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Registration number: SC751400

GLME Estates Ltd

Unaudited Filleted Financial Statements

for the Period from 24 November 2022 to 30 November 2023

 

GLME Estates Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

GLME Estates Ltd

Company Information

Directors

Mr S Eynon

Mrs M Eynon

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

GLME Estates Ltd

(Registration number: SC751400)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

256,001

Current assets

 

Debtors

5

7,200

Cash at bank and in hand

 

42,286

 

49,486

Creditors: Amounts falling due within one year

6

(297,128)

Net current liabilities

 

(247,642)

Net assets

 

8,359

Capital and reserves

 

Called up share capital

7

(100)

Retained earnings

8,459

Shareholders' funds

 

8,359

 

GLME Estates Ltd

(Registration number: SC751400)
Balance Sheet as at 30 November 2023

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr S Eynon
Director

 

GLME Estates Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

1

General information

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

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 24 September 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

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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

 

GLME Estates Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

Revenue recognition

Turnover comprises the fair value of the consideration derived from rental of commercial property. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

1% Straight Line

 

GLME Estates Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 2.

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

258,587

258,587

At 30 November 2023

258,587

258,587

Depreciation

Charge for the period

2,586

2,586

At 30 November 2023

2,586

2,586

Carrying amount

At 30 November 2023

256,001

256,001

Included within the net book value of land and buildings above is £256,001 in respect of freehold land and buildings.
 

 

GLME Estates Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

5

Debtors

Note

2023
£

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

8

7,200

 

7,200

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

6,767

Other creditors

290,361

297,128

7

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary Share Capital of £1 each

100

100

   
 

GLME Estates Ltd

Notes to the Unaudited Financial Statements for the Period from 24 November 2022 to 30 November 2023

8

Related party transactions

The company operates a loan account with Eycon Ltd, a company controlled by S Eynon.

During the year, the company sold goods and services totalling £11,310 to Eycon Ltd.This was conducted under normal commercial terms.

During the year, the company received loans totalling £290,261 from Eycon Ltd. At the year end, the balance due to Eycon Ltd was £290,261. This loan is unsecured, interest free and has no fixed repayment terms.


The company operates a loan account with Eycon Electrical Limited, a company controlled by S Eynon.

During the year the comapny sold goods and services totalling £7,200 to Eycon Ltd. This was conducted under normal commerical terms. At the year end, the balance due from Eycon Electrical Limited was £7,200.