Company No:
Contents
Note | 30.09.2023 | |
£ | ||
Fixed assets | ||
Investments | 4 |
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13,380,860 | ||
Current assets | ||
Debtors | 5 |
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Cash at bank and in hand |
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3,284,035 | ||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (1,428,505) | |
Total assets less current liabilities | 11,952,355 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Glasgow Gait Development Limited (registered number:
James E B Gammell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Glasgow Gait Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Turcan Connell Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Reporting period length covers 9 May 2022 to 30 September 2023 due to extended first year of trade.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Period from 09.05.2022 to 30.09.2023 |
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Number | |
Monthly average number of persons employed by the Company during the period, including unpaid directors |
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Investment property | |
£ | |
Valuation | |
As at 09 May 2022 |
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Additions | 12,500,000 |
Disposals | (12,500,000) |
As at 30 September 2023 |
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Investments in subsidiaries
30.09.2023 | |
£ | |
Cost | |
At 09 May 2022 | 0 |
Additions |
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Disposals | (
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0 | |
At 30 September 2023 |
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Provisions for impairment | |
At 09 May 2022 | 0 |
Impairment |
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Disposals | (
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At 30 September 2023 |
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Carrying value at 30 September 2023 |
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Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 09 May 2022 |
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At 30 September 2023 |
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Provisions for impairment | |||
At 09 May 2022 |
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At 30 September 2023 |
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Carrying value at 30 September 2023 |
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Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at cost less any impairment.
30.09.2023 | |
£ | |
Other debtors |
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30.09.2023 | |
£ | |
Trade creditors |
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Amounts owed to Group undertakings |
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30.09.2023 | |
£ | |
Allotted, called-up and fully-paid | |
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12,500,001 |
On 10th August 2022, the following transactions occurred:
- 9 Ordinary A shares were allotted at 10p per share. This resulted in total share capital of £1.
- The 10 Ordinary A £0.10 shares were consolidated to 1 £1 Ordinary A share.
- 13,910,527 Ordinary A shares were allotted for £1 each. On the same day, 11,128,422 Ordinary B shares were allotted for £1 each. At this stage, the total share capital was £13,910,528 Ordinary A shares and £11,128,422 Ordinary B shares.
- 1,410,527 Ordinary A shares were reclassified as Ordinary B shares. At this stage, the total share capital was £12,500,001 Ordinary A shares and £12,538,949 Ordinary B shares.
On 11th August 2022, 12,538,949 Ordinary B shares of £1 were cancelled; leaving a total share capital balance of 12,500,001 Ordinary A £1 shares.
On 16th June 2023, the Ordinary A shares were reclassified as follows:
- 8,821,918 shares to remain as Ordinary A
- 409,109 shares reclassified as Ordinary B
- 2,005,063 shares reclassified as Ordinary C
- 1,263,911 shares reclassified as Ordinary D
Transactions with owners holding a participating interest in the entity
30.09.2023 | |
£ | |
Amounts owed to Group companies | 4,700,000 |
Amounts owed to Group companies are repayable on demand and do not bear interest.
Parent Company:
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C/O Turcan Connell, Princes Exchange 1 Earl Grey Street, Edinburgh, EH3 9EE |