December 2015 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Cash Flow Statement, the Principal Accounting Policies and the related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 "Reduced Disclosure Framework".
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor As explained more fully in the Directors Responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 December 2015 and of the company's profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

6.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015 (Continued)
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: -adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or -the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors' remuneration specified by law are not made; or -we have not received all the information and explanations we require for our audit.

Rachel Argyle (Senior Statutory Auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditor Manchester United Kingdom 1-)04.0A 201.6

7.0
St Andrews Brae Developments Limited

Directors Report 5

The Directors present their report on the operations of the Company for the year ended 31 December 2014 together with the financial statements. The directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.
Principal activities The Company's purpose is to undertake residential property development. The Company was set up for the sole purpose to undertake development of 75 residential properties at the site known as St Andrews Brae, Bearsden, Glasgow.
Business Review The Company has continued to develop and generate revenue from its sole site at St Andrews Brae during the year.
Sheet1 The Company delivered a steady performance with a ?0.2m increase in operating profit to ?1.3m (2013: film). The operating margin on sales is 15% (2013: 16%). Capital employed at the year-end was f8.8m which includes shareholder loans. The return on capital employed at year-end was 13.6% (2013: 9.4%).
By the end of the year the Company repaid its bank loan in full with shareholders now being the sole source of funding.
Looking forward, the Company is expected to complete construction of the remaining residential properties in 2015 and continue to deliver profit. The funding requirement from shareholders is expected to reduce during 2015.
Risks and uncertainties The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to the market environment, the availability of residential mortgages and construction and time related costs to complete and sell out the remainder of the development.
Key performance indicators The Company uses the key performance indicators as disclosed in the Business Review within the Strategic Report above.

2.0
St Andrews Brae Developments Limited

Strategic Report for the year ended 31 December 2014 (continued)
Financial risk management The Company's operations expose it to a variety of financial risks that include credit risk, liquidity risk, interest rate risk and price risk.
Credit risk With regard to credit risk the Company requires its customers to provide cleared funds prior to hand- over of residential properties to them.
Liquidity risk This is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company aims to manage liquidity by ensuring that it will always have sufficient resources from shareholders to meet its liabilities when they fall due. Liquidity is provided through cash balances and access to the shareholders' committed loan facilities.
Interest rate risk In respect of interest rate risk, whilst the Company does not have interest bearing assets and no longer has interest bearing liabilities, interest rates have an impact on the market environment in which the Company operates, affecting demand in terms of price and rate of sale.
Price risk The Company is exposed to the risk of cost inflation during the remainder of the site development. This risk is managed on the Company's behalf by its contractor, Miller Homes Ltd. To mitigate this risk, Miller Homes Ltd has national supply agreements covering all key material supplies and in relation to labour, multiple suppliers are used to minimise dependence on any one firm. The Company is also exposed to the risk of price movements in the housing market which affect underlying sales values and rate of sale which, given the nature of this development, is not mitigated.

Approved by the Board and signed on its behalf by:

Direc 2015-07-30 00:00:00
3.0
St Andrews Brae Developments Limited

Directors' Report for the year ended 31 December 2014
The Company's principal activities, results and principal risks and uncertainties are presented in the Strategic report.
Directors The directors who served during the year are shown on page 1.
Dividends The directors do not recommend the payment of a dividend (2013: DIM.
Going concern The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Principal Accounting Policies in the financial statements.
Directors' responsibilities statement The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?make judgments and accounting estimates that are reasonable and prudent; ?state whether Financial Reporting Standard 101 Reduced Disclosure Framework has been followed, subject to any material departures disclosed and explained in the financial statements; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

4.0
St Andrews Brae Developments Limited

Directors' Report for the year ended 31 December 2014 (continued)
Auditor In the case of each of the persons who are directors of the Company at the date when this report was approved:
So far as each director is aware, there is no relevant audit information of which the
Each director has taken all the steps that they ought to have taken as a director in order to
auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP have expressed their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

For and on behalf of the board:

2015-07-30 00:00:00
5.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2014
We have audited the financial statements of St Andrews Brae Developments Limited for the year ended 31 December 2014 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Cash Flow Statement, the Principal Accounting Policies and the related notes 1 to 16. The financial reporting framework that has been applied in their preparation is applicable law and Financial Reporting Standard 101 Reduced Disclosure Framework.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor As explained more fully in the Directors' Responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements In our opinion the financial statements: -give a true and fair view of the state of the company's affairs as at 31 December 2014 and of the company's profit for the year then ended; -have been properly prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework; and have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

6.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2014 (Continued)
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit;

ffcd).,,QJ Mz(52-
Rachel Argyle (Senior Statutory Auditor) for and on behalf of Deloitte LIP Chartered Accountants and Statutory Auditor Manchester United Kingdom 3 ( 321 2,0 s

7.0
St Andrews Brae Developments Limited

Directors Report 6

Directors' Report
The directors present their report and the audited financial statements for the year ended 31 December 2013.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Furthermore, a Strategic Report as required by section 414 of the Companies Act 2006 is not presented under the small companies exemption.
Principal activities
The principal activity of the business is residential property development. The sole purpose of the Company is to undertake development of 75 residential properties at St Andrews Brae, Bearsden, Glasgow.
Results and dividends The results for the year are set out on page 6.
The directors do not recommend the payment of a final dividend (2012: Enil).
Directors The directors who served during the year and thereafter, except as noted, are shown on page 1.
Auditor In the case of each of the persons who are directors of the Company at the date when this report was approved:
?so far as each director is aware, there is no relevant audit information of which the

