Final Results

Standard Life UK Small.Co's Tst PLC
24 August 2007

  
                  STANDARD LIFE UK SMALLER COMPANIES TRUST PLC
                 (formerly Edinburgh Small Companies Trust plc)

Standard Life UK Smaller Companies Trust plc, the investment trust with an
investment objective to achieve long term capital growth by investment in UK
quoted smaller companies, announces its preliminary results for the year ended
30 June 2007.


              PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2007

     
-    An excellent year to 30 June 2007.

-    Net asset value per share (with debt valued at nominal) increased by
     34.3% to 159.0 pence

-    Share price rose by 29.1% from 101.5 pence to 131.0 pence

-    The Trust's benchmark, the Extended Hoare Govett Smaller Companies
     Index (excluding Investment Companies) increased by 22.8%

-    All of the resolutions proposed at the Extraordinary General Meeting on 21
     August 2007 were passed. The Company's name has now been changed to 
     Standard Life UK Smaller Companies Trust plc, the debenture stock is 
     scheduled for repayment and any shares bought back in the future may now be 
     held in treasury rather than being cancelled.


                                     -END-


For further information, please contact:

Richard England
Press Manager, Standard Life Investments                      Tel. [phone]

Harry Nimmo
Head of UK Smaller Companies, Standard Life Investments       Tel. [phone]

Gordon Humphries
Head of Investment Companies, Standard Life Investments       Tel. [phone]

Nathan Brown
Winterflood Securities, Corporate Broker to the Company       Tel. [phone]


Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.



Standard Life UK Smaller Companies Trust plc
(formerly Edinburgh Small Companies Trust plc)


Extracts from Chairman's Statement


Review of Year Ended 30 June 2007

Returns from smaller companies were strong over the year as a whole and well
ahead of broader markets. The period from August 2006 through to February was
one of particular strength. Robust UK economic growth enabled a wide range of UK
smaller companies to report healthy earnings progress. In addition, bid activity
remained at high levels. Oil & gas and minerals were among the strongest market
areas, while technology was the weakest.

During February and March, fears over the strength of the US housing market, a
sharp technical sell-off in China and slowing global growth caused a sharp bout
of risk aversion especially among economically sensitive sectors and the smaller
companies area of the UK equity market. Stronger economic growth figures and
first quarter corporate earnings helped to stabilise markets going into May, but
uncertainty continued with another bout of volatility in June.


Performance

I am delighted to report that the Manager, Standard Life Investments, has
delivered another year of very strong returns for shareholders. In respect of
the year ended 30 June 2007, the undiluted net asset value with debt at par
value has increased by 34.3% compared with the Company's benchmark, which
increased by 22.8%. The ordinary share price rose in the year from 101.5 pence
to 131.0 pence, an increase of 29.1%.

The net asset value improved steadily throughout the year as the Manager's style
of investing in a well-diversified portfolio of medium and smaller
capitalisation stocks with strong business franchises was rewarded by the
market.

Major contributors to performance, despite the weakness of the sector, included
technology companies Aveva and Autonomy which increased by 158% and 87%
respectively. Mining stocks Aquarius Platinum and First Quantum Mineral
appreciated by 94% and 79% respectively while in the restaurants sector Domino's
Pizza increased by 91%. The poorest performers were Paragon, down 25%, a
specialist property lending company and Clinphone, a bio-pharmaceuticals
company, down 33%.


Managers

The Board appointed Standard Life Investments to manage your Company's assets on
1 September 2003. Over this period the net asset value per share, on a total
return basis, has increased by 134.7%, representing an annualised return of
35.1% p.a., an outperformance of the benchmark by 4.7% p.a. The Board believe
that its appointment of Standard Life Investments continues to be in the long
term interests of shareholders as a whole.


Gearing

During the financial year the Company's borrowings comprised its fixed rate
7.75% debenture stock 2023. £9.1m of this £18.7m debenture stock was repaid at
the time of the tender offer in December 2006 pro-rata to the 48.4% of the
ordinary shares tendered which left £9.6m nominal debenture stock in issue at 30
June 2007. On 17 July 2007 the Board sent notice to the debenture stock holders
to repay the outstanding nominal amount and to replace the Company's borrowing
with a more flexible £10m revolving credit facility.

