IRIS Accounts Production v23.3.1.45 SC579860 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5798602022-03-31SC5798602023-03-31SC5798602022-04-012023-03-31SC5798602021-03-31SC5798602021-04-012022-03-31SC5798602022-03-31SC579860ns10:Originalns15:Scotland2022-04-012023-03-31SC579860ns14:PoundSterlingns10:Original2022-04-012023-03-31SC579860ns10:Originalns10:Director12022-04-012023-03-31SC579860ns10:Original2022-04-012023-03-31SC579860ns10:Original2023-03-31SC579860ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-31SC579860ns10:Originalns10:SmallEntities2022-04-012023-03-31SC579860ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-31SC579860ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC579860ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-31SC579860ns10:Originalns10:FullAccounts2022-04-012023-03-31SC579860ns10:EntityHasNeverTradedns10:Original2022-04-012023-03-31SC579860ns10:Originalns10:Director22022-04-012023-03-31SC579860ns10:Originalns10:RegisteredOffice2022-04-012023-03-31SC579860ns10:Original2022-03-31SC579860ns10:Originalns5:CurrentFinancialInstruments2023-03-31SC579860ns10:Originalns5:CurrentFinancialInstruments2022-03-31SC579860ns5:ShareCapitalns10:Original2023-03-31SC579860ns5:ShareCapitalns10:Original2022-03-31SC579860ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-31SC579860ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-31SC579860ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-04-012023-03-31SC579860ns10:Originalns5:LeaseholdImprovements2022-04-012023-03-31SC579860ns10:Originalns5:FurnitureFittings2022-04-012023-03-31SC579860ns10:Original2021-04-012022-03-31SC579860ns10:Originalns5:LandBuildings2022-03-31SC579860ns10:Originalns5:LeaseholdImprovements2022-03-31SC579860ns10:Originalns5:FurnitureFittings2022-03-31SC579860ns10:Original2022-03-31SC579860ns10:Originalns5:LandBuildings2022-04-012023-03-31SC579860ns10:Originalns5:LandBuildings2023-03-31SC579860ns10:Originalns5:LeaseholdImprovements2023-03-31SC579860ns10:Originalns5:FurnitureFittings2023-03-31SC579860ns10:Originalns5:LandBuildings2022-03-31SC579860ns10:Originalns5:LeaseholdImprovements2022-03-31SC579860ns10:Originalns5:FurnitureFittings2022-03-31SC579860ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC579860ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: SC579860 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

GRUNDLEPIN LIMITED

GRUNDLEPIN LIMITED (REGISTERED NUMBER: SC579860)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRUNDLEPIN LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: C Ashworth
J Ashworth





REGISTERED OFFICE: 2 Alexandra Street
Dunfermline
Fife
KY12 0LS





REGISTERED NUMBER: SC579860 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

GRUNDLEPIN LIMITED (REGISTERED NUMBER: SC579860)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 575,958 578,500

CURRENT ASSETS
Debtors 5 3,138 1,152
Cash at bank and in hand 58,348 49,358
61,486 50,510
CREDITORS
Amounts falling due within one year 6 644,248 641,716
NET CURRENT LIABILITIES (582,762 ) (591,206 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,804

)

(12,706

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (6,904 ) (12,806 )
SHAREHOLDERS' FUNDS (6,804 ) (12,706 )

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 directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:




J Ashworth - Director


GRUNDLEPIN LIMITED (REGISTERED NUMBER: SC579860)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Grundlepin 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 at 31 March 2023, the company had liabilities exceeding assets by £6,804 (2022 - £12,706). The company is reliant on the support of related parties to finance its working capital requirements. The directors consider it appropriate to prepare the financial statements on the going concern basis as they expect that this support will continue for the foreseeable future.

TURNOVER
Turnover represents amounts received during the year from holiday lettings and is recognised when the company's obligation has been satisfied.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 2% per annum on cost
Improvements to property - 2% per annum on cost
Fixtures and fittings - 15% per annum reducing balance

The directors believe that the value of heritable property shown in the accounts to represent current market value and no depreciation has been charged.

GRUNDLEPIN LIMITED (REGISTERED NUMBER: SC579860)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

GRUNDLEPIN LIMITED (REGISTERED NUMBER: SC579860)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Heritable to and
property property fittings Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 529,381 39,390 17,745 586,516
DEPRECIATION
At 1 April 2022 - 1,970 6,046 8,016
Charge for year - 787 1,755 2,542
At 31 March 2023 - 2,757 7,801 10,558
NET BOOK VALUE
At 31 March 2023 529,381 36,633 9,944 575,958
At 31 March 2022 529,381 37,420 11,699 578,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,138 1,152

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 644,248 641,716

7. RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £635,000 (2022 - £635,000) due to a company controlled by the directors. This loan is interest free and has no repayment date.

Included in 'Other creditors' is an amount of £7,500 (2022 - £5,176) due to the directors from the company.
This loan is interest free and has no fixed terms of repayment.