Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr A Fleming 29/09/2011 Mrs L Fleming 29/09/2011 11 September 2024 The principal activity of the Company during the financial year is the management of holiday lets. SC408393 2024-03-31 SC408393 bus:Director1 2024-03-31 SC408393 bus:Director2 2024-03-31 SC408393 2023-03-31 SC408393 core:CurrentFinancialInstruments 2024-03-31 SC408393 core:CurrentFinancialInstruments 2023-03-31 SC408393 core:ShareCapital 2024-03-31 SC408393 core:ShareCapital 2023-03-31 SC408393 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC408393 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC408393 core:PlantMachinery 2023-03-31 SC408393 core:FurnitureFittings 2023-03-31 SC408393 core:PlantMachinery 2024-03-31 SC408393 core:FurnitureFittings 2024-03-31 SC408393 bus:OrdinaryShareClass1 2024-03-31 SC408393 2023-04-01 2024-03-31 SC408393 bus:FilletedAccounts 2023-04-01 2024-03-31 SC408393 bus:SmallEntities 2023-04-01 2024-03-31 SC408393 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC408393 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC408393 bus:Director1 2023-04-01 2024-03-31 SC408393 bus:Director2 2023-04-01 2024-03-31 SC408393 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC408393 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC408393 2022-04-01 2023-03-31 SC408393 core:PlantMachinery 2023-04-01 2024-03-31 SC408393 core:FurnitureFittings 2023-04-01 2024-03-31 SC408393 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC408393 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC408393 (Scotland)

GAVINBURN COTTAGES LIMITED

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

GAVINBURN COTTAGES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

GAVINBURN COTTAGES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
GAVINBURN COTTAGES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,808 9,780
13,808 9,780
Current assets
Debtors 4 3,247 3,085
Cash at bank and in hand 58,467 56,821
61,714 59,906
Creditors: amounts falling due within one year 5 ( 43,207) ( 39,666)
Net current assets 18,507 20,240
Total assets less current liabilities 32,315 30,020
Provision for liabilities ( 3,276) ( 2,445)
Net assets 29,039 27,575
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 28,939 27,475
Total shareholders' funds 29,039 27,575

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.

Directors' responsibilities:

The financial statements of Gavinburn Cottages Limited (registered number: SC408393) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

Mr A Fleming
Director
GAVINBURN COTTAGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
GAVINBURN COTTAGES 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

Gavinburn Cottages Ltd is a private company limited by shares incorporated in Scotland. The registered office is 6 Braid Drive, Cardross, Dunbartonshire, G82 5QD.

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 presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Reports.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents amounts receivable for holiday let management and is recognised when the service has been performed.

Employee benefits

Short term 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.

Taxation

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 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.

Tangible fixed assets

Tangible fixed assets are initially and subsequently measured at cost, net of depreciation and 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:

Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of 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.

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

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

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.

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 fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 24,390 3,048 27,438
Additions 8,478 0 8,478
At 31 March 2024 32,868 3,048 35,916
Accumulated depreciation
At 01 April 2023 17,094 564 17,658
Charge for the financial year 3,688 762 4,450
At 31 March 2024 20,782 1,326 22,108
Net book value
At 31 March 2024 12,086 1,722 13,808
At 31 March 2023 7,296 2,484 9,780

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 1,600 1,600
Other debtors 1,647 1,485
3,247 3,085

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 585 585
Other creditors 42,622 39,081
43,207 39,666

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to Key management personnel 40,222 36,681

Other related party transactions

2024 2023
£ £
Amounts due from related parties 1,600 1,600