The Board continued to actively manage its borrowings throughout the year. For
the majority of the first six months of the financial year the gearing level was
kept below 5% and this was increased in December 2006 due to the Manager's
positive outlook for the portfolio holdings. At the year end the actual gearing
level was 8.3%.


Share buy backs and discount level

Between the implementation of the tender offer on 30 November 2006 and 30 June
2007, the Board has bought back 2,194,000 shares for cancellation, enhancing the
net asset value for ongoing shareholders by 0.5%. Over this period the ordinary
shares have traded at an average month end discount to net asset value per share
of 8.7%. The Company's share buy back powers were expanded at the EGM on 21
August 2007 to include the ability to hold shares bought back in treasury.
Shares would only be sold at prices in excess of the price at which the relevant
shares were bought into treasury and at a price representing not less than 96%
of the net asset value per share. This mechanism will ensure an enhancement to
net asset value on the reissue of treasury stock.


Marketing activities

Progress has been made by the Managers in broadening out the shareholder base by
marketing the Company to existing and potential investors through presentations
to private client and institutional investors. However the discount level is
currently wider than the Board would like and, although this represents an
attractive buying opportunity, more demand requires to be created to bring the
share price closer to the five per cent level indicated by the Board as its long
term target under the discount control mechanism.


Investment objective and policy

The Company's objective is to achieve long term capital growth by investment in
UK quoted companies. In advancing this objective the opportunity was taken
following the tender offer to reduce the number of individual holdings from over
70 to around 50. Going forward the investment process will be even more focused
on higher conviction positions supported by the Manager's proprietary stock
selection matrix.


Earnings and dividend

The revenue return per share for the year ended 30 June 2007 was 0.10p compared
with 0.51p for the previous year. The reduction in earnings is mainly accounted
for by the tender offer expenses. The final dividend proposed by the Board is
maintained at 0.80 pence per share and is based upon the level which the Board
believes is sustainable in future years.


Prospects

Stock market conditions have been volatile of late. This mainly stems from
rising defaults on home loans made by specialists in lending to those with poor
credit records in the USA. This has led to a flight to quality in debt and
equity markets worldwide as some investors, notably hedge funds with exposure to
these markets, announce losses. Equity markets may thus be under some pressure
for several weeks. However, it is likely that this period of weakness will
uncover bargains presenting excellent buying opportunities for the Company.

While valuations for smaller companies are not as compelling as they were a few
years ago, the long term investment prospects for smaller companies remain
attractive.

The Manager's investment process is carefully controlled. It is focused on
companies with proven business models and is therefore well placed to capitalise
on growth while remaining resilient in an uncertain world. The Board is
confident that good progress will be made in the coming year.


Donald MacDonald
Chairman


22 August 2007



Standard Life UK Smaller Companies Trust plc
(formerly Edinburgh Small Companies Trust plc)


Income Statement (unaudited)

                                                                         Year ended 30 June 2007
                                                                    Revenue           Capital           Total
                                                                      £'000             £'000           £'000

Net gains on investments at fair value                                    -            17,987          17,987
Currency gains                                                            -               (7)             (7)
Income                                                                1,662                 -           1,662
Investment management fee                                             (328)             (328)           (656)
Tender offer expenses                                                 (229)             (229)           (458)
Other corporate expenses                                              (306)                 -           (306)
Other administrative expenses                                         (372)                 -           (372)
                                                                  _________         _________       _________
Net return before finance costs and taxation                            427            17,423          17,850

Finance costs                                                         (382)             (377)           (759)
                                                                  _________         _________       _________
Return on ordinary activities before taxation                            45            17,046          17,091

Taxation                                                                  -                 -               -
                                                                  _________         _________       _________
Return on ordinary activities after taxation                             41            17,046          17,091
                                                                  _________         _________       _________
Return per Ordinary share:
Basic                                                                 0.10p            36.88p          36.98p
                                                                  _________         _________       _________
Diluted                                                               0.10p            36.55p          36.65p
                                                                  _________         _________       _________



The total column of this statement represents the profit and loss account of the
Company.

A Statement of Total Recognised Gains and Losses has not been prepared as all
gains or losses are recognised in the Income Statement.

No operations were acquired or discontinued in the year.

All revenue and capital items in the above statement derive from continuing
operations.

The accompanying Notes are an integral part of the Financial Statements.



