Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetrue17false2023-01-01false17truefalse SC146007 2023-01-01 2023-12-31 SC146007 2021-09-01 2022-12-31 SC146007 2023-12-31 SC146007 2022-12-31 SC146007 1 2023-01-01 2023-12-31 SC146007 1 2021-09-01 2022-12-31 SC146007 d:Director1 2023-01-01 2023-12-31 SC146007 d:Director2 2023-01-01 2023-12-31 SC146007 d:Director3 2023-01-01 2023-12-31 SC146007 d:Director4 2023-01-01 2023-12-31 SC146007 d:Director5 2023-01-01 2023-12-31 SC146007 d:Director6 2023-01-01 2023-12-31 SC146007 d:Director7 2023-01-01 2023-12-31 SC146007 d:RegisteredOffice 2023-01-01 2023-12-31 SC146007 e:PlantMachinery 2023-01-01 2023-12-31 SC146007 e:PlantMachinery 2023-12-31 SC146007 e:PlantMachinery 2022-12-31 SC146007 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC146007 e:MotorVehicles 2023-01-01 2023-12-31 SC146007 e:MotorVehicles 2023-12-31 SC146007 e:MotorVehicles 2022-12-31 SC146007 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC146007 e:FurnitureFittings 2023-01-01 2023-12-31 SC146007 e:FurnitureFittings 2023-12-31 SC146007 e:FurnitureFittings 2022-12-31 SC146007 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC146007 e:OfficeEquipment 2023-01-01 2023-12-31 SC146007 e:OfficeEquipment 2023-12-31 SC146007 e:OfficeEquipment 2022-12-31 SC146007 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC146007 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC146007 e:Goodwill 2023-12-31 SC146007 e:Goodwill 2022-12-31 SC146007 e:CurrentFinancialInstruments 2023-12-31 SC146007 e:CurrentFinancialInstruments 2022-12-31 SC146007 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 SC146007 e:ReportableOperatingSegment1 2021-09-01 2022-12-31 SC146007 e:UKTax 2023-01-01 2023-12-31 SC146007 e:UKTax 2021-09-01 2022-12-31 SC146007 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC146007 e:RetainedEarningsAccumulatedLosses 2023-12-31 SC146007 e:RetainedEarningsAccumulatedLosses 2021-09-01 2022-12-31 SC146007 e:RetainedEarningsAccumulatedLosses 2022-12-31 SC146007 e:RetainedEarningsAccumulatedLosses 2021-09-01 SC146007 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC146007 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 SC146007 d:OrdinaryShareClass1 2023-01-01 2023-12-31 SC146007 d:OrdinaryShareClass1 2023-12-31 SC146007 d:OrdinaryShareClass1 2022-12-31 SC146007 d:FRS102 2023-01-01 2023-12-31 SC146007 d:Audited 2023-01-01 2023-12-31 SC146007 d:FullAccounts 2023-01-01 2023-12-31 SC146007 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC146007 e:Subsidiary1 2023-01-01 2023-12-31 SC146007 e:Subsidiary1 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary2 2023-01-01 2023-12-31 SC146007 e:Subsidiary2 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary3 2023-01-01 2023-12-31 SC146007 e:Subsidiary3 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary4 2023-01-01 2023-12-31 SC146007 e:Subsidiary4 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary5 2023-01-01 2023-12-31 SC146007 e:Subsidiary5 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary6 2023-01-01 2023-12-31 SC146007 e:Subsidiary6 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary7 2023-01-01 2023-12-31 SC146007 e:Subsidiary7 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary8 2023-01-01 2023-12-31 SC146007 e:Subsidiary8 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary9 2023-01-01 2023-12-31 SC146007 e:Subsidiary9 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary10 2023-01-01 2023-12-31 SC146007 e:Subsidiary10 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary11 2023-01-01 2023-12-31 SC146007 e:Subsidiary11 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary12 2023-01-01 2023-12-31 SC146007 e:Subsidiary12 1 2023-01-01 2023-12-31 SC146007 e:Subsidiary13 2023-01-01 2023-12-31 SC146007 e:Subsidiary13 1 2023-01-01 2023-12-31 SC146007 2 2023-01-01 2023-12-31 SC146007 6 2023-01-01 2023-12-31 SC146007 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC146007










GC GROUP LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GC GROUP LIMITED
 

COMPANY INFORMATION


Directors
Mr A Blaney 
Mrs M Blaney 
Mrs M Patrick 
Mr L Blaney 
Mr C Blaney 
Mr S Davidson 
Mrs C Sinclair 




Registered number
SC146007



Registered office
Unit 10 Springkerse Trade Park
Craig Leith Road

Stirling

FK7 7GN




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
GC GROUP LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 - 22


 
GC GROUP LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the Strategic Report for the period ended 31 December 2023.

