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Company No: SC494541 (Scotland)

GATESIDE INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

GATESIDE INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

GATESIDE INVESTMENTS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
GATESIDE INVESTMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 20,350 22,200
Tangible assets 4 19,333 21,333
Investments 5 80,374 80,374
120,057 123,907
Current assets
Debtors 6 10,216 8,081
Cash at bank and in hand 7 5,445 6,857
15,661 14,938
Creditors: amounts falling due within one year 8 ( 99,425) ( 76,794)
Net current liabilities (83,764) (61,856)
Total assets less current liabilities 36,293 62,051
Creditors: amounts falling due after more than one year 9 ( 4,939) ( 17,410)
Provision for liabilities 10, 11 ( 2,065) ( 1,957)
Net assets 29,289 42,684
Capital and reserves
Called-up share capital 12 8 8
Profit and loss account 29,281 42,676
Total shareholders' funds 29,289 42,684

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gateside Investments Limited (registered number: SC494541) were approved and authorised for issue by the Board of Directors on 09 September 2024. They were signed on its behalf by:

Russell Neish Bain
Director
GATESIDE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
GATESIDE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gateside Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Caledonian Exchange, 19a Canning Street, Edinburgh, EH3 8HE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents management fees recoverable from group companies. Revenue is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 5 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors, bank balances and loans from fellow group companies are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 37,000 37,000
At 31 March 2024 37,000 37,000
Accumulated amortisation
At 01 April 2023 14,800 14,800
Charge for the financial year 1,850 1,850
At 31 March 2024 16,650 16,650
Net book value
At 31 March 2024 20,350 20,350
At 31 March 2023 22,200 22,200

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 60,000 60,000
At 31 March 2024 60,000 60,000
Accumulated depreciation
At 01 April 2023 38,667 38,667
Charge for the financial year 2,000 2,000
At 31 March 2024 40,667 40,667
Net book value
At 31 March 2024 19,333 19,333
At 31 March 2023 21,333 21,333

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 80,374 80,374
At 31 March 2024 80,374 80,374
Carrying value at 31 March 2024 80,374 80,374
Carrying value at 31 March 2023 80,374 80,374

6. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries (note 13) 10,216 8,081

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 5,445 6,857

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 13,196 12,745
Amounts owed to Group undertakings (note 13) 44,525 61,525
Other creditors 41,704 2,524
99,425 76,794

Bank loans and overdrafts are secured by a floating charge on all company assets.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,939 17,410

Bank loans and overdrafts are secured by a floating charge on all company assets.

10. Provision for liabilities

2024 2023
£ £
Deferred tax 2,065 1,957

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,957) ( 1,716)
Charged to the Statement of Income and Retained Earnings ( 108) ( 241)
At the end of financial year ( 2,065) ( 1,957)

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
6 Ordinary A shares shares of £ 1.00 each 6 6
2 Ordinary B shares shares of £ 1.00 each 2 2
8 8

13. Related party transactions

Transactions with group companies

Amounts owed by own subsidiaries

2024 2023
£ £
amounts due by group undertakings - Abbey Removals and storage 10,216 8,081

Amounts owed to Group undertakings

2024 2023
£ £
amounts due to group undertakings - Precision Removals and storage 44,525 61,525

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2024 2023
£ £
Directors current account 39,304 304

Advances have been made in the year to the directors totalling £29,135 and £68,135 has been repaid. The loan is unsecured and has no fixed terms of repayment.