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GXY UK LIMITED

Registered Number
SC753191
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2024

GXY UK LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

SU, Ms Xiaoyu
ZHANG, Gang

Registered Address

14a Nicolson Street
Edinburgh
EH8 9DH

Registered Number

SC753191 (Scotland)
GXY UK LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets332,569-
Tangible assets442,969-
Investment property5412,240-
487,778-
Current assets
Debtors65,829-
Cash at bank and on hand2,2902
8,1192
Creditors amounts falling due within one year7(291,628)-
Net current assets (liabilities)(283,509)2
Total assets less current liabilities204,2692
Creditors amounts falling due after one year8(230,437)-
Net assets(26,168)2
Capital and reserves
Called up share capital22
Profit and loss account(26,170)-
Shareholders' funds(26,168)2
The financial statements were approved and authorised for issue by the Board of Directors on 10 February 2025, and are signed on its behalf by:
ZHANG, Gang
Director
Registered Company No. SC753191
GXY UK LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover represents the value of rental income receivable for the year.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
The lease premium is amortised over the 12 year term of the lease.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings6.67
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year00
3.Intangible assets

Other

Total

££
Cost or valuation
Additions35,00035,000
At 31 May 2435,00035,000
Amortisation and impairment
Charge for year2,4312,431
At 31 May 242,4312,431
Net book value
At 31 May 2432,56932,569
At 31 May 23--
4.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
Additions50,00050,000
At 31 May 2450,00050,000
Depreciation and impairment
Charge for year7,0317,031
At 31 May 247,0317,031
Net book value
At 31 May 2442,96942,969
At 31 May 23--
5.Investment property
The director's consider the costs of the property to be an accurate valuation at the year end.

£
Additions412,240
At 31 May 24412,240
6.Debtors: amounts due within one year

2024

2023

££
Deferred tax asset, debtors5,829-
Total5,829-
7.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts17,333-
Other creditors266,755-
Accrued liabilities and deferred income7,540-
Total291,628-
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts230,437-
Total230,437-
9.Related party transactions
Included within other creditors is a loan balance due to the director's amounted to £36,400 (2023: nil) at the year end.