Business review
 
In common with many businesses of this size, the business environment in which the Company operates continues to be challenging. 
The Company's financial risk management objectives aim to ensure sufficient working capital is available. This is achieved by daily management of cash resources and suitable banking facilities. Other than this, the use of financial instruments is not material for the assessment of the assets, liabilities, financial position and profit for the company.

Principal risks and uncertainties
 
The recent economic and political uncertainty is without doubt hindering growth within the sector. Material price inflation is also considered a risk which is currently difficult to quantify. Despite these risks and an extremely competitive market, the Directors are confident that the diverse product range and a customer base who place a high value on quality and service, mitigates much of the risk to future profitability. 

Future developments
 
The Company continues to look for opportunities to expand into new geographical areas through the acquisition of additional subsidiaries and organic growth.

Key performance indicators
 
The Directors consider the following to be the major key performance indicators:

2023
2022


 
Revenue

£1,604,309

£1,979,560
 
Gross Profit

51%

50%
 
Net Assets

£3,151,940

£3,098,988
 


This report was approved by the board on 23 September 2024 and signed on its behalf.



Mr L Blaney
Director

Page 1

 
GC GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company in the period under review was that of sale of blinds, curtains and soft furnishings.

Results and dividends

The profit for the year, after taxation, amounted to £52,952 (2022 - £237,916).

No dividends were paid in the current or prior financial periods.

Directors

The directors who served during the year were:

Mr A Blaney 
Mrs M Blaney 
Mrs M Patrick 
Mr L Blaney 
Mr C Blaney 
Mr S Davidson 
Mrs C Sinclair 

Page 2

 
GC GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 September 2024 and signed on its behalf.
 





Mr L Blaney
Director

Page 3

 
GC GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED
 

Opinion


We have audited the financial statements of GC Group Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
GC GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
GC GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
GC GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Douglas Rae (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

24 September 2024
Page 7

 
GC GROUP LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 4 
1,604,309
1,979,560

Cost of sales
  
(792,511)
(981,117)

Gross profit
  
811,798
998,443

Administrative expenses
  
(740,324)
(697,788)

Operating profit
 5 
71,474
300,655

Interest receivable and similar income
 9 
9,286
2,067

Profit before tax
  
80,760
302,722

Tax on profit
 10 
(27,808)
(64,806)

Profit after tax
  
52,952
237,916

  

  

Retained earnings at the beginning of the year
  
3,097,988
2,860,072

Profit for the year
  
52,952
237,916

Retained earnings at the end of the year
  
3,150,940
3,097,988
The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
GC GROUP LIMITED
REGISTERED NUMBER: SC146007

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible fixed assets
  
12,309
16,091

Investments
 13 
3,106,360
3,106,360

  
3,118,669
3,122,451

Current assets
  

Stocks
 14 
16,622
21,425

Debtors: amounts falling due within one year
 15 
6,485,597
5,884,070

Cash at bank and in hand
  
900,670
1,269,458

  
7,402,889
7,174,953

Creditors: amounts falling due within one year
 16 
(7,369,618)
(7,198,416)

Net current assets/(liabilities)
  
 
 
33,271
 
 
(23,463)

Net assets
  
3,151,940
3,098,988


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Profit and loss account
 20 
3,150,940
3,097,988

  
3,151,940
3,098,988


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




Mr L Blaney
Director

The notes on pages 10 to 22 form part of these financial statements.

Page 9

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GC Group Limited is a private company limited by shares domiciled in Scotland with registration number SC146007. The registered office is Unit 10 Springkerse Trade Park, Craig Leith Road, Stirling, Scotland, FK7 7GN. 
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Crest Properties (Scotland) Ltd. (SC206660) as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company 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 preparing the financial statements.

Page 10

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 11

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, and is provided on the following basis:.

Depreciation is provided on the following basis:

Plant and machinery
-
8-20% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% straight line
Office equipment
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

Page 13

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies 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. 
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment valuations
Investments in subsidiary undertakings are included at cost. A review of the carrying value is undertaken at each balance sheet date and any permanent diminuation in value adjusted accordingly.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of blinds, curtains & soft furnishings
1,604,309
1,979,560


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible assets
3,782
7,363

Profit/loss on disposal of tangible fixed assets
-
2,894

Other operating lease rentals
26,234
33,907

Page 14

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,000
7,250

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
237,620
295,016

Social security costs
15,043
27,216

Cost of defined contribution scheme
220,669
56,586

473,332
378,818


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
17
17

Page 15

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
44,416
51,029

Company contributions to defined contribution pension schemes
217,003
50,666

261,419
101,695


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
9,286
2,067

9,286
2,067

Page 16

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
27,791
64,772

Adjustments in respect of previous periods
(20)
(433)


