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Company No: SC315335 (Scotland)

GEDDES CONSULTING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

GEDDES CONSULTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

GEDDES CONSULTING LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
GEDDES CONSULTING LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 106,970 149,522
106,970 149,522
Current assets
Stocks 3,900 3,900
Debtors 4 477,257 463,922
Cash at bank and in hand 591,997 491,508
1,073,154 959,330
Creditors: amounts falling due within one year 5 ( 293,659) ( 293,710)
Net current assets 779,495 665,620
Total assets less current liabilities 886,465 815,142
Creditors: amounts falling due after more than one year 6 ( 4,299) ( 43,633)
Provision for liabilities ( 15,251) ( 24,977)
Net assets 866,915 746,532
Capital and reserves
Called-up share capital 7 121 121
Share premium account 4,985 4,985
Capital redemption reserve 120 120
Profit and loss account 861,689 741,306
Total shareholders' funds 866,915 746,532

For the financial year ending 31 January 2024 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 Geddes Consulting Limited (registered number: SC315335) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

Mr S Salter
Director
GEDDES CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
GEDDES CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

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

General information and basis of accounting

Geddes Consulting 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 17 Bernard Street, Edinburgh, EH6 6PW, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Turnover

Turnover represents amounts receivable for planning advice net of VAT and trade discounts.

Revenue from the provision of planning advice is recognised upon the completion of the service, and when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed asset at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets 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. There have been no impairments noted this year.

Stocks

Work in progress represents the costs associated with professional services delivered to customers still ongoing at the year end. Cost comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in completing the professional services.

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. 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, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at cost.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 217,669 217,669
Additions 6,225 6,225
Disposals ( 6,264) ( 6,264)
At 31 January 2024 217,630 217,630
Accumulated depreciation
At 01 February 2023 68,147 68,147
Charge for the financial year 48,777 48,777
Disposals ( 6,264) ( 6,264)
At 31 January 2024 110,660 110,660
Net book value
At 31 January 2024 106,970 106,970
At 31 January 2023 149,522 149,522

4. Debtors

2024 2023
£ £
Trade debtors 323,143 242,468
Other debtors 154,114 221,454
477,257 463,922

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,887 720
Corporation tax 101,618 123,412
Other taxation and social security 94,949 76,722
Other creditors 93,205 92,856
293,659 293,710

Within other creditors are hire purchase obligation of £39,334 (2023 £38,319). These are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 4,299 43,633

Hire purchase obligations are secured over the assets to which they relate.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,212 Ordinary shares of £ 0.10 each 121 121

8. Financial commitments

Other financial commitments

2024 2023
£ £
Total commitments in relation rental lease 41,635 56,635

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management personnel 120,302 186,848

During the year, advances of £79,692 were made and £148,499 was repaid. Interest of £2,261 was applied to the loan, bringing the closing balance as at 31 January 2024 to £120,302. The loan is unsecured with no fixed repayments terms and interest is charged at a rate of 2.25%.