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REGISTERED NUMBER: SC405740 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 August 2023

for

Glasgow City Properties Limited

Glasgow City Properties Limited (Registered number: SC405740)






Contents of the Financial Statements
For The Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glasgow City Properties Limited

Company Information
For The Year Ended 31 August 2023







DIRECTORS: M Callaghan
Mrs J M Callaghan
J A D Callaghan





SECRETARY: J A D Callaghan





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC405740 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Glasgow City Properties Limited (Registered number: SC405740)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,605,221 2,863,143

CURRENT ASSETS
Debtors 5 3,666 20
Cash at bank 121,723 499,307
125,389 499,327
CREDITORS
Amounts falling due within one year 6 243,327 278,289
NET CURRENT (LIABILITIES)/ASSETS (117,938 ) 221,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,487,283

3,084,181

CREDITORS
Amounts falling due after more than one
year

7

(3,740,131

)

(2,925,848

)

PROVISIONS FOR LIABILITIES (104,004 ) -
NET ASSETS 643,148 158,333

CAPITAL AND RESERVES
Called up share capital 3 3
Fair value reserve 9 379,397 -
Retained earnings 263,748 158,330
643,148 158,333

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Glasgow City Properties Limited (Registered number: SC405740)

Balance Sheet - continued
31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:





J A D Callaghan - Director


Glasgow City Properties Limited (Registered number: SC405740)

Notes to the Financial Statements
For The Year Ended 31 August 2023

1. STATUTORY INFORMATION

Glasgow City Properties 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.

Glasgow City Properties Limited (Registered number: SC405740)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 2,863,143
Additions 1,456,370
Disposals (197,693 )
Revaluations 483,401
At 31 August 2023 4,605,221
NET BOOK VALUE
At 31 August 2023 4,605,221
At 31 August 2022 2,863,143

On 31st August 2023, the Directors revalued the properties. The Directors have previous experience as owners and operators of an estate agency.

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2023 4,605,221

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 2,256 -
Other debtors 1,410 20
3,666 20

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Taxation and social security 9,619 -
Other creditors 233,708 278,289
243,327 278,289

Glasgow City Properties Limited (Registered number: SC405740)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 2,564,450 1,637,696
Other creditors 1,175,681 1,288,152
3,740,131 2,925,848

8. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 2,564,450 -

The loans are secured against properties.

9. RESERVES
Fair
value
reserve
£   
Transfer to fair value reserve 483,401
Deferred tax on revaluation (104,004 )

At 31 August 2023 379,397