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REGISTERED NUMBER: SC218173 (Scotland)




















Gary Shek Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023






Gary Shek Limited (Registered number: SC218173)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gary Shek Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mrs E T Y Shek
Mr K W Shek



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC218173 (Scotland)



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



BANKERS: Bank of Scotland
Carberry Road
Mitchelston
Kirkcaldy
Fife
KY1 3PA

Gary Shek Limited (Registered number: SC218173)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 - 100
Investment property 6 225,000 225,000
225,000 225,100

CURRENT ASSETS
Debtors 7 50 864
Cash at bank and in hand 2,198 2,793
2,248 3,657
CREDITORS
Amounts falling due within one year 8 110,189 104,195
NET CURRENT LIABILITIES (107,941 ) (100,538 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

117,059

124,562

CREDITORS
Amounts falling due after more than
one year

9

68,765

83,170
NET ASSETS 48,294 41,392

Gary Shek Limited (Registered number: SC218173)

Balance Sheet - continued
31 July 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 11 (39,088 ) (39,088 )
Retained earnings 86,382 79,480
SHAREHOLDERS' FUNDS 48,294 41,392

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





Mr K W Shek - Director


Gary Shek Limited (Registered number: SC218173)

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

1. STATUTORY INFORMATION

Gary Shek 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 as modified by the revaluation of certain assets.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents rental income recognised based on weekly rent due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value is recognised in the income statement for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair 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.

All loans with related parties are all repayable on demand.


Gary Shek Limited (Registered number: SC218173)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Provisions for liabilities
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 NIL (2022 - NIL).

Gary Shek Limited (Registered number: SC218173)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 38,463
DEPRECIATION
At 1 August 2022
and 31 July 2023 38,463
NET BOOK VALUE
At 31 July 2023 -

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022 100
Disposals (100 )
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 100

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 225,000
NET BOOK VALUE
At 31 July 2023 225,000
At 31 July 2022 225,000

Gary Shek Limited (Registered number: SC218173)

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

6. INVESTMENT PROPERTY - continued

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2017 15,912
Valuation in 2018 (55,000 )
Cost 264,088
225,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 264,088 264,088

Investment property was valued on an open market basis on 9 February 2018 by Shepherd Chartered Surveyors .

In the opinion of the director, there was no significant change in the fair value of the property as at 31 July 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 50 864

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,078 14,969
Taxation and social security 3,508 3,857
Other creditors 91,603 85,369
110,189 104,195

The director's current account is unsecured, interest free and has no fixed repayment period.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 68,765 83,170

Gary Shek Limited (Registered number: SC218173)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,208 16,631

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 83,843 98,139

The Bank of Scotland holds a standard security over the property at 6 North Street in Glenrothes, and a bond and floating charge over undertaking, all property and assets present and future of the company including uncalled capital for all sums due or to become due.

11. RESERVES
Fair
value
reserve
£   
At 1 August 2022
and 31 July 2023 (39,088 )

The fair value reserve represents net revaluation surplus or deficit on investment property that is not readily distributable as realised earnings.