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REGISTERED NUMBER: SC081314 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Gallowgate Market Limited

Gallowgate Market Limited (Registered number: SC081314)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gallowgate Market Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: R Rakhra





REGISTERED OFFICE: Unit 3, Morris Park
37 Rosyth Road
Glasgow
G5 0YD





REGISTERED NUMBER: SC081314 (Scotland)





ACCOUNTANTS: KPP Glasgow South Ltd
Chartered Certified Accountants
Unit 3 , 37 Rosyth Road
Morris Park
Glasgow
G5 0YE

Gallowgate Market Limited (Registered number: SC081314)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 391,620 392,538
Investments 5 214,642 214,642
606,262 607,180

CURRENT ASSETS
Debtors 6 50,608 50,608
Cash at bank 350,116 320,928
400,724 371,536
CREDITORS
Amounts falling due within one year 7 125,736 125,846
NET CURRENT ASSETS 274,988 245,690
TOTAL ASSETS LESS CURRENT
LIABILITIES

881,250

852,870

CREDITORS
Amounts falling due after more than one
year

8

69,172

71,387
NET ASSETS 812,078 781,483

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 811,978 781,383
SHAREHOLDERS' FUNDS 812,078 781,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 each financial year and of its profit or loss for each financial year in accordance 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.

Gallowgate Market Limited (Registered number: SC081314)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





R Rakhra - Director


Gallowgate Market Limited (Registered number: SC081314)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Gallowgate Market Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 386,417 6,192 5,536 398,145
DEPRECIATION
At 1 January 2023 - 2,872 2,735 5,607
Charge for year - 498 420 918
At 31 December 2023 - 3,370 3,155 6,525
NET BOOK VALUE
At 31 December 2023 386,417 2,822 2,381 391,620
At 31 December 2022 386,417 3,320 2,801 392,538

Gallowgate Market Limited (Registered number: SC081314)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 214,642
NET BOOK VALUE
At 31 December 2023 214,642
At 31 December 2022 214,642

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Clyde Knitwear Limited 40,000 40,000
Associated company - VAT payment 10,608 10,608
50,608 50,608

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Tax 7,391 7,802
VAT 1,725 1,587
Other creditors 850 850
Directors' current accounts 112,266 111,896
Accrued Expenses 3,504 3,711
125,736 125,846

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Mortgage 69,172 71,387

Amounts falling due in more than five years:

Repayable by instalments
Mortgage 69,172 71,387

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100