Income Statement (unaudited)


                                                                        Year ended 30 June 2006
                                                                    Revenue         Capital           Total
                                                                      £'000           £'000           £'000
Net gains on investments at fair value                                    -          22,611          22,611
Currency gains                                                            -               3               3
Income                                                                1,808               -           1,808
Investment management fee                                             (393)           (393)           (786)
Tender offer expenses                                                     -               -               -
Other corporate expenses                                                  -               -               -
Other administrative expenses                                         (362)               -           (362)
                                                                  _________       _________       _________
Net return before finance costs and taxation                          1,053          22,221          23,274

Finance costs                                                         (709)           (709)         (1,418)
                                                                  _________       _________       _________
Return on ordinary activities before taxation                           344          21,512          21,856

Taxation                                                                (1)               -             (1)
                                                                  _________       _________       _________
Return on ordinary activities after taxation                            343          21,512          21,855
                                                                  _________       _________       _________
Return per Ordinary share:
Basic                                                                 0.51p          31.91p          32.42p
                                                                  _________       _________       _________
Diluted                                                                 n/a             n/a             n/a
                                                                  _________       _________       _________




Standard Life UK Smaller Companies Trust plc
(formerly Edinburgh Small Companies Trust plc)


Reconciliation of Movements in Shareholders' Funds (unaudited)


For the year ended 30 June                Share     Capital                       Capital   Capital
2007                             Share  premium  redemption Warrant   Special   Reserve - Reserve - Revenue
                               capital  account     reserve reserve   reserve  unrealised  realised reserve     Total
                                 £'000    £'000       £'000   £'000     £'000       £'000     £'000   £'000     £'000

Balance at 30 June 2006 as      16,851       56      17,219     777    28,618      24,563   (9,878)   1,090    79,296
restated
Return on ordinary activities        -        -           -       -         -     (2,439)    19,485      45    17,091
after taxation
Conversion of capital                -        -    (17,219)       -    17,219           -         -       -         -
redemption reserve
Tender offer                   (8,157)        -           -    (30)  (24,473)           -   (8,735)       -  (41,395)
Buy back of ordinary shares      (549)        -         549       -         -           -   (2,888)       -   (2,888)
Exercise of warrants                 1        2           -     (1)         -           -         1                 3
Dividends paid                       -        -           -       -         -           -         -   (539)     (539)
                                ______   ______      ______  ______    ______      ______    ______  ______    ______
Balance at 30 June 2007          8,146       58         549     746    21,364      22,123   (2,015)     596    51,568
                                ______   ______      ______  ______    ______      ______    ______  ______    ______


For the year ended 30 June                Share     Capital                       Capital   Capital
2006                             Share  premium  redemption Warrant   Special   reserve - reserve - Revenue
                               capital  account     reserve reserve   reserve  unrealised  realised reserve     Total
                                 £'000    £'000       £'000   £'000     £'000       £'000     £'000   £'000     £'000

Balance at 30 June 2005         16,851       56      17,219     777    28,618       9,837  (16,664)   1,286    57,980
Return on ordinary activities        -        -           -       -         -      14,726     6,786     343    21,855
after taxation
Dividends paid                       -        -           -       -         -           -         -   (539)     (539)
                                ______   ______      ______  ______    ______      ______    ______  ______    ______
Balance at 30 June 2006         16,851       56      17,219     777    28,618      24,563   (9,878)   1,090    79,296
                                ______   ______      ______  ______    ______      ______    ______  ______    ______



Standard Life UK Smaller Companies Trust plc
(formerly Edinburgh Small Companies Trust plc)


BALANCE SHEET (unaudited)

                                                                             As at             As at
                                                                      30 June 2007      30 June 2006
                                                                             £'000             £'000
Fixed assets
Investments at fair value through profit or loss                            57,600            82,393

Current assets
Debtors                                                                        216               705
AAA Money Market funds                                                       1,622            10,200
Cash and short term deposits                                                 3,139             5,912
                                                                        __________        __________
                                                                             4,977            16,817

Creditors: amounts falling due within one year                            (11,009)             (681)
                                                                        __________        __________
Net current (liabilities)/assets                                           (6,032)            16,136
                                                                        __________        __________
Total assets less current liabilities                                       51,568            98,529

Creditors
Amounts falling due after more than one year                                     -          (19,233)
                                                                        __________        __________
Net assets                                                                  51,568            79,296
                                                                        __________        __________

