Gormine Limited SC665520 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is blockchain data processing and sale of heat energy Digita Accounts Production Advanced 6.30.9574.0 true true SC665520 2023-07-01 2024-06-30 SC665520 2024-06-30 SC665520 bus:OrdinaryShareClass1 2024-06-30 SC665520 core:CurrentFinancialInstruments 2024-06-30 SC665520 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC665520 core:FurnitureFittingsToolsEquipment 2024-06-30 SC665520 bus:SmallEntities 2023-07-01 2024-06-30 SC665520 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC665520 bus:FilletedAccounts 2023-07-01 2024-06-30 SC665520 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC665520 bus:RegisteredOffice 2023-07-01 2024-06-30 SC665520 bus:Director1 2023-07-01 2024-06-30 SC665520 bus:Director2 2023-07-01 2024-06-30 SC665520 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC665520 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC665520 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 SC665520 core:PlantMachinery 2023-07-01 2024-06-30 SC665520 core:OtherRelatedParties 2023-07-01 2024-06-30 SC665520 countries:Scotland 2023-07-01 2024-06-30 SC665520 2023-06-30 SC665520 core:FurnitureFittingsToolsEquipment 2023-06-30 SC665520 2022-07-01 2023-06-30 SC665520 2023-06-30 SC665520 bus:OrdinaryShareClass1 2023-06-30 SC665520 core:CurrentFinancialInstruments 2023-06-30 SC665520 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC665520 core:FurnitureFittingsToolsEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC665520

Gormine Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Gormine Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Gormine Limited

(Registration number: SC665520)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,652

13,344

Current assets

 

Debtors

5

74,376

47,969

Cash at bank and in hand

 

4,467

20,990

 

78,843

68,959

Creditors: Amounts falling due within one year

6

(196,278)

(134,181)

Net current liabilities

 

(117,435)

(65,222)

Net liabilities

 

(103,783)

(51,878)

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(104,783)

(52,878)

Shareholders' deficit

 

(103,783)

(51,878)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

 

Gormine Limited

(Registration number: SC665520)
Statement of Financial Position as at 30 June 2024

Approved and authorised by the Board on 4 November 2024 and signed on its behalf by:
 

.........................................
Hamish Rowan
Director

.........................................
Oliver Thomson
Director

 

Gormine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
Greenside House
Meigle
Perthshire
PH12 