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REGISTERED NUMBER: SC143817 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

GCN (SCOTLAND) LIMITED

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GCN (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Nigel Kirkpatrick
Thomas Buchanan



REGISTERED OFFICE: 4d Auchingramont Road
Hamilton
ML3 6JT



BUSINESS ADDRESS: Unit 2F
Garrion Business Park
Smith Avenue
Wishaw
ML2 0RY



REGISTERED NUMBER: SC143817 (Scotland)



ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT



BANKERS: The Royal Bank of Scotland plc
Wishaw Main Street Branch
98 Main Street
Wishaw
ML2 7LU



SOLICITORS: Freelands
139 Main Street
Wishaw
ML2 7AU

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,262,752 1,238,450
Investments 5 349,029 349,029
1,611,781 1,587,479

CURRENT ASSETS
Stocks 25,772 25,976
Debtors 6 1,218,504 1,128,576
Cash at bank and in hand 491,573 469,795
1,735,849 1,624,347
CREDITORS
Amounts falling due within one year 7 1,371,414 1,402,042
NET CURRENT ASSETS 364,435 222,305
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,976,216

1,809,784

CREDITORS
Amounts falling due after more than one
year

8

(99,603

)

(26,957

)

PROVISIONS FOR LIABILITIES (51,212 ) (39,027 )
NET ASSETS 1,825,401 1,743,800

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,825,399 1,743,798
SHAREHOLDERS' FUNDS 1,825,401 1,743,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 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 29 January 2025 and were signed on its behalf by:




Nigel Kirkpatrick - Director



Thomas Buchanan - Director


GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

GCN (Scotland) 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 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.

Rendering of services
Turnover from the rendering of services, namely the provision of logistics services, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the effective interest method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate.

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Fixed asset investments
Fixed asset investments are shown at the most recent valuations. Movements in these valuations are recognised in the income statement.

Provisions for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 98 (2023 - 93 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 1,184,772 223,845 815,206 2,223,823
Additions - 15,290 132,000 147,290
At 30 April 2024 1,184,772 239,135 947,206 2,371,113
DEPRECIATION
At 1 May 2023 196,021 141,517 647,835 985,373
Charge for year 23,695 24,450 74,843 122,988
At 30 April 2024 219,716 165,967 722,678 1,108,361
NET BOOK VALUE
At 30 April 2024 965,056 73,168 224,528 1,262,752
At 30 April 2023 988,751 82,328 167,371 1,238,450

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 292,794
Additions 132,000
Transfer to ownership (260,304 )
At 30 April 2024 164,490
DEPRECIATION
At 1 May 2023 190,903
Charge for year 37,569
Transfer to ownership (176,687 )
At 30 April 2024 51,785
NET BOOK VALUE
At 30 April 2024 112,705
At 30 April 2023 101,891

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 May 2023
and 30 April 2024 349,029
NET BOOK VALUE
At 30 April 2024 349,029
At 30 April 2023 349,029

Cost or valuation at 30 April 2024 is represented by:

Other
investments
£   
Valuation in 2015 6,331
Valuation in 2016 (4,542 )
Valuation in 2017 6,837
Valuation in 2018 (9,382 )
Valuation in 2019 1,257
Valuation in 2020 7,004
Valuation in 2021 (1,548 )
Valuation in 2022 (14,356 )
Valuation in 2023 357,428
349,029

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. FIXED ASSET INVESTMENTS - continued

If fixed asset investments had not been revalued they would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 359,221 359,221

Fixed asset investments were valued on an open market basis on 6 September 2022 by La Mondiale Europartner SA .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 893,872 823,144
Other debtors 324,632 305,432
1,218,504 1,128,576

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 46,517 9,952
Hire purchase contracts 28,005 26,316
Trade creditors 491,355 578,204
Corporation tax 15,045 21,764
P.A.Y.E. and N.I.C. 37,697 33,722
VAT 597,809 632,170
Other creditors 11,846 8,747
Directors' loan 27,875 27,875
Accrued charges 115,265 63,292
1,371,414 1,402,042

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans - 2-5 years 12,483 22,435
Hire purchase contracts 87,120 4,522
99,603 26,957

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Hire purchase contracts 115,125 30,838

Hire purchase and finance lease creditors are secured against the assets to which they relate.

GCN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC143817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the directors amounting to £27,875 (2023: £27,875).