Capital and reserves
Called-up share capital                                                      8,146            16,851
Share premium account                                                           58                56
Capital redemption reserve                                                     549            17,219
Warrant reserve                                                                746               777
Special reserve                                                             21,364            28,618
Capital reserve - unrealised                                                22,124            24,563
Capital reserve - realised                                                 (2,015)           (9,878)
Revenue reserve                                                                596             1,090
                                                                        __________        __________
Equity Shareholders' funds                                                  51,568            79,296
                                                                        __________        __________
Net asset value per Ordinary share
Basic                                                                      159.01p           118.43p
                                                                        __________        __________
Diluted                                                                    154.17p           117.64p
                                                                        __________        __________


Standard Life UK Smaller Companies Trust plc
(formerly Edinburgh Small Companies Trust plc)


CASHFLOW STATEMENT (unaudited)

                                                                    Year ended              Year ended
                                                                   30 June 2007            30 June 2006
                                                                    £'000       £'000       £'000       £'000

Net cash inflow from operating activities                                       (112)                     403
Servicing of finance
Interest paid                                                                   (741)                 (1,449)
Taxation                                                                          (5)                       -
Financial investment
Purchase of investments                                          (32,093)                (27,942)
Sale of investments                                                75,478                  28,813
                                                                 ________                ________
Net cash inflow from financial investment                                      43,385                     871
Equity dividends paid                                                           (539)                   (539)
                                                                             ________                ________
Net cash (outflow)/inflow before management of liquid                          41,988                   (714)
resources and financing
Financing
Share buy back                                                    (2,874)
Share buy back expenses                                              (14)
Exercise of warrants                                                    3
Repayment of debenture                                            (9,052)
Premium on repayment of debentures                                (3,353)
Tender offer                                                     (38,042)
                                                                 ________
                                                                             (53,332)                       -
                                                                             ________                ________
Net cash outflow before management of liquid resources                       (11,344)                   (714)
Management of liquid resources
Purchase of AAA Money Market funds                                  (771)                 (5,090)
Sale of AAA Money Market funds                                      9,349                   3,000
                                                                 ________                ________
Net cash outflow from management of liquid resources                            8,578                 (2,090)
                                                                             ________                ________
(Decrease)/increase in cash                                                   (2,766)                 (2,804)
                                                                             ________                ________
Reconciliation of net cashflow to movement in net debt
Increase in cash                                                  (2,766)                 (2,804)
Net change in liquid resources                                    (8,578)                   2,090
Net change in debt due within one year                              9,052                       -
Other non-cash movements                                              282                      34
                                                                 ________                ________
Movement in net debt in year                                                  (2,010)                   (680)
Opening  net debt                                                             (3,121)                 (2,441)
                                                                             ________                ________
Closing net debt                                                              (5,131)                 (3,121)
                                                                             ________                ________



Notes to the Financial Statements:

     
1.   Accounting policies
          
     (a)  Basis of accounting

The financial statements have been prepared under the historical cost
convention, as modified to include the revaluation of investments, and in
accordance with applicable UK Accounting Standards and with the Statement of
Recommended Practice for 'Financial Statements of Investment Trust Companies'
(issued January 2003 and revised in December 2005). They have also been prepared
on the assumption that approval as an investment trust will continue to be
granted.

The financial statements and the net asset value per share figures have been
prepared in accordance with UK Generally Accepted Accounting Practice.
          
     (b)  Valuation of investments

Investments have been designated upon initial recognition as fair value through
profit or loss.   Investments are recognised and de-recognised at trade date
where a purchase or sale is under a contract whose terms require delivery within
the timeframe established by the market concerned, and are measured initially at
fair value.  Subsequent to initial recognition, investments are valued at fair
value through profit or loss. For listed investments, this is deemed to be bid
market prices or closing prices for SETS stocks sourced from the London Stock
Exchange. SETS is the London Stock Exchange electronic trading service covering
most of the market including all FTSE 100 constituents and most liquid FTSE 250
along with some other securities. Gains and losses arising from changes in fair
value are included in net profit or loss for the period as a capital item in the
income statement and are ultimately recognised in the unrealised capital
reserve.
          
     (c)  Income

Income from equity investments (other than special dividends), including taxes
deducted at source, is included in revenue by reference to the date on which the
investment is quoted ex-dividend. Special dividends are credited to revenue or
capital according to the circumstances. Foreign income is converted at the
exchange rate applicable at the time of receipt. Interest receivable on short
term deposits is accounted for on an accruals basis.
          
