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REGISTERED NUMBER: SC399980 (Scotland)















Unaudited Financial Statements for the Year Ended 31st May 2024

for

Glasgow Commercial Properties Limited

Glasgow Commercial Properties Limited (Registered number: SC399980)

Contents of the Financial Statements
for the Year Ended 31st May 2024










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 4


Glasgow Commercial Properties Limited

Company Information
for the Year Ended 31st May 2024







DIRECTORS: Mrs M L Brophy
Mrs M C Philip
Mrs M Roarty





REGISTERED OFFICE: 2 Montgomery Drive
Giffnock
Glasgow
G46 6PY





REGISTERED NUMBER: SC399980 (Scotland)





ACCOUNTANTS: McLaughlin Crolla LLP
77/2 Hanover Street
Edinburgh
EH2 1EE

Glasgow Commercial Properties Limited

Report of the Accountants to the Directors of
Glasgow Commercial Properties Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st May 2024 set out on pages four to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






McLaughlin Crolla LLP
77/2 Hanover Street
Edinburgh
EH2 1EE


1st October 2024

Glasgow Commercial Properties Limited (Registered number: SC399980)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,520 8,221
Investment property 5 647,644 647,644
655,164 655,865

CURRENT ASSETS
Debtors 6 150,367 122,725
Cash at bank 187,151 220,482
337,518 343,207
CREDITORS
Amounts falling due within one year 7 171,630 191,703
NET CURRENT ASSETS 165,888 151,504
TOTAL ASSETS LESS CURRENT LIABILITIES 821,052 807,369

CAPITAL AND RESERVES
Called up share capital 737,074 737,074
Retained earnings 83,978 70,295
SHAREHOLDERS' FUNDS 821,052 807,369

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 1st October 2024 and were signed on its behalf by:





Mrs M L Brophy - Director


Glasgow Commercial Properties Limited (Registered number: SC399980)

Notes to the Financial Statements
for the Year Ended 31st May 2024


1. STATUTORY INFORMATION

Glasgow Commercial Properties 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.
Improvements to property - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Glasgow Commercial Properties Limited (Registered number: SC399980)

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


4. TANGIBLE FIXED ASSETS
Improvement
to
property
£   
Cost
At 1st June 2023 25,136
Additions 1,730
At 31st May 2024 26,866
Depreciation
At 1st June 2023 16,915
Charge for year 2,431
At 31st May 2024 19,346
Net book value
At 31st May 2024 7,520
At 31st May 2023 8,221

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1st June 2023
and 31st May 2024 647,644
Net book value
At 31st May 2024 647,644
At 31st May 2023 647,644

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 110 548
Other debtors 150,000 121,800
Prepayments and accrued income 257 377
150,367 122,725

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 150,000 150,000
Trade creditors 850 139
Tax 5,720 6,982
Directors' loan accounts 12,540 32,242
Accruals and deferred income 2,520 2,340
171,630 191,703

8. RELATED PARTY DISCLOSURES

Other loans relate to loans received from family trusts. The loans are interest free and repayable on demand.