Gigha Star Limited 12497614 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property rental. Digita Accounts Production Advanced 6.30.9574.0 true true 12497614 2023-04-01 2024-03-31 12497614 2024-03-31 12497614 core:OtherReservesSubtotal 2024-03-31 12497614 core:RetainedEarningsAccumulatedLosses 2024-03-31 12497614 core:ShareCapital 2024-03-31 12497614 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 12497614 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12497614 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 12497614 bus:SmallEntities 2023-04-01 2024-03-31 12497614 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12497614 bus:FullAccounts 2023-04-01 2024-03-31 12497614 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12497614 bus:RegisteredOffice 2023-04-01 2024-03-31 12497614 bus:Director1 2023-04-01 2024-03-31 12497614 bus:Director2 2023-04-01 2024-03-31 12497614 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12497614 countries:EnglandWales 2023-04-01 2024-03-31 12497614 2022-04-01 2023-03-31 12497614 2023-03-31 12497614 core:OtherReservesSubtotal 2023-03-31 12497614 core:RetainedEarningsAccumulatedLosses 2023-03-31 12497614 core:ShareCapital 2023-03-31 12497614 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12497614 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 12497614

Gigha Star Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Gigha Star Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Gigha Star Limited

(Registration number: 12497614)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

2,048,000

2,062,000

Other financial assets

4

502,987

456,307

 

2,550,987

2,518,307

Current assets

 

Cash at bank and in hand

 

88,308

87,085

Creditors: Amounts falling due within one year

5

(1,966,551)

(1,986,338)

Net current liabilities

 

(1,878,243)

(1,899,253)

Total assets less current liabilities

 

672,744

619,054

Creditors: Amounts falling due after more than one year

6

(366,651)

(394,604)

Provisions for liabilities

(16,452)

(11,152)

Net assets

 

289,641

213,298

Capital and reserves

 

Called up share capital

10

10

Other reserves

44,393

55,733

Profit and loss account

245,238

157,555

Total equity

 

289,641

213,298

 

Gigha Star Limited

(Registration number: 12497614)
Abridged Balance Sheet as at 31 March 2024

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.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 2 November 2024 and signed on its behalf by:
 

Mr G McAulay

Director

Mrs J A McAulay

Director

 

Gigha Star Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the Board on 2 November 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The director has agreed to continue to support the company for at least a period of 12 months after signing the accounts.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Gigha Star Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

456,307

456,307

Fair value adjustments

24,654

24,654

Additions

32,124

32,124

Disposals

(10,098)

(10,098)

At 31 March 2024

502,987

502,987

Carrying amount

At 31 March 2024

502,987

502,987

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,200 (2023 - £23,830)

6

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £394,604 (2023 - £421,155).

Creditors include bank loans repayable by instalments of £293,803 (2023 - 325,837) due after more than five years.