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Registration number: SC474763

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Gain Advantage Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Gain Advantage Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 10

iXBRL Detailed Profit and Loss Account

11

 

Gain Advantage Ltd

Company Information

Directors

Ian Houston Graham

Registered office

101 Herries Road
Glasgow
G41 4AN

Bankers

Santander
Bridle Road
Bootle
L30 4GB

Accountants

RGA Scotland Limited Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Gain Advantage Ltd

Director's Report for the Year Ended 31 July 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director of the company

The director who held office during the year was as follows:

Ian Houston Graham

Principal activity

The principal activity of the company has been project engineering and product development

Director's responsibilities

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 Section 1A - Small Entities, the applicable Financial Reporting Standard. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

make judgements and accounting estimates that are reasonable and prudent;

select suitable accounting policies and apply them consistently;

Small companies provision statement

This report has 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.

Approved and authorised by the director on 16 January 2025
 

.........................................
Ian Houston Graham
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Gain Advantage Ltd
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gain Advantage Ltd for the year ended 31 July 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Gain Advantage Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Gain Advantage Ltd and state those matters that we have agreed to state to the Board of Directors of Gain Advantage Ltd, as a body, in this report.

This is in accordance with the requirements of the ACCA and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gain Advantage Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Gain Advantage Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gain Advantage Ltd. You consider that Gain Advantage Ltd is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Gain Advantage Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

16 January 2025

 

Gain Advantage Ltd

Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

 

69,483

24,545

Cost of sales

 

(2,104)

(1,415)

Gross profit

 

67,379

23,130

Administrative expenses

 

(27,067)

(11,878)

Operating profit

 

40,312

11,252

Other interest receivable and similar income

 

16

1,850

Profit before tax

4

40,328

13,102

Tax on profit

 

(8,941)

(743)

Profit for the financial year

 

31,387

12,359

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Gain Advantage Ltd

(Registration number: SC474763)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

250

400

Current assets

 

Debtors

6

38,295

37,020

Cash at bank and in hand

 

51,766

20,735

 

90,061

57,755

Creditors: Amounts falling due within one year

7

(43,513)

(26,745)

Net current assets

 

46,548

31,010

Net assets

 

46,798

31,410

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

46,698

31,310

Shareholders' funds

 

46,798

31,410

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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 director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 16 January 2025
 

.........................................
Ian Houston Graham
Director

 

Gain Advantage Ltd

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

100

31,311

31,411

Profit for the year

-

31,387

31,387

Dividends

-

(16,000)

(16,000)

At 31 July 2024

100

46,698

46,798

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

22,951

23,051

Profit for the year

-

12,359

12,359

Dividends

-

(4,000)

(4,000)

At 31 July 2023

100

31,310

31,410

 

Gain Advantage Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
101 Herries Road
Glasgow
G41 4AN

These financial statements were authorised for issue by the director on 16 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gain Advantage Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Gain Advantage Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

150

310

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

2,758

2,758

At 31 July 2024

2,758

2,758

Depreciation

At 1 August 2023

2,358

2,358

Charge for the year

150

150

At 31 July 2024

2,508

2,508

Carrying amount

At 31 July 2024

250

250

At 31 July 2023

400

400

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,870

1,595

Other debtors

35,425

35,425

 

38,295

37,020

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

29,407

20,675

Taxation and social security

 

12,806

4,970

Accruals and deferred income

 

1,300

1,100

 

43,513

26,745

 

Gain Advantage Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Director current account

29,407

20,675

 

Gain Advantage Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 July 2024

2024
£

2023
£

Turnover/revenue

69,483

24,545

Cost of sales

Travel and subsistence

(2,104)

(1,415)

Gross profit

67,379

23,130

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,522)

(1,497)

Advertising, promotions and marketing costs

(697)

(723)

Client entertaining costs

(337)

-

Depreciation of property, plant and equipment

(150)

(310)

Wages and salaries excluding directors

(9,800)

(3,200)

Salaries and fees, directors

(12,200)

(4,000)

Bank charges

(192)

(90)

Insurance costs

(112)

(112)

Printing, postage and stationery

(35)

(18)

Subscriptions

(412)

(387)

Other costs

(1,610)

(1,541)

Other operating income

Other items

Profit on ordinary activities before finance charges and interest

40,312

11,252

Bank interest and similar income receivable

16

1,850

Profit on ordinary activities before taxation

40,328

13,102

Tax on profit or loss on ordinary activities

(8,941)

(743)

Profit for the financial year

31,387

12,359