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REGISTERED NUMBER: SC087989 (Scotland)












UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

GBY GROUP LIMITED

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


GBY GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: K Kelly





REGISTERED OFFICE: 512 Blochairn Road
Glasgow
G21 2DZ





REGISTERED NUMBER: SC087989 (Scotland)





ACCOUNTANTS: Donachie Chartered Accountants
2nd Floor
Templeton House
62 Templeton Street
Glasgow
G40 1DA

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,837,560 1,787,242

CURRENT ASSETS
Stocks 5 524,592 557,674
Debtors 6 652,148 750,365
Cash at bank 409,954 193,958
1,586,694 1,501,997
CREDITORS
Amounts falling due within one year 7 1,310,965 967,135
NET CURRENT ASSETS 275,729 534,862
TOTAL ASSETS LESS CURRENT LIABILITIES 2,113,289 2,322,104

CREDITORS
Amounts falling due after more than one year 8 (31,894 ) (352,087 )

PROVISIONS FOR LIABILITIES 12 (247,940 ) (247,940 )
NET ASSETS 1,833,455 1,722,077

CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Fair value reserve 14 1,118,126 1,118,126
Retained earnings 14 665,329 553,951
SHAREHOLDERS' FUNDS 1,833,455 1,722,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 1 November 2024 and were signed by:




K Kelly - Director


GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 50,000 810,832 1,001,908 1,862,740

Changes in equity
Dividends - (811,841 ) - (811,841 )
Total comprehensive income - 554,960 116,218 671,178
Balance at 30 April 2023 50,000 553,951 1,118,126 1,722,077

Changes in equity
Dividends - (170,000 ) - (170,000 )
Total comprehensive income - 281,378 - 281,378
Balance at 30 April 2024 50,000 665,329 1,118,126 1,833,455

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

GBY Group 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received, net of VAT and represents the supply of services under contracts.

Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to the customer, which can be reliably measured and it is probable that the economic benefit associated with the sale will flow to the entity.

Rental income is recognised when the company is entitled to receive income based on the contractual agreement in force.

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.
Heritable and investment properties - 2% Straight line
Improvements to property - Over the term of the lease
Plant and machinery - 20% Reducing balance

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using a first in first out method and includes the normal cost of transporting stock to its present location, together with a proportion of relevant overheads.

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.

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

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
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

Debtors and creditors that fall due within one year
Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction (invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the profit and loss and shown within administrative expenses.

Investment property
Investment property is measured at fair value. The surplus or deficit arising from changes in fair value are recognised in the income statement for the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Heritable
and Improvements
investment to Plant and
properties property machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 1,880,000 68,741 74,845 2,023,586
Additions - - 76,470 76,470
At 30 April 2024 1,880,000 68,741 151,315 2,100,056
DEPRECIATION
At 1 May 2023 106,444 64,423 65,477 236,344
Charge for year 5,600 3,385 17,167 26,152
At 30 April 2024 112,044 67,808 82,644 262,496
NET BOOK VALUE
At 30 April 2024 1,767,956 933 68,671 1,837,560
At 30 April 2023 1,773,556 4,318 9,368 1,787,242

Cost or valuation at 30 April 2024 is represented by:

Heritable
and Improvements
investment to Plant and
properties property machinery Totals
£    £    £    £   
Valuation in 1998 43,964 - - 43,964
Valuation in 2004 327,794 - - 327,794
Valuation in 2006 120,000 - - 120,000
Valuation in 2008 730,000 - - 730,000
Valuation in 2014 (150,000 ) - - (150,000 )
Valuation in 2023 200,000 - - 200,000
Cost 608,242 68,741 151,315 828,298
1,880,000 68,741 151,315 2,100,056

If the properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 608,242 608,242
Aggregate depreciation 225,315 237,480

It is the opinion of the director that, as at the balance sheet date the fair value of the existing use of the investment property is fairly stated in the financial statements.

The heritable trading property is carried at the directors valuation. The value is assessed by the director on an annual basis for impairment. No impairment is considered necessary for the current year.

Corporation tax of approximately £247,940 (2023 - £247,940) would arise if the investment property was disposed at its fair value.

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
Additions 62,640
At 30 April 2024 62,640
DEPRECIATION
Charge for year 12,528
At 30 April 2024 12,528
NET BOOK VALUE
At 30 April 2024 50,112

5. STOCKS
2024 2023
£    £   
Stocks 524,592 557,674

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 635,789 698,107
Other debtors 15,122 51,398
Prepayments 1,237 860
652,148 750,365

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 340,271 63,329
Hire purchase contracts (see note 10) 18,792 -
Trade creditors 783,741 655,153
Corporation tax 86,654 146,910
Social security and other taxes 14,497 16,808
VAT 48,473 61,371
Directors' current accounts 780 714
Accruals and deferred income 17,757 22,850
1,310,965 967,135

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 11,536 352,087
Hire purchase contracts (see note 10) 20,358 -
31,894 352,087

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 340,271 63,329

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 340,595

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,536 11,492

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,792 -
Between one and five years 20,358 -
39,150 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 29,462 38,692
Between one and five years 44,000 62,462
In more than five years 594,000 605,000
667,462 706,154

The company entered into a 99 year agreement to lease land from Glasgow City Council in 1984. The annual lease commitment is £11,000.

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 39,150 -
Bank term loans 330,271 383,923
369,421 383,923

Bank loan and overdrafts are secured against assets of the company. Royal Bank of Scotland plc holds a 1st standard security over the company's property and a bond and floating charge over all other assets.

The Company has a term loans with Royal Bank of Scotland plc totalling £330,271 (2023: £383,923). The loan is repayable in full by November 2024.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 247,940 247,940

Deferred
tax
£   
Balance at 1 May 2023 247,940
Balance at 30 April 2024 247,940

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary Shares £1 50,000 50,000

14. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2023 553,951 1,118,126 1,672,077
Profit for the year 281,378 281,378
Dividends (170,000 ) (170,000 )
At 30 April 2024 665,329 1,118,126 1,783,455

GBY GROUP LIMITED (REGISTERED NUMBER: SC087989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
K Kelly
Balance outstanding at start of year (714 ) (69,531 )
Amounts advanced 169,934 184,317
Amounts repaid (170,000 ) (115,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (780 ) (714 )

16. RELATED PARTY DISCLOSURES

The company considers key management, to be its director.

17. PARENT COMPANY

The controlling party is K Kelly.

GBY Group Limited is a 100% subsidiary of GBY Holdings Limited, a company incorporated in Scotland, which is under the control of K Kelly.