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REGISTERED NUMBER: SC087989 (Scotland)












UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

GBY GROUP LIMITED

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


GBY GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: K Kelly





REGISTERED OFFICE: 512 Blochairn Road
Glasgow
G21 2DZ





REGISTERED NUMBER: SC087989 (Scotland)





ACCOUNTANTS: Donachie Chartered Accountants
2nd Floor
Templeton House
62 Templeton Street
Glasgow
G40 1DA

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,787,242 1,596,466

CURRENT ASSETS
Stocks 5 557,674 306,972
Debtors 6 750,365 1,397,512
Cash at bank and in hand 193,958 272,433
1,501,997 1,976,917
CREDITORS
Amounts falling due within one year 7 967,135 1,515,286
NET CURRENT ASSETS 534,862 461,631
TOTAL ASSETS LESS CURRENT LIABILITIES 2,322,104 2,058,097

CREDITORS
Amounts falling due after more than one year 8 (352,087 ) (31,199 )

PROVISIONS FOR LIABILITIES 11 (247,940 ) (164,158 )
NET ASSETS 1,722,077 1,862,740

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Fair value reserve 12 1,118,126 1,001,908
Retained earnings 12 553,951 810,832
SHAREHOLDERS' FUNDS 1,722,077 1,862,740

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 October 2023 and were signed by:




K Kelly - Director


GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 May 2021 50,000 464,465 1,001,908 1,516,373

Changes in equity
Dividends - (130,000 ) - (130,000 )
Total comprehensive income - 476,367 - 476,367
Balance at 30 April 2022 50,000 810,832 1,001,908 1,862,740

Changes in equity
Dividends - (811,841 ) - (811,841 )
Total comprehensive income - 554,960 116,218 671,178
Balance at 30 April 2023 50,000 553,951 1,118,126 1,722,077

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

GBY Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received, net of VAT and represents the supply of services under contracts.

Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to the customer, which can be reliably measured and it is probable that the economic benefit associated with the sale will flow to the entity.

Rental income is recognised when the company is entitled to receive income based on the contractual agreement in force.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the term of the lease
Plant and machinery - 20% Reducing balance

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using a first in first out method and includes the normal cost of transporting stock to its present location, together with a proportion of relevant overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

Debtors and creditors that fall due within one year
Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction (invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the profit and loss and shown within administrative expenses.

Investment property
Investment property is measured at fair value. The surplus or deficit arising from changes in fair value are recognised in the income statement for the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Heritable
and Improvements
investment to Plant and
properties property machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2022 1,680,000 68,741 74,845 1,823,586
Revaluations 200,000 - - 200,000
At 30 April 2023 1,880,000 68,741 74,845 2,023,586
DEPRECIATION
At 1 May 2022 100,844 63,141 63,135 227,120
Charge for year 5,600 1,282 2,342 9,224
At 30 April 2023 106,444 64,423 65,477 236,344
NET BOOK VALUE
At 30 April 2023 1,773,556 4,318 9,368 1,787,242
At 30 April 2022 1,579,156 5,600 11,710 1,596,466

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 April 2023 is represented by:

Heritable
and Improvements
investment to Plant and
properties property machinery Totals
£    £    £    £   
Valuation in 1998 43,964 - - 43,964
Valuation in 2004 327,794 - - 327,794
Valuation in 2006 120,000 - - 120,000
Valuation in 2008 730,000 - - 730,000
Valuation in 2014 (150,000 ) - - (150,000 )
Valuation in 2023 200,000 - - 200,000
Cost 608,242 68,741 74,845 751,828
1,880,000 68,741 74,845 2,023,586

If the properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 608,242 608,242
Aggregate depreciation 237,480 237,480

It is the opinion of the director that, as at the balance sheet date the fair value of the existing use of the investment property is fairly stated in the financial statements.

The heritable trading property is carried at the directors valuation. The value is assessed by the director on an annual basis for impairment. No impairment is considered necessary for the current year.

Corporation tax of approximately £247,940 (2022 - £164,158) would arise if the investment property was disposed at its fair value.

5. STOCKS
2023 2022
£    £   
Stocks 557,674 306,972

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 698,107 648,553
Other debtors 51,398 51,398
Prepayments 860 1,220
750,365 701,171

Amounts falling due after more than one year:
Amounts owed by group undertakings - 696,341

Aggregate amounts 750,365 1,397,512

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 63,329 669,533
Trade creditors 655,153 563,273
Corporation tax 146,910 116,600
Social security and other taxes 16,808 15,372
VAT 61,371 63,127
Directors' current accounts 714 69,531
Accruals and deferred income 22,850 17,850
967,135 1,515,286

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 340,595 10,000
Bank loans - 2-5 years 11,492 21,199
352,087 31,199

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 38,692 38,692
Between one and five years 62,462 90,154
In more than five years 605,000 616,000
706,154 744,846

The company entered into a 99 year agreement to lease land from Glasgow City Council in 1984. The annual lease commitment is £11,000.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank term loans 383,923 659,533

Bank loan and overdrafts are secured against assets of the company. Royal Bank of Scotland plc holds a 1st standard security over the company's property and a bond and floating charge over all other assets.

The Company has a term loans with Royal Bank of Scotland plc totalling £383,923 (2022: £659,533). The loan is repayable in full by November 2024.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 247,940 164,158

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2022 164,158
Charge to Income Statement during year 83,782
Balance at 30 April 2023 247,940

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2022 810,832 1,001,908 1,812,740
Profit for the year 671,178 671,178
Dividends (811,841 ) (811,841 )
Transfer of non-distributable gain (116,218 ) 116,218 -
At 30 April 2023 553,951 1,118,126 1,672,077

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
K Kelly
Balance outstanding at start of year (69,531 ) (53,015 )
Amounts advanced 184,317 113,484
Amounts repaid (115,500 ) (130,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (714 ) (69,531 )

14. RELATED PARTY DISCLOSURES

Included within debtors falling due after more than one year there is a balance of £Nil (2022 - £696,341) due from the Parent Company GBY Holdings Limited.

The company considers key management personal to be its director.

15. PARENT COMPANY

GBY Group Limited is a 100% subsidiary of GBY Holdings Limited, a company incorporated in Scotland, which is under the control of K Kelly.