Company registration number SC404115 (Scotland)
GTFA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GTFA LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
GTFA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investment property
4
2,000,000
1,400,000
Current assets
Cash and cash equivalents
82,950
136,020
Current liabilities
5
(1,515,337)
(1,632,145)
Net current liabilities
(1,432,387)
(1,496,125)
Total assets less current liabilities
567,613
(96,125)
Provisions for liabilities
(93,980)
(136,172)
Net assets/(liabilities)
473,633
(232,297)
Equity
Called up share capital
1
1
Retained earnings
473,632
(232,298)
Total equity
473,633
(232,297)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 13 September 2024
Dr N.S Murray
Director
Company registration number SC404115 (Scotland)
GTFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
GTFA Limited is a private company limited by shares incorporated in Scotland. The registered office is at Princes Exchange, 1 Earl Grey Street, Edinburgh, Scotland, EH3 9EE.
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 £.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or notes. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis notwithstanding the excess of liabilities over assets at the balance sheet date. The director is confident that the company will be able to generate sufficient profits to remedy the shortfall from the future rentals generated by the company's investment property. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.true
1.3
Revenue
Turnover represents rent and service charges receivable and is recognised to the extent that there is a right to consideration under the rental agreements and is recorded at the value of the consideration due.
1.4
Property, plant and equipment
Property, plant and equipment 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:
Office furniture and equipment
Straight line over 5 years
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at the estimated fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
GTFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability of another entity. They 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, and loans from the parent trust that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost.
1.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
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. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
2
Employees
There were no employees during the year or the prior year.
GTFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
82,548
Depreciation and impairment
At 1 April 2023 and 31 March 2024
82,548
Carrying amount
At 31 March 2024
At 31 March 2023
4
Investment property
2024
£
Fair value
At 1 April 2023
1,400,000
Revaluation
600,000
At 31 March 2024
2,000,000
The investment property was professionally valued on the current market basis by Allied Surveyors Scotland on 6 August 2024 at £2,000,000. The director considers this to be the estimated fair value as at the balance sheet date.
5
Current liabilities
2024
2023
£
£
Corporation tax
17,878
13,232
Other payables
1,497,459
1,618,913
1,515,337
1,632,145
6
Financial commitments, guarantees and contingent liabilities
The company has granted a charge over its freehold land to satisfy various restrictions placed on the use of the land by the original seller.
7
Related party transactions
At 31 March 2024, £1,475,000 (2023: £1,600,000) was owed to the Rowling 2000 Trust. This loan is interest free, unsecured and repayable on demand.