     (d)  Expenses and interest payable

Expenses are accounted for on an accruals basis. Expenses are charged to capital
when they are incurred in connection with the maintenance or enhancement of the
value of investments. In this respect, the investment management fee and
relevant finance costs are allocated between revenue and capital in line with
the Board's expectation of returns from the Company's investments over the long
term in the form of revenue and capital respectively.

Transaction costs incurred on the purchase and disposal of investments are 
recognised as a capital item in the Income Statement.
          
     (e)  Dividends payable
                           
Interim and final dividends are recognised in the period in which they are paid.
     
     (f)  Realised capital reserve
                      
Realised gains and losses on realisation of investments held at fair value are
recognised in the income statement and are ultimately transferred to the
realised capital reserve. In addition, any prior unrealised gains or losses on
such investments are transferred from the unrealised capital reserve to the
realised capital reserve on disposal of the investment. The capital element of
the management fee along with the associated irrecoverable VAT and relevant
finance costs are charged to this reserve. Any associated tax relief is credited
to this reserve.
          
     (g)  Unrealised capital reserve

Increases and decreases in the valuation of investments held at fair value are
recognised in the income statement and are ultimately transferred to the
unrealised capital reserve.
          
     (h)  Taxation

Deferred taxation is recognised in respect of all temporary differences that
have originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more or a right to pay less tax in
future have occurred at the balance sheet date measured on an undiscounted basis
and based on enacted tax rates. This is subject to deferred tax assets only
being recognised if it is considered more likely than not that there will be
suitable profits from which the future reversal of the underlying temporary
differences can be deducted. Temporary differences are differences arising
between the Company's taxable profits and its results as stated in the accounts
which are capable of reversal in one or more subsequent periods.

Owing to the Company's status as an investment trust company, and the intention
to continue meeting the conditions required to obtain approval in the
foreseeable future, the Company has not provided deferred tax on any capital
gains and losses arising on the revaluation or disposal of investments.
          
     (i)  Capital reserves

The share premium reserve relates to the premium arising on the exercise of 
warrants.

The warrant reserve recognises that a proportion of the proceeds from the issue 
of ordinary shares and warrants attached can be attributed to the warrants. When
warrants are exercised, the amount previously recognised as warrant premium is
transferred to share premium.

The special reserve arose following court approval for the cancellation of the
share premium account on 24 June 1999.
          
     (j)  Foreign currency

Overseas monetary assets and liabilities are converted into Sterling at the rate
of exchange ruling at the Balance sheet date.  Transactions during the year
involving foreign currencies are converted at the rate of exchange ruling at the
transaction date.  Any gain or loss arising from a change in exchange rates
subsequent to the date of the transaction is included as an exchange gain or
loss in the Income Statement.

2    The final dividend of 0.80 pence per share, subject to shareholder approval 
     at the AGM, will be paid on 26 October 2007 to shareholders on the register 
     at the close of business on 12 October 2007. The ex-dividend date will be 
     10 October 2007.
     
3    The income statement, balance sheet, reconciliation of movement in 
     shareholders' funds and the cash flow statement set out above do not
     represent full financial statements in accordance with Section 240 of the
     Companies Act 1985 and are based on the financial statements for the year 
     ended 30 June 2007 which are at present unaudited.  The financial 
     statements have been prepared on the same basis as that used in the 
     financial statements for the year ended 30 June 2006. The statutory 
     financial statements for 2007 will be delivered to the Registrar of 
     Companies following the Company's Annual General Meeting which will be held 
     at the offices of the Manager, Standard Life Investments, 1 George Street, 
     Edinburgh, EH2 2LL on Tuesday 23 October 2007 at 12.30pm.
     
4    After a review by the Board, 75% (previously 50%) of the total of 
     investment management fees and finance costs will be charged to the capital 
     column within the Income Statement with effect from 1 July 2007.  This
     change will also be reflected in the net asset values announced by the 
     Company each business day.

5    The Annual Report and Financial Statements will be posted to shareholders 
     in September 2007 and copies will be available from the Manager and 
     Secretary.


For Standard Life UK Smaller Companies Trust plc
Edinburgh Fund Managers plc, Secretary

END


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