0 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 13,997 13,997 1,834,030 442,671 55,655 498,326 1,335,704 1,391,359 430,000 430,000 xbrli:pure xbrli:shares iso4217:GBP 08366041 2022-04-01 2023-03-31 08366041 2023-03-31 08366041 2022-03-31 08366041 2021-04-01 2022-03-31 08366041 2022-03-31 08366041 core:NetGoodwill 2022-04-01 2023-03-31 08366041 core:PlantMachinery 2022-04-01 2023-03-31 08366041 bus:Director2 2022-04-01 2023-03-31 08366041 core:NetGoodwill 2023-03-31 08366041 core:PlantMachinery 2022-03-31 08366041 core:PlantMachinery 2023-03-31 08366041 core:WithinOneYear 2023-03-31 08366041 core:WithinOneYear 2022-03-31 08366041 core:ShareCapital 2023-03-31 08366041 core:ShareCapital 2022-03-31 08366041 core:RetainedEarningsAccumulatedLosses 2023-03-31 08366041 core:RetainedEarningsAccumulatedLosses 2022-03-31 08366041 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 08366041 core:Non-currentFinancialInstruments 2022-03-31 08366041 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 08366041 core:PlantMachinery 2022-03-31 08366041 bus:SmallEntities 2022-04-01 2023-03-31 08366041 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08366041 bus:FullAccounts 2022-04-01 2023-03-31 08366041 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08366041 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 08366041
Gourlay Leasing Limited
Filleted Unaudited Financial Statements
31 March 2023
Gourlay Leasing Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,335,704
1,391,359
Investments
6
430,000
------------
------------
1,335,704
1,821,359
Current assets
Debtors
7
573,895
228,430
Cash at bank and in hand
686,501
489,773
------------
---------
1,260,396
718,203
Creditors: amounts falling due within one year
8
396,193
303,520
------------
---------
Net current assets
864,203
414,683
------------
------------
Total assets less current liabilities
2,199,907
2,236,042
------------
------------
Net assets
2,199,907
2,236,042
------------
------------
Capital and reserves
Called up share capital
2,000,000
2,000,000
Profit and loss account
199,907
236,042
------------
------------
Shareholders funds
2,199,907
2,236,042
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gourlay Leasing Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:
Mr W R Newmark
Director
Company registration number: 08366041
Gourlay Leasing Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Third Floor, 95 The Promenade, Cheltenham, Glos, GL50 1HH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
4% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
13,997
--------
Amortisation
At 1 April 2022 and 31 March 2023
13,997
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
1,834,030
1,834,030
------------
------------
Depreciation
At 1 April 2022
442,671
442,671
Charge for the year
55,655
55,655
------------
------------
At 31 March 2023
498,326
498,326
------------
------------
Carrying amount
At 31 March 2023
1,335,704
1,335,704
------------
------------
At 31 March 2022
1,391,359
1,391,359
------------
------------
6. Investments
Other loans
£
Cost
At 1 April 2022
430,000
Disposals
( 430,000)
---------
At 31 March 2023
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
430,000
---------
7. Debtors
2023
2022
£
£
Trade debtors
26,395
80,930
Amounts owed by group undertakings and undertakings in which the company has a participating interest
547,500
147,500
---------
---------
573,895
228,430
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors - desc in a/cs
389,635
300,000
Other creditors
6,558
3,520
---------
---------
396,193
303,520
---------
---------
9. Related party transactions
The company was under the control of Mrs G R Gourlay throughout the current and previous year. Mrs G R Gourlay is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.