Silverfin false false 05/04/2024 06/04/2023 05/04/2024 Mr J G Baxter 03/02/2010 12 November 2024 The principal activity of the company continued to be that of the provision of property and administration services. The company is a designated member of Gairland LLP but holds no entitlement to participate in the capital or revenue of the LLP. SC371099 2024-04-05 SC371099 bus:Director1 2024-04-05 SC371099 2023-04-05 SC371099 core:CurrentFinancialInstruments 2024-04-05 SC371099 core:CurrentFinancialInstruments 2023-04-05 SC371099 core:ShareCapital 2024-04-05 SC371099 core:ShareCapital 2023-04-05 SC371099 core:RetainedEarningsAccumulatedLosses 2024-04-05 SC371099 core:RetainedEarningsAccumulatedLosses 2023-04-05 SC371099 core:LeaseholdImprovements 2023-04-05 SC371099 core:FurnitureFittings 2023-04-05 SC371099 core:LeaseholdImprovements 2024-04-05 SC371099 core:FurnitureFittings 2024-04-05 SC371099 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-04-05 SC371099 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-05 SC371099 bus:OrdinaryShareClass1 2024-04-05 SC371099 2023-04-06 2024-04-05 SC371099 bus:FilletedAccounts 2023-04-06 2024-04-05 SC371099 bus:SmallEntities 2023-04-06 2024-04-05 SC371099 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SC371099 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 SC371099 bus:Director1 2023-04-06 2024-04-05 SC371099 core:FurnitureFittings 2023-04-06 2024-04-05 SC371099 2022-04-06 2023-04-05 SC371099 core:LeaseholdImprovements 2023-04-06 2024-04-05 SC371099 bus:OrdinaryShareClass1 2023-04-06 2024-04-05 SC371099 bus:OrdinaryShareClass1 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC371099 (Scotland)

GAIRLAND PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

GAIRLAND PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024

Contents

GAIRLAND PROPERTIES LIMITED

BALANCE SHEET

AS AT 05 APRIL 2024
GAIRLAND PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 05 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 25,725 26,844
25,725 26,844
Current assets
Debtors 4 2,934 397
Cash at bank and in hand 2,434 2,044
5,368 2,441
Creditors: amounts falling due within one year 5 ( 241,666) ( 267,392)
Net current liabilities (236,298) (264,951)
Total assets less current liabilities (210,573) (238,107)
Net liabilities ( 210,573) ( 238,107)
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 210,574 ) ( 238,108 )
Total shareholder's deficit ( 210,573) ( 238,107)

For the financial year ending 05 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Gairland Properties Limited (registered number: SC371099) were approved and authorised for issue by the Director on 12 November 2024. They were signed on its behalf by:

Mr J G Baxter
Director
GAIRLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
GAIRLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 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

Gairland Properties 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 14 Chanonry Road South, Elgin, IV30 6NG, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £208,939. The Accounts have been prepared on the going concern basis as the director considers it appropriate to do so. In coming to this conclusion, the director has agreed to financially support the company to ensure that all liabilities are met as they fall due.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of property and administrative services provided in the normal course of business.

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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Fixtures and fittings 25 % reducing balance

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 Profit and Loss Account as described below.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest 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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 5

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Total
£ £ £
Cost
At 06 April 2023 45,852 48,446 94,298
At 05 April 2024 45,852 48,446 94,298
Accumulated depreciation
At 06 April 2023 23,484 43,970 67,454
Charge for the financial year 0 1,119 1,119
At 05 April 2024 23,484 45,089 68,573
Net book value
At 05 April 2024 22,368 3,357 25,725
At 05 April 2023 22,368 4,476 26,844

4. Debtors

2024 2023
£ £
Trade debtors 2,934 397

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,363 9,150
Trade creditors 2,600 1,144
Amounts owed to related parties 227,273 252,108
Other taxation and social security 3,930 3,490
Other creditors 1,500 1,500
241,666 267,392

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Other related party transactions

2024 2023
£ £
Other related parties 227,273 252,108

The above balance is unsecured, interest free and has no fixed terms of repayment.