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REGISTERED NUMBER: SC338570 (Scotland)




















Gilfedder & McInnes Ltd.

Unaudited Financial Statements

for the Year Ended 31 March 2024






Gilfedder & McInnes Ltd. (Registered number: SC338570)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gilfedder & McInnes Ltd.

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr B G Gilfedder



SECRETARY: Ms S Steedman



REGISTERED OFFICE: 10 South Clerk Street
Edinburgh
EH8 9JE



REGISTERED NUMBER: SC338570 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
The Mound
Edinburgh
EH1 1YZ

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,057 598
4,057 598

CURRENT ASSETS
Work in progress 40,000 60,000
Debtors 6 10,758 20,860
Cash at bank and in hand 65,539 81,237
116,297 162,097
CREDITORS
Amounts falling due within one year 7 50,282 68,563
NET CURRENT ASSETS 66,015 93,534
TOTAL ASSETS LESS CURRENT
LIABILITIES

70,072

94,132

CREDITORS
Amounts falling due after more than
one year

8

(9,583

)

(14,890

)

PROVISIONS FOR LIABILITIES (832 ) (158 )
NET ASSETS 59,657 79,084

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 59,557 78,984
SHAREHOLDERS' FUNDS 59,657 79,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 8 October 2024 and were signed by:





Mr B G Gilfedder - Director


Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Gilfedder & McInnes Ltd. 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 and revenue recognition
Turnover represents net invoiced legal aid services, excluding value added tax and is recognised at the point when legal aid is provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Work in progress
Work in progress is valued at full sales value.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
Contributions payable to the employees pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 600,000
AMORTISATION
At 1 April 2023
and 31 March 2024 600,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 27,815
Additions 5,143
At 31 March 2024 32,958
DEPRECIATION
At 1 April 2023 27,217
Charge for year 1,684
At 31 March 2024 28,901
NET BOOK VALUE
At 31 March 2024 4,057
At 31 March 2023 598

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 15,183
DEPRECIATION
At 1 April 2023
and 31 March 2024 15,183
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,304 17,234
Other debtors 3,454 3,626
10,758 20,860

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,000 5,000
Finance leases (see note 9) 723 2,892
Trade creditors - 2,798
Taxation and social security 42,152 55,666
Other creditors 2,407 2,207
50,282 68,563

Included within other creditors is a loan from the director, which is unsecured, interest-free and repayable on demand.

Gilfedder & McInnes Ltd. (Registered number: SC338570)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 9,583 14,167
Finance leases (see note 9) - 723
9,583 14,890

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 723 2,892
Between one and five years - 723
723 3,615

Non-cancellable operating leases
2024 2023
£    £   
Within one year 10,723 12,892
Between one and five years - 723
10,723 13,615