GS(KILMARNOCK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registration No. SC305954 (Scotland)
PAGES FOR FILING WITH REGISTRAR
GS(KILMARNOCK) LIMITED
COMPANY INFORMATION
Directors
Mr G Haugh
Mr S Harrison
Secretary
Mr S Harrison
Company number
SC305954
Registered office
Glenorchy
Greenock Road
Bishopton
Renfrewshire
Scotland
PA7 5AP
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
GS(KILMARNOCK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GS(KILMARNOCK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
80,687
69,831
Investment property
5
670,000
670,000
750,687
739,831
Current assets
Debtors
6
527,441
530,441
Cash at bank and in hand
97,512
165,377
624,953
695,818
Creditors: amounts falling due within one year
7
(65,830)
(141,537)
Net current assets
559,123
554,281
Total assets less current liabilities
1,309,810
1,294,112
Creditors: amounts falling due after more than one year
8
(41,261)
(34,540)
Provisions for liabilities
(26,243)
(24,180)
Net assets
1,242,306
1,235,392
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
10
1,242,206
1,235,292
Total equity
1,242,306
1,235,392

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

GS(KILMARNOCK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr G Haugh
Mr S Harrison
Director
Director
Company registration number SC305954 (Scotland)
GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

GS(Kilmarnock) Limited is a private company limited by shares incorporated in Scotland. The registered office is Glenorchy, Greenock Road, Bishopton, Renfrewshire, Scotland, PA7 5AP.

1.1
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.

1.2
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:

Fixtures and fittings
20% on cost
Motor vehicles
20% on cost

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.

1.3
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.

1.4
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.

1.5
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.

1.6
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.

GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.

1.8
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.

1.9
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.

1.10
Retirement benefits

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

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -

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

 

The directors have made key assumptions in the determination of the fair value of investment properties in respect of the state of the property market in the locations where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.

3
Employees

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

2023
2022
Number
Number
Total
2
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
90,621
Additions
28,980
At 31 December 2023
119,601
Depreciation and impairment
At 1 January 2023
20,790
Depreciation charged in the year
18,124
At 31 December 2023
38,914
Carrying amount
At 31 December 2023
80,687
At 31 December 2022
69,831
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
670,000

Investment property refers to commercial and residential properties held for rental purposes and, in the opinion of the directors, the above represents their fair values at the balance sheet date.

GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
527,441
530,441
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
-
0
3,525
Corporation tax
6,819
6,397
Other taxation and social security
-
0
1,497
Other creditors
49,011
120,118
65,830
141,537
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Other creditors
27,094
10,373
41,261
34,540

The Clydesdale Bank holds a fixed and floating charge over the assets and undertakings of the company in respect of all monies due to them.

9
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
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,235,292
1,306,654
Profit/(loss) for the year
6,914
(71,362)
At the end of the year
1,242,206
1,235,292
GS(KILMARNOCK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Profit and loss reserves
(Continued)
- 7 -

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
46,522
46,522
At the beginning and end of the year
46,522
46,522
Distributable profits
1,195,684
1,188,770
11
Directors' transactions

During the year to 31 December 2023, the company received loans of £80,000 from, and made repayments of £5,022 to, its directors. This resulted in a balance of £34,625 (2022 - £109,603) owed by the company at the balance sheet date.

 

No interest is charged on this balance and it is repayable on demand.

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