GS(KILMARNOCK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Company Registration No. SC305954 (Scotland)
PAGES FOR FILING WITH REGISTRAR
GS(KILMARNOCK) LIMITED
COMPANY INFORMATION
Directors
Mr G Haugh
Mr S Harrison
Secretary
Mr S Harrison
Company number
SC305954
Registered office
Glenorchy
Greenock Road
Bishopton
Renfrewshire
Scotland
PA7 5AP
Accountants
William Duncan + Co Ltd
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
GS(KILMARNOCK) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GS(KILMARNOCK) LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GS(KILMARNOCK) LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GS(Kilmarnock) Limited for the year ended 31 December 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts

This report is made solely to the Board of Directors of GS(Kilmarnock) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of GS(Kilmarnock) Limited and state those matters that we have agreed to state to the Board of Directors of GS(Kilmarnock) Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GS(Kilmarnock) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that GS(Kilmarnock) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GS(Kilmarnock) Limited. You consider that GS(Kilmarnock) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GS(Kilmarnock) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

William Duncan + Co Ltd
9 September 2022
Chartered Accountants
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
GS(KILMARNOCK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,909
-
0
Investment properties
5
670,000
459,292
711,909
459,292
Current assets
Debtors
6
83,823
43,807
Cash at bank and in hand
1,197,727
1,708,179
1,281,550
1,751,986
Creditors: amounts falling due within one year
7
(438,142)
(570,591)
Net current assets
843,408
1,181,395
Total assets less current liabilities
1,555,317
1,640,687
Creditors: amounts falling due after more than one year
8
(229,688)
(337,376)
Provisions for liabilities
(18,875)
-
0
Net assets
1,306,754
1,303,311
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
10
1,306,654
1,303,211
Total equity
1,306,754
1,303,311

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GS(KILMARNOCK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 September 2022 and are signed on its behalf by:
Mr G Haugh
Mr S Harrison
Director
Director
Company Registration No. SC305954
GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information

GS(Kilmarnock) Limited is a private company limited by shares incorporated in Scotland. The registered office is Glenorchy, Greenock Road, Bishopton, Renfrewshire, Scotland, PA7 5AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover is represented by income generated from the operation of petrol stations.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

 

 

 

 

GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

No significant judgements have had to be made by the directors in preparing these financial statements.

 

The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
3
7
GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
-
0
Additions
48,117
At 31 December 2021
48,117
Depreciation and impairment
At 1 January 2021
-
0
Depreciation charged in the year
6,208
At 31 December 2021
6,208
Carrying amount
At 31 December 2021
41,909
At 31 December 2020
-
0
5
Investment property
2021
£
Fair value
At 1 January 2021
459,292
Additions
153,274
Revaluations
57,434
At 31 December 2021
670,000

Investment properties with a carrying value of £459,292 at 1 January 2021 were valued at £500,000 on 27 April 2021 by Graham & Sibbald Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

A new investment property was acquired in January 2021 for £153,274 which, in the opinion of the directors, had a fair value of £170,000 at the balance sheet date.

6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
17,176
-
0
Other debtors
66,647
43,807
83,823
43,807
GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
117,332
104,669
Corporation tax
76,138
164,191
Other taxation and social security
2,463
868
Other creditors
242,209
300,863
438,142
570,591
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
213,386
337,376
Other creditors
16,302
-
0
229,688
337,376

The Clydesdale Bank holds a fixed and floating charge over the assets and undertakings of the company in respect of all monies due to them.

9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
1,303,211
1,132,035
Profit for the year
3,443
171,176
At the end of the year
1,306,654
1,303,211
GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Profit and loss reserves
(Continued)
- 9 -

Included within profit and loss reserves are non-distributable profits, as set out below:

2021
2020
£
£
Non-distributable profits included above
At the beginning of the year
-
-
Non distributable profits in the year
46,522
-
At the end of the year
46,522
-
Distributable profits
1,260,132
1,303,211
11
Related party transactions

The following amounts were outstanding at the reporting end date:

Woodys (Bishopton) Ltd

A company of which G. Haugh is a director.

 

During the year to 31 December 2021, GS (Kilmarnock) Ltd made loans of £23,340 (2020 - £Nil) to Woodys (Bishopton) Ltd, which remained outstanding at the balance sheet date.

 

No interest is being charged on this balance.

12
Directors' transactions

At 31 December 2021 there was a total due to the directors of £226,044 (2020 - £230,900).

 

During the year to 31 December 2021, £27,544 was introduced by and repayments of £32,400 were made to the directors.

 

No interest is charged on this balance and it is repayable on demand.

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