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REGISTERED NUMBER: SC648893 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Gbfc Ltd

Gbfc Ltd (Registered number: SC648893)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gbfc Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: G J J Favier





REGISTERED OFFICE: 59b Manor Place
Edinburgh
EH3 7EG





REGISTERED NUMBER: SC648893 (Scotland)





ACCOUNTANTS: Neil Nisbet & Co.
c/o Neil Nisbet & Co.
Thain House
226 Queensferry Road
Edinburgh
EH4 2BP

Gbfc Ltd (Registered number: SC648893)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 376 597
Investment property 5 362,000 222,345
362,376 222,942

CURRENT ASSETS
Debtors 6 668 1,552
Cash at bank 49,380 3,373
50,048 4,925
CREDITORS
Amounts falling due within one year 7 121,881 114,076
NET CURRENT LIABILITIES (71,833 ) (109,151 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

290,543

113,791

CREDITORS
Amounts falling due after more than one year 8 (257,496 ) (142,695 )

PROVISIONS FOR LIABILITIES (15,841 ) -
NET ASSETS/(LIABILITIES) 17,206 (28,904 )

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 10 35,152 -
Retained earnings (17,947 ) (28,905 )
17,206 (28,904 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Gbfc Ltd (Registered number: SC648893)

Balance Sheet - continued
31 December 2023


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 18 November 2024 and were signed by:





G J J Favier - Director


Gbfc Ltd (Registered number: SC648893)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Gbfc Ltd 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 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.
Plant and machinery etc - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Gbfc Ltd (Registered number: SC648893)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 884
DEPRECIATION
At 1 January 2023 287
Charge for year 221
At 31 December 2023 508
NET BOOK VALUE
At 31 December 2023 376
At 31 December 2022 597

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 229,256
Additions 81,751
Revaluations 50,993
At 31 December 2023 362,000
DEPRECIATION
At 1 January 2023 6,911
Charge for year (6,911 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 362,000
At 31 December 2022 222,345

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 50,993
Cost 311,007
362,000

Gbfc Ltd (Registered number: SC648893)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY - continued

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

31.12.23 31.12.22
£    £   
Cost 311,007 -

The investment properties were valued on an open market basis on 31 December 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 668 1,552

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 121,881 114,076

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 244,655 142,695
Other creditors 12,841 -
257,496 142,695

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 244,655 142,695

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 244,655 142,695

The company has granted individual fixed charges over four of the properties it owns to the mortgage providers of these properties.

Gbfc Ltd (Registered number: SC648893)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. RESERVES
Fair
value
reserve
£   
On revaluation of property 35,152

At 31 December 2023 35,152

11. ULTIMATE CONTROLLING PARTY

The controlling party is G J J Favier.