Deferred tax


Origination and reversal of timing differences
37
467

Taxation on profit on ordinary activities
 
27,808
 
64,806

Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
80,760
302,722


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
18,995
57,517

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,648
7,492

Capital allowances for year/period in excess of depreciation
(41)
200

Adjustments to tax charge in respect of prior periods
(20)
(433)

Short-term timing difference leading to an increase (decrease) in taxation
37
467

Other timing differences leading to an increase (decrease) in taxation
189
-

Group relief
-
(437)

Total tax charge for the year/period
27,808
64,806


Factors that may affect future tax charges

From 1 April 2023 the main rate of corporation tax increased to 25%.

Page 17

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
210,000



At 31 December 2023

210,000



Amortisation


At 1 January 2023
210,000



At 31 December 2023

210,000



Net book value



At 31 December 2023
-



At 31 December 2022
-




12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
28,450
16,095
26,136
12,999
83,680



At 31 December 2023

28,450
16,095
26,136
12,999
83,680



Depreciation


At 1 January 2023
27,894
13,549
20,911
5,235
67,589


Charge for the year on owned assets
165
637
2,084
896
3,782



At 31 December 2023

28,059
14,186
22,995
6,131
71,371



Net book value



At 31 December 2023
391
1,909
3,141
6,868
12,309



At 31 December 2022
556
2,546
5,225
7,764
16,091

Page 18

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,106,360



At 31 December 2023
3,106,360





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Aberdeen Blind Company Limited
Ordinary
100%
Baileys Blinds Limited
Ordinary
100%
Blinds4You Limited
Ordinary
100%
Cruickshanks Blinds Ltd
Ordinary
100%
Dutton & Gavin (Textiles) Limited
Ordinary
100%
Grampian Blinds Limited
Ordinary
100%
John King & Son Limited
Ordinary
100%
Rainbow Blinds & Fabrics Limited
Ordinary
100%
Scotblinds Larbert Limited
Ordinary
100%
Sunrite Blinds Limited
Ordinary
100%
Sutherland Blinds Limited
Ordinary
100%
VBS Centurion Blinds Ltd
Ordinary
100%
The Shutter Company Limited
Ordinary
100%

All subsidiary undertakings are registered in the United Kingdom.


14.


Stocks

2023
2022
£
£

Raw materials and consumables
194
346

Work in progress (goods to be sold)
16,428
21,079

16,622
21,425


Page 19

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£
£


Trade debtors
120,350
126,269

Amounts owed by group undertakings
3,532,060
3,502,005

Other debtors
2,634,430
2,154,167

Prepayments and accrued income
192,142
94,977

Deferred taxation
6,615
6,652

6,485,597
5,884,070



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
133,618
92,066

Amounts owed to group undertakings
7,164,108
6,947,573

Corporation tax
27,661
64,772

Other taxation and social security
29,165
72,403

Other creditors
3,269
12,146

Accruals and deferred income
11,797
9,456

7,369,618
7,198,416



17.


Securities and guarantees

 The Company has granted security over its assets by way of a floating charge.

Page 20

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Deferred taxation




2023


£






At beginning of year
6,652


Charged to profit or loss
(37)



At end of year
6,615

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
6,615
6,652

6,615
6,652


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



20.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £220,669 (2022 - £56,586). There were no amounts (2022 - £nil) due to be paid to the fund at the balance sheet date. 


22.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.

Page 21

 
GC GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Transactions with directors

Advances or credits have been granted by the Company to its directors as follows:

Opening balance
Amounts advanced
Amounts repaid 
Closing balance
        £
        £
        £
        £
Loan

65,145

74,128

(66,000)
 
73,273
 


24.


Related party transactions

The ultimate parent company is detailed in the controlling party note.
The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.
The directors consider themselves to be the only key management personnel and their remuneration for the period is disclosed in Note 8.

Transactions with associated companies
During the year the Company entered into the following transactions with related parties:


2023
2022
£
£



Other related parties - sales
-
1,247

Other related parties - purchases
(63,091)
(70,915)

Amounts due from associated companies
The following amounts were outstanding at the reporting end date:


2023
2022
£
£



Other related parties
2,554,608
2,044,956


25.


Controlling party

The immediate and ultimate parent undertaking is Crest Properties (Scotland) Ltd, a company registered in Scotland with registration number SC206660. 
Crest Properties (Scotland) Ltd is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2023. The consolidated financial statements of Crest Properties (Scotland) Ltd are available from Crest Properties (Scotland) Ltd, 8 Pendreich Road, Bridge Of Allan, Stirling, Stirlingshire, FK9 4LY. The consolidated accounts are also publicly available from Companies House.


Page 22