?each director has taken all the steps that they ought to have taken as a director in
that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

Approved by the board and signed on its behalf:

2014-04-08 00:00:00

2.0 St Andrews Brae Developments Limited

Directors' responsibilities statement
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and _fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?make judgments and accounting estimates that are reasonable and prudent; ?state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

3.0
St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED
We have audited the financial statements of St Andrews Brae Developments Limited for the year ended 31 December 2013 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds, and the related notes 1 to 12. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the financial statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
?give a true and fair view of the state of the Company's affairs as at 31 December 2013 and of its profit for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.

4.0 St Andrews Brae Developments Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED (continued)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the directors were not entitled to take advantage of the small companies exemption in preparing a Strategic Report or in preparing the Directors' Report.

&djx-c
Rachel Argyle (Senior Statutory Auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditor Manchester United Kingdom
2014-04-11 00:00:00

5.0 St Andrews Brae Developments Limited

Directors Report 7

The directors present their report and the audited financial statements for the year ended 31

Principal activities
The principal activity of the business is residential property development The sole purpose
Bearsden, Glasgow
Results and dividends The results for the year are set out on page 6
The directors do not recommend the payment of a final dividend (2011 &ill)
Directors The directors who served during the year and since the year end are shown on page 1
Auditor In the case of each of the persons who are directors of the Company at the date when this report was approved
?so far as each director is aware, there is no relevant audit information of which the

?each director has taken all the steps that they ought to have taken as a director in
that the company's auditor is aware of that information
This confirmation is given and should be interpreted in accordance with the provisions of

Deloitte LLP have indicated their willingness to be reappointed for another term and
auditor in the absence of an Annual General Meeting

Approved by the board and signed on its behalf

28th March 2013 St Andrews Brae Developments Limited

Directors' responsibilities statement
The directors are responsible for prepanng the Annual Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period In prepanng these financial statements, the directors are required to
?select suitable accounting policies and then apply them consistently, ?make judgments and accounting estimates that are reasonable and prudent, ?state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

3.0 St Andrews Brae Developments Limited

REPORT OF THE INDEPENDENT .AUDITOR TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED
We have audited the financial statements of St Andrews Brae Developments Limited for the year ended 31 December 2012 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds / (Deficit), the Pnncipal Accounting Policies and the related notes 1 to 11 The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements In addition, we read all the financial and non-financial information in the financial statements to identify material inconsistencies with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report
Opinion on financial statements
In our opinion the financial statements
?give a true and fair view of the state of the company's affairs as at 31 December 2012 and of its profit for the year then ended, ?have been properly prepared in accordance with United Kingdom Generally Accepted accounting Practice, and ?have been prepared in accordance with the requirements of the Companies Act 2006 St Andrews Brae Developments Limited

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED (continued) 1
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or ?the financial statements are not in agreement with the accounting records and returns, or ?certain disclosures of directors' remuneration specified by law are not made, or ?we have not received all the information and explanations we require for our audit

Ac c ____e_cac,
Alan Fendall (Senior Statutory Auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditor Manchester United Kingdom
2.11. k 1 I to0-,
St Andrews Brae Developments Limited

Directors Report 8

REPORT OF THE DIRECTORS FOR THE PERIOD ENDED 31 DECEMBER 2011

The directors present their report and the audited financial statements for the 404 day period from incorporation on 23 November 2010 to 31 December 2011
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption Accordingly no Enhanced Business Review is presented
PRINCIPAL ACTIVITY The pnnapal activity of the business is residential property development The sole purpose of the company is to undertake development of 75 residential properties at St Andrews Brae, Bearsden, Glasgow
The financial statements have been prepared on a going concern basis Further information on the basis of going concern is given in note 1 to the financial statements
REVIEW OF BUSINESS The results for the year are set out on page 5
DIVIDENDS The directors do not recommend the payment of a dividend
DIRECTORS The directors who served dunng the period and since the penod-end are shown on page 1
STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period In preparing these financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently, - make Judgements and accounting estimates that are reasonable and prudent, and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
INDEPENDENT AUDITOR AND DISCLOSURE OF INFORMATION TO THE INDEPENDENT AUDITOR In the case of each of the persons who are directors of the company at the date when this report was approved
- So far as each director is aware, there is no relevant audit information of which the company's auditor is unaware,

- Each director has taken all the steps that they ought to have taken as a director in order to make themseff aware of

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006

2.0

ST ANDREWS BRAE DEVELOPMENTS LIMITED
REPORT OF THE DIRECTORS - continued FOR THE PERIOD ENDED 31 DECEMBER 2011

AUDITOR Debate LLP were appointed dunng the period and have indicated their willingness to be reappointed for another term Appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting
ON BEHALF OF THE BOARD

2012-03-29 00:00:00 3.0 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF ST ANDREWS BRAE DEVELOPMENTS LIMITED

We have audited the financial statements of St Andrews Brae Developments Limited for the 404 day period ended 31 December 2011 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the