Silverfin false false 30/09/2023 09/05/2022 30/09/2023 Julian Darwell-Stone 11/08/2022 05/08/2022 Fiona M Donaldson 15/03/2023 James E B Gammell 09/05/2022 Peter J T Gammell 09/05/2022 Roderick J Paterson 11/08/2022 09/05/2022 09 February 2024 The principal activity of the Company during the financial period was that of the rental of real estate and making investments. SC731780 2023-09-30 SC731780 bus:Director1 2023-09-30 SC731780 bus:Director2 2023-09-30 SC731780 bus:Director3 2023-09-30 SC731780 bus:Director4 2023-09-30 SC731780 bus:Director5 2023-09-30 SC731780 core:CurrentFinancialInstruments 2023-09-30 SC731780 core:ShareCapital 2023-09-30 SC731780 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC731780 2022-05-08 SC731780 core:AdditionsToInvestments 2023-09-30 SC731780 core:DisposalsDecreaseInInvestments 2023-09-30 SC731780 core:CostValuation 2023-09-30 SC731780 core:ImpairmentLossProvisionsForImpairmentInvestments 2023-09-30 SC731780 core:DisposalsDecreaseInProvisionsForImpairmentInvestments 2023-09-30 SC731780 core:ProvisionsForImpairmentInvestments 2023-09-30 SC731780 core:CostValuation 2022-05-08 SC731780 core:ProvisionsForImpairmentInvestments 2022-05-08 SC731780 bus:OrdinaryShareClass1 2023-09-30 SC731780 bus:OrdinaryShareClass2 2023-09-30 SC731780 bus:OrdinaryShareClass3 2023-09-30 SC731780 bus:OrdinaryShareClass4 2023-09-30 SC731780 2022-05-09 2023-09-30 SC731780 bus:FilletedAccounts 2022-05-09 2023-09-30 SC731780 bus:SmallEntities 2022-05-09 2023-09-30 SC731780 bus:AuditExemptWithAccountantsReport 2022-05-09 2023-09-30 SC731780 bus:PrivateLimitedCompanyLtd 2022-05-09 2023-09-30 SC731780 bus:Director1 2022-05-09 2023-09-30 SC731780 bus:Director2 2022-05-09 2023-09-30 SC731780 bus:Director3 2022-05-09 2023-09-30 SC731780 bus:Director4 2022-05-09 2023-09-30 SC731780 bus:Director5 2022-05-09 2023-09-30 SC731780 core:CurrentFinancialInstruments 2022-05-09 2023-09-30 SC731780 bus:OrdinaryShareClass1 2022-05-09 2023-09-30 SC731780 bus:OrdinaryShareClass2 2022-05-09 2023-09-30 SC731780 bus:OrdinaryShareClass3 2022-05-09 2023-09-30 SC731780 bus:OrdinaryShareClass4 2022-05-09 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC731780 (Scotland)

GLASGOW GAIT DEVELOPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 09 MAY 2022 TO 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

GLASGOW GAIT DEVELOPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 09 MAY 2022 TO 30 SEPTEMBER 2023

Contents

GLASGOW GAIT DEVELOPMENT LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
GLASGOW GAIT DEVELOPMENT LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 30.09.2023
£
Fixed assets
Investments 4 13,380,860
13,380,860
Current assets
Debtors 5 2,759,713
Cash at bank and in hand 524,322
3,284,035
Creditors: amounts falling due within one year 6 ( 4,712,540)
Net current liabilities (1,428,505)
Total assets less current liabilities 11,952,355
Net assets 11,952,355
Capital and reserves
Called-up share capital 7 12,500,001
Profit and loss account ( 547,646 )
Total shareholders' funds 11,952,355

For the financial period ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Glasgow Gait Development Limited (registered number: SC731780) were approved and authorised for issue by the Director on 09 February 2024. They were signed on its behalf by:

James E B Gammell
Director
GLASGOW GAIT DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 09 MAY 2022 TO 30 SEPTEMBER 2023
GLASGOW GAIT DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 09 MAY 2022 TO 30 SEPTEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

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 £.

Going concern

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

Reporting period length covers 9 May 2022 to 30 September 2023 due to extended first year of trade.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.

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

Turnover is recognised at the fair value of the consideration received or receivable for the rental of property and investment income, and is shown net of VAT and other sales related taxes (where applicable).

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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.

Impairment of assets

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
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Fixed asset investments

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

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.

2. Employees

Period from
09.05.2022 to
30.09.2023
Number
Monthly average number of persons employed by the Company during the period, including unpaid directors 3

3. Investment property

Investment property
£
Valuation
As at 09 May 2022 0
Additions 12,500,000
Disposals (12,500,000)
As at 30 September 2023 0

4. Fixed asset investments

Investments in subsidiaries

30.09.2023
£
Cost
At 09 May 2022 0
Additions 25,038,950
Disposals ( 25,038,950)
0
At 30 September 2023 0
Provisions for impairment
At 09 May 2022 0
Impairment 12,500,001
Disposals ( 12,500,001)
At 30 September 2023 0
Carrying value at 30 September 2023 0
Other investments Total
£ £
Carrying value before impairment
At 09 May 2022 13,380,860 13,380,860
At 30 September 2023 13,380,860 13,380,860
Provisions for impairment
At 09 May 2022 0 0
At 30 September 2023 0 0
Carrying value at 30 September 2023 13,380,860 13,380,860

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.

5. Debtors

30.09.2023
£
Other debtors 2,759,713

6. Creditors: amounts falling due within one year

30.09.2023
£
Trade creditors 12,540
Amounts owed to Group undertakings 4,700,000
4,712,540

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

7. Called-up share capital

30.09.2023
£
Allotted, called-up and fully-paid
8,821,918 Ordinary A shares of £ 1.00 each 8,821,918
409,109 Ordinary B shares of £ 1.00 each 409,109
2,005,063 Ordinary C shares of £ 1.00 each 2,005,063
1,263,911 Ordinary D shares of £ 1.00 each 1,263,911
12,500,001

On incorporation, 1 Ordinary A share was issued at 10p per share. This resulted in share capital of £0.10.

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

8. Related party transactions

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.

9. Ultimate controlling party

Parent Company:

Wildwood Capital UK
C/O Turcan Connell, Princes Exchange 1 Earl Grey Street, Edinburgh, EH3 9EE