Company registration number 03545093 (England and Wales)
THE GLASGOW COUNTING HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
THE GLASGOW COUNTING HOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE GLASGOW COUNTING HOUSE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
5,800,000
5,800,000
Current assets
Debtors
4
359,019
68,420
Cash at bank and in hand
1,624
621,288
360,643
689,708
Creditors: amounts falling due within one year
5
(3,294,885)
(3,800,582)
Net current liabilities
(2,934,242)
(3,110,874)
Net assets
2,865,758
2,689,126
Capital and reserves
Called up share capital
884,607
884,607
Revaluation reserve
6
206,644
206,644
Profit and loss reserves
1,774,507
1,597,875
Total equity
2,865,758
2,689,126
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 4 October 2024
R Yan
Director
Company Registration No. 03545093
THE GLASGOW COUNTING HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
The Glasgow Counting House Limited is a private company limited by shares incorporated in Scotland. The registered office is Ventura Park Road, Tamworth, England, B78 3HL..
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
1.3
Investment property
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 fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
THE GLASGOW COUNTING HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
3
Investment property
2023
£
Fair value
At 1 September 2022 and 31 August 2023
5,800,000
Investment property comprises of The Counting House Glasgow. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,544
Other debtors
359,019
65,876
359,019
68,420
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,848,805
2,469,325
Amounts owed to group undertakings
283,430
317,086
Taxation and social security
153,863
57,711
Other creditors
1,008,787
956,460
3,294,885
3,800,582
6
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
206,644
206,644
THE GLASGOW COUNTING HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
7
Related party transactions
2023
2022
Amounts due to related parties
£
£
Other related parties
283,430
317,086
The above loan is unsecured, interest free and has no fixed terms of repayment.