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Registration number: SC652835

GMR Scotland Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

GMR Scotland Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

GMR Scotland Limited

Company Information

Director

G A M Rose

Registered office

4 Simpson Place
Kilwinning
Ayrshire
KA13 6PT

Accountants

Kelly Accounting Limited
42 Comrie Street
Crieff
Perthshire
PH7 4AX

 

GMR Scotland Limited

(Registration number: SC652835)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

664,370

664,370

Current assets

 

Cash at bank and in hand

 

32

197

Creditors: Amounts falling due within one year

5

(262,781)

(248,362)

Net current liabilities

 

(262,749)

(248,165)

Total assets less current liabilities

 

401,621

416,205

Creditors: Amounts falling due after more than one year

5

(138,610)

(201,550)

Net assets

 

263,011

214,655

Capital and reserves

 

Called up share capital

10

10

Retained earnings

263,001

214,645

Shareholders' funds

 

263,011

214,655

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.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 the financial year and of its profit or loss for each financial year in accordancce 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.

 

GMR Scotland Limited

(Registration number: SC652835)
Balance Sheet as at 31 January 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 

.........................................
G A M Rose
Director

 

GMR Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
4 Simpson Place
Kilwinning
Ayrshire
KA13 6PT

These financial statements were authorised for issue by the director on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.

The accounts have been prepared on a going concern basis.
 

Group accounts not prepared

The financial statements contain information about GMR Scotland Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements..

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

GMR Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investments

2024
£

2023
£

Investments in subsidiaries

664,370

664,370

 

GMR Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 February 2023

664,370

Carrying amount

At 31 January 2024

664,370

At 31 January 2023

664,370

The company acquired the whole of the share capital of WFF Ayrshire Limited on 25 September 2020.

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

WFF Ayrshire Limited

4 Simpson Place
Kilwinning
Ayrshire
KA13 6PT

Scotland

Ordinary

100%

100%

Subsidiary undertakings

WFF Ayrshire Limited

The principal activity of WFF Ayrshire Limited is frozen food distribution..

 

GMR Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

60,000

60,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

158,287

142,613

Taxation and social security

 

-

20,654

Accruals and deferred income

 

840

840

Other creditors

 

43,654

24,255

 

262,781

248,362

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

138,610

201,550

6

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

138,610

201,550

2024
£

2023
£

Current loans and borrowings

Bank borrowings

60,000

60,000

 

GMR Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Loans and borrowings (continued)

Bank borrowings comprise a loan from HSBC. The loan is secured by a floating charge over the assets of the company and its subsidiary, WFF Ayrshire Limited. The loan bears interest at 4.5% over the bank's base rate (currently 5.25% per annum) and is repayable by instalments ending in September 2026.

7

Parent and ultimate parent undertaking

The ultimate controlling party is G A M Rose.