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REGISTERED NUMBER: SC197010 (Scotland)















GULFXSTREAM LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






GULFXSTREAM LIMITED (REGISTERED NUMBER: SC197010)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GULFXSTREAM LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: M A Buchanan
Mrs L Buchanan





SECRETARY: Mrs L Buchanan





REGISTERED OFFICE: 7 Valtos
Miavaig
Uig
Isle of Lewis
Western Isles
HS2 9HR





REGISTERED NUMBER: SC197010 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

GULFXSTREAM LIMITED (REGISTERED NUMBER: SC197010)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 963,801 940,108

CURRENT ASSETS
Debtors 5 47,140 64,199
Cash at bank 219,247 103,103
266,387 167,302
CREDITORS
Amounts falling due within one year 6 397,452 317,506
NET CURRENT LIABILITIES (131,065 ) (150,204 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

832,736

789,904

CREDITORS
Amounts falling due after more than one year 7 (302,113 ) (315,938 )

PROVISIONS FOR LIABILITIES (154,782 ) (147,132 )
NET ASSETS 375,841 326,834

CAPITAL AND RESERVES
Called up share capital 13,334 13,334
Capital redemption reserve (193,334 ) (193,334 )
Retained earnings 555,841 506,834
SHAREHOLDERS' FUNDS 375,841 326,834

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

GULFXSTREAM LIMITED (REGISTERED NUMBER: SC197010)

BALANCE SHEET - continued
31 March 2024


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 26 June 2024 and were signed on its behalf by:





M A Buchanan - Director


GULFXSTREAM LIMITED (REGISTERED NUMBER: SC197010)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Gulfxstream 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.
Boats - 15% depreciation on reducing balance
Plant and equipment - 15% depreciation on reducing balance

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.

Hire purchase and leasing commitments
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.

GULFXSTREAM LIMITED (REGISTERED NUMBER: SC197010)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property Boats equipment
£    £    £   
COST
At 1 April 2023 165,731 938,778 78,527
Additions - - -
Disposals - - -
At 31 March 2024 165,731 938,778 78,527
DEPRECIATION
At 1 April 2023 - 193,377 66,832
Charge for year 16,573 - 1,777
Eliminated on disposal - - -
At 31 March 2024 16,573 193,377 68,609
NET BOOK VALUE
At 31 March 2024 149,158 745,401 9,918
At 31 March 2023 165,731 745,401 11,695

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 42,166 3,673 1,228,875
Additions 59,779 - 59,779
Disposals (42,166 ) - (42,166 )
At 31 March 2024 59,779 3,673 1,246,488
DEPRECIATION
At 1 April 2023 26,268 2,290 288,767
Charge for year 1,245 593 20,188
Eliminated on disposal (26,268 ) - (26,268 )
At 31 March 2024 1,245 2,883 282,687
NET BOOK VALUE
At 31 March 2024 58,534 790 963,801
At 31 March 2023 15,898 1,383 940,108

GULFXSTREAM LIMITED (REGISTERED NUMBER: SC197010)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 35,446 64,191
Other debtors 11,694 8
47,140 64,199

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 40,000 44,000
Hire purchase contracts 3,287 5,923
Trade creditors 76,321 33,580
Taxation and social security 2,137 4,798
Other creditors 275,707 229,205
397,452 317,506

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 275,400 311,561
Hire purchase contracts 26,713 4,377
302,113 315,938

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 115,400 135,561

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are loans of £261,956 (2023 : £209,956) from directors.. There are no repayment terms in place and no interest is being charged.

9. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.