Company Registration No. SC254127 (Scotland)
Gael Force Properties and Investments Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Gael Force Properties and Investments Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
Gael Force Properties and Investments Limited
Balance sheet
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
361
1,804
Investment property
5
4,604,542
4,589,929
Investments
6
303,612
301,942
4,908,515
4,893,675
Current assets
Debtors
7
998,853
976,042
Cash at bank and in hand
54,314
101,093
1,053,167
1,077,135
Creditors: amounts falling due within one year
8
(224,154)
(258,990)
Net current assets
829,013
818,145
Total assets less current liabilities
5,737,528
5,711,820
Creditors: amounts falling due after more than one year
9
(2,201,000)
(2,335,000)
Provisions for liabilities
(95,290)
(95,290)
Net assets
3,441,238
3,281,530
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
3,441,237
3,281,529
Total equity
3,441,238
3,281,530
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
S Graham
Director
Company Registration No. SC254127
Gael Force Properties and Investments Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information
Gael Force Properties and Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is 136 Anderson Street, Inverness, IV3 8DH.
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 and fixed asset investments at fair value. The principal accounting policies adopted are set out below.
Gael Force Properties and Investments Limited is a wholly owned subsidiary of Gael Force Group Holdings Limited. The results of Gael Force Properties and Investments Limited are included in the consolidated financial statements of Gael Force Group Holdings Limited which are publicly available.
1.2
Going concern
The group prepares projections which demonstrate their ability to continue to meet all liabilities as they fall due. true
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in the preparation of the financial statements.
1.3
Turnover
Turnover represents rental income and recharged property expenses and is recognised on the accruals basis.
Dividend income from investments is recognised when the shareholder's right to receive payment has been established. These amounts have been included within interest receivable and similar income.
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:
Fixtures and fittings
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.
Gael Force Properties and Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.6
Fixed asset investments
Fixed asset investments in quoted shares, traded bonds and similar investments are initially measured at cost and subsequently at fair value at the reporting date. Gains and losses on revaluation are recognised in profit and loss.
1.7
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).
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Interests in listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expenses to profit or loss as incurred.
Gael Force Properties and Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
1.10
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.
1.11
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.
Gael Force Properties and Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.12
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting 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.
Gael Force Properties and Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
6
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuation
Investment properties are included on the balance sheet at fair value. Calculation of this fair value requires estimation taking into account the condition of the property and the current property market. The directors utilise experienced third party professional valuers in arriving at these valuations.
At the year end the carrying value of the investment properties was £4,604,542.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
7,053
Depreciation and impairment
At 1 January 2023
5,249
Depreciation charged in the year
1,443
At 31 December 2023
6,692
Carrying amount
At 31 December 2023
361
At 31 December 2022
1,804
Gael Force Properties and Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
5
Investment property
2023
£
Fair value
At 1 January 2023
4,589,929
Additions
14,613
At 31 December 2023
4,604,542
Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation made on an on-going market basis carried out by Graham Sibbald Chartered Surveyors in April 2021, and assessed by the directors, taking into account formal valuations alongside current and future development prospects of the sites.
The directors consider this to remain representative of the fair value of the investment properties as at 31 December 2023.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
3,159,007
3,144,394
Accumulated depreciation
-
-
Carrying amount
3,159,007
3,144,394
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
303,612
301,942
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
301,942
Valuation changes
1,670
At 31 December 2023
303,612
Carrying amount
At 31 December 2023
303,612
At 31 December 2022
301,942
Gael Force Properties and Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,612
30,542
Amounts owed by group undertakings
920,715
881,508
Other debtors
15,526
63,992
998,853
976,042
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
134,000
134,000
Trade creditors
1,000
913
Amounts owed to group undertakings
89,154
71,250
Corporation tax
51,659
Other creditors
1,168
224,154
258,990
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
2,201,000
2,335,000
10
Loans
2023
2022
£
£
Bank loans
2,335,000
2,469,000
Payable within one year
134,000
134,000
Payable after one year
2,201,000
2,335,000
The bank loans are secured by a bond and floating charge over the whole assets of the company and by standard security over the quay and industrial premises at Inverness, property at Island Road, Stornoway, the warehouse, offices and land at Anderson Street, Inverness and property at Strathcarron.
Bank loan is repayable in 20 quarterly instalments followed by a balloon repayment with interest payable at LIBOR plus an interest margin of 1.8%.
Gael Force Properties and Investments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
9
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property revaluation
95,290
95,290
There were no deferred tax movements in the year.
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Eunice McAdam
Statutory Auditors:
Saffery LLP
Date of audit report:
16 September 2024
14
Financial commitments, guarantees and contingent liabilities
There is a cross corporate guarantee in place between Gael Force Properties and Investments Limited and Gael Force Group Limited.
15
Parent company
The parent company of Gael Force Properties and Investments Limited and the smallest group which the company is consolidated into is Gael Force Group Holdings Limited.
The ultimate parent company is Gael Force Group Holdings Limited and the registered office is 136
Anderson Street, Inverness, IV3 8DH.
2023-12-312023-01-01false16 September 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedStewart GrahamCraig GrahamRhiann SwansonR FosterfalseSC2541272023-01-012023-12-31SC2541272023-12-31SC2541272022-12-31SC254127core:OtherPropertyPlantEquipment2023-12-31SC254127core:OtherPropertyPlantEquipment2022-12-31SC254127core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC254127core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC254127core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC254127core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC254127core:CurrentFinancialInstruments2023-12-31SC254127core:CurrentFinancialInstruments2022-12-31SC254127core:ShareCapital2023-12-31SC254127core:ShareCapital2022-12-31SC254127core:RetainedEarningsAccumulatedLosses2023-12-31SC254127core:RetainedEarningsAccumulatedLosses2022-12-31SC254127bus:Director12023-01-012023-12-31SC254127core:FurnitureFittings2023-01-012023-12-31SC2541272022-01-012022-12-31SC254127core:OtherPropertyPlantEquipment2022-12-31SC254127core:OtherPropertyPlantEquipment2023-01-012023-12-31SC2541272022-12-31SC254127core:WithinOneYear2023-12-31SC254127core:WithinOneYear2022-12-31SC254127core:Non-currentFinancialInstruments2023-12-31SC254127core:Non-currentFinancialInstruments2022-12-31SC254127bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC254127bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC254127bus:FRS1022023-01-012023-12-31SC254127bus:Audited2023-01-012023-12-31SC254127bus:Director22023-01-012023-12-31SC254127bus:Director32023-01-012023-12-31SC254127bus:CompanySecretary12023-01-012023-12-31SC254127bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP