GYLEWORKS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Company registration number SC616076 (Scotland)
PAGES FOR FILING WITH REGISTRAR
GYLEWORKS LTD
COMPANY INFORMATION
Director
Mr W Gorol
Company number
SC616076
Registered office
44 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
Business address
34 South Gyle Crescent
Edinburgh
Lothian
Scotland
EH12 9EB
GYLEWORKS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
GYLEWORKS LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,276
65,397
Investment property
5
2,740,002
2,717,179
2,785,278
2,782,576
Current assets
Debtors
6
58,455
92,487
Cash at bank and in hand
42,602
183,203
101,057
275,690
Creditors: amounts falling due within one year
7
(1,687,212)
(2,000,071)
Net current liabilities
(1,586,155)
(1,724,381)
Total assets less current liabilities
1,199,123
1,058,195
Provisions for liabilities
(231,114)
(201,877)
Net assets
968,009
856,318
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
9
967,909
856,218
Total equity
968,009
856,318

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 21 August 2024
Mr W Gorol
Director
Company registration number SC616076 (Scotland)
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Gyleworks Ltd is a private company limited by shares incorporated in Scotland. The registered office is 44 Bank Street, Kilmarnock, Ayrshire, KA1 1HA. The principal place of business is 34 South Gyle Crescent, Edinburgh, Lothian, Scotland, EH12 9EB.

1.1
Reporting period

These financial statements cover the twelve months to 30 November 2023 while the comparative amounts cover the eleven month period from 01 January 2022 to 30 November 2022. As a result, the amounts are not entirely comparative.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover relates to rental income from commercial property.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture & Fixtures
15% Straight Line, 25% Straight line
Computer Equipment
33% Straight Line
Office Equipment
25% 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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

No significant judgements have had to be made by the director in preparing these financial statements.

 

The director has made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
Office Equipment
Total
£
£
£
Cost
At 1 December 2022
121,945
2,789
124,734
Additions
347
-
0
347
At 30 November 2023
122,292
2,789
125,081
Depreciation and impairment
At 1 December 2022
56,781
2,556
59,337
Depreciation charged in the year
20,235
233
20,468
At 30 November 2023
77,016
2,789
79,805
Carrying amount
At 30 November 2023
45,276
-
0
45,276
At 30 November 2022
65,164
233
65,397
5
Investment property
2023
£
Fair value
At 1 December 2022
2,717,179
Additions
22,823
At 30 November 2023
2,740,002

Investment property refers to 34 South Gyle Crescent, Edinburgh. In the opinion of the director, the above represents the fair value of the investment property at the balance sheet date.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,252
36,037
Other debtors
26,123
56,164
55,375
92,201
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
6
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
3,080
286
Total debtors
58,455
92,487
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,972
10,042
Taxation and social security
11,928
11,531
Other creditors
1,673,312
1,978,498
1,687,212
2,000,071
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
856,218
772,887
Profit for the year
111,691
83,331
At the end of the year
967,909
856,218

Included within profit and loss reserves are non-distributable profits, as set out below:

2023
2022
£
£
Non-distributable profits included above
At the beginning of the year
768,723
853,162
Non distributable profits in the year
(34,268)
(84,440)
At the end of the year
734,455
768,722
Distributable profits
233,454
87,496
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Enhance Hospitality Ltd

A company of which W. Gorol is a director.

 

The company invoiced £31,650 to Enhance Hospitality Ltd in respect of office rental income, of which £3,300 (2022: £3,096) remained outstanding at the balance sheet date.

 

SIME Investments Limited

A company of which W. Gorol is a director.

 

The company made repayments of £67,947 to SIME Investments Ltd which resulted in a closing balance of £nil (2022: £67,947) owed to SIME Investments Ltd at the balance sheet date.

 

St Fillans Holdings Ltd

A company of which W. Gorol is a director.

 

The company received repayments of £46,580 from St Fillans Holdings Ltd which resulted in a balance of £nil (2022: £46,580) owed by St Fillans Holdings Ltd at the balance sheet date.

 

The TriSaaS Group Limited

A company of which W. Gorol is a director.

 

The company invoiced The TriSaaS Group Ltd for services worth £35,220, of which £3,816 (2022: £3,108) remained due for payment at the balance sheet date.

 

These balances are interest free and repayable on demand.

11
Directors' transactions

During the year W. Gorol withdrew £299,972 from the company and introduced £68,928, which resulted in a balance of £1,600,794 (2022: £1,831,838) owed to the director at the balance sheet date.

 

The director does not seek repayment within any specific time frame, or any interest on this balance.

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