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REGISTERED NUMBER: SC338570 (Scotland)




















Gilfedder & McInnes Ltd.

Unaudited Financial Statements

for the Year Ended 31 March 2023






Gilfedder & McInnes Ltd. (Registered number: SC338570)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 9

Gilfedder & McInnes Ltd.

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr B G Gilfedder



SECRETARY: Ms S Steedman



REGISTERED OFFICE: 10 South Clerk Street
Edinburgh
EH8 9JE



REGISTERED NUMBER: SC338570 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
38 St Andrew Square
Edinburgh
EH2 2YR

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 598 3,320
598 3,320

CURRENT ASSETS
Work in progress 60,000 35,000
Debtors 6 20,860 18,110
Cash at bank and in hand 81,237 94,131
162,097 147,241
CREDITORS
Amounts falling due within one year 7 68,563 94,862
NET CURRENT ASSETS 93,534 52,379
TOTAL ASSETS LESS CURRENT LIABILITIES 94,132 55,699

CREDITORS
Amounts falling due after more than one
year

8

(14,890

)

(22,782

)

PROVISIONS FOR LIABILITIES (158 ) (524 )
NET ASSETS 79,084 32,393

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 78,984 32,293
SHAREHOLDERS' FUNDS 79,084 32,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 17 October 2023 and were signed by:





Mr B G Gilfedder - Director


Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Gilfedder & McInnes Ltd. 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.

Turnover and revenue recognition
Turnover represents net invoiced legal aid services, excluding value added tax and is recognised at the point when legal aid is provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Work in progress
Work in progress is valued at full sales value.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.


Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
Contributions payable to the employees pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 600,000
AMORTISATION
At 1 April 2022
and 31 March 2023 600,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 27,083
Additions 732
At 31 March 2023 27,815
DEPRECIATION
At 1 April 2022 23,763
Charge for year 3,454
At 31 March 2023 27,217
NET BOOK VALUE
At 31 March 2023 598
At 31 March 2022 3,320

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 15,183
DEPRECIATION
At 1 April 2022 12,146
Charge for year 3,037
At 31 March 2023 15,183
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 3,037

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,234 14,866
Other debtors 3,626 3,244
20,860 18,110

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 5,000
Finance leases (see note 9) 2,892 2,892
Trade creditors 2,798 -
Taxation and social security 55,666 62,145
Other creditors 2,207 24,825
68,563 94,862

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included within other creditors is a loan from the director, which is unsecured, interest-free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 14,167 19,167
Finance leases (see note 9) 723 3,615
14,890 22,782

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 2,892 2,892
Between one and five years 723 3,615
3,615 6,507

Non-cancellable operating leases
2023 2022
£    £   
Within one year 12,892 20,462
Between one and five years 723 64,398
13,615 84,860

Gilfedder & McInnes Ltd.

Report of the Accountants to the Director of
Gilfedder & McInnes Ltd.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT


17 October 2023