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REGISTERED NUMBER: SC628382 (Scotland)



















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Gladsmuir Solutions Limited

Gladsmuir Solutions Limited (Registered number: SC628382)

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


Gladsmuir Solutions Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: C Veitch





REGISTERED OFFICE: Strawberry Wood
East Saltoun
Pencaitland, East Lothian
EH34 5DY





REGISTERED NUMBER: SC628382 (Scotland)






Gladsmuir Solutions Limited (Registered number: SC628382)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Investments 4 2,777,948 2,529,561

CURRENT ASSETS
Debtors 5 - 175,362
Cash at bank and in hand 546 10,221
546 185,583
CREDITORS
Amounts falling due within one year 6 (58,613 ) (60,896 )
NET CURRENT (LIABILITIES)/ASSETS (58,067 ) 124,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,719,881

2,654,248

CREDITORS
Amounts falling due after more than one year 7 (2,454,580 ) (2,483,845 )
NET ASSETS 265,301 170,403

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 265,300 170,402
SHAREHOLDERS' FUNDS 265,301 170,403

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.

Gladsmuir Solutions Limited (Registered number: SC628382)

Balance Sheet - continued
31 March 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 October 2023 and were signed by:





C Veitch - Director


Gladsmuir Solutions Limited (Registered number: SC628382)

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


1. STATUTORY INFORMATION

Gladsmuir Solutions 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.

The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents the companies share of the accounting profits from a LLP in which it is a member in the accounting period.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Gladsmuir Solutions Limited (Registered number: SC628382)

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


2. ACCOUNTING POLICIES - continued

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

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.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.3.23 31.3.22
£    £   
Benchmark4 LLP 2,777,948 2,529,561

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors - 175,362

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 30,846 29,887
Taxation and social security 25,877 29,509
Other creditors 1,890 1,500
58,613 60,896

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 1,224,880 1,254,145
Other creditors 1,229,700 1,229,700
2,454,580 2,483,845

Gladsmuir Solutions Limited (Registered number: SC628382)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.23 31.3.22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,150,142 1,161,147
Other loans more 5yrs non-inst 1,229,700 1,229,700
2,379,842 2,390,847

Repayable by instalments
Bank loans more 5 yr by instal - 1,463

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 1,208,471 1,233,402
Mortgages 1,229,700 1,229,700
2,438,171 2,463,102

The bank and other loans are secured by way of a fixed charge over properties owned by Benchmark4 LLP in which the company is a member. In addition the bank has a floating charge over the assets of the company and Benchmark4 LLP.

9. RELATED PARTY DISCLOSURES

The loan to Elphinstone Property Developments Limited, a company under common control was fully repaid during the year. The balance outstanding at the balance sheet date is Nil (2022 £175,362).