Silverfin false false 31/03/2024 01/04/2023 31/03/2024 David Wishart Kerr 17 August 2024 The principal activity of the Company continued to be that of property letting. SC026631 2024-03-31 SC026631 2023-03-31 SC026631 core:CurrentFinancialInstruments 2024-03-31 SC026631 core:CurrentFinancialInstruments 2023-03-31 SC026631 core:ShareCapital 2024-03-31 SC026631 core:ShareCapital 2023-03-31 SC026631 core:RevaluationReserve 2024-03-31 SC026631 core:RevaluationReserve 2023-03-31 SC026631 core:CapitalRedemptionReserve 2024-03-31 SC026631 core:CapitalRedemptionReserve 2023-03-31 SC026631 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC026631 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC026631 bus:OrdinaryShareClass1 2024-03-31 SC026631 2023-04-01 2024-03-31 SC026631 bus:FilletedAccounts 2023-04-01 2024-03-31 SC026631 bus:SmallEntities 2023-04-01 2024-03-31 SC026631 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC026631 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC026631 bus:Director1 2023-04-01 2024-03-31 SC026631 2022-04-01 2023-03-31 SC026631 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC026631 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC026631 (Scotland)

GORDON & SMITH (GROCERS) LIMITED

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

GORDON & SMITH (GROCERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

GORDON & SMITH (GROCERS) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
GORDON & SMITH (GROCERS) LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 230,000 230,000
230,000 230,000
Current assets
Debtors 4 857 704
Cash at bank and in hand 112,120 110,179
112,977 110,883
Creditors: amounts falling due within one year 5 ( 32,761) ( 31,383)
Net current assets 80,216 79,500
Total assets less current liabilities 310,216 309,500
Provision for liabilities 6 ( 28,288) ( 28,288)
Net assets 281,928 281,212
Capital and reserves
Called-up share capital 7 300 300
Revaluation reserve 165,948 165,948
Capital redemption reserve 500 500
Profit and loss account 115,180 114,464
Total shareholders' funds 281,928 281,212

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Gordon & Smith (Grocers) Limited (registered number: SC026631) were approved and authorised for issue by the Director on 17 August 2024. They were signed on its behalf by:

David Wishart Kerr
Director
GORDON & SMITH (GROCERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
GORDON & SMITH (GROCERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Gordon & Smith (Grocers) 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 28 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, 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 invoiced rental income and is recognised in the financial statements when cash has been received or is a receivable.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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 cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and preference shares 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. If not, they are presented as non-current liabilities. 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 proceeds received, net of transaction costs. 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 the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 230,000
As at 31 March 2024 230,000

Valuation

The Company's investment property was fair valued by the director at 31 March 2020 to £230,000. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, by the director and by reference to a valuation by an independent valuer during the year. The director considers this to reflect the fair value at 31 March 2024.

4. Debtors

2024 2023
£ £
Other debtors 857 704

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,379 540
Taxation and social security 2,348 2,452
Other creditors 29,034 28,391
32,761 31,383

6. Provision for liabilities

2024 2023
£ £
Deferred tax 28,288 28,288

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
300 Ordinary shares of £ 1.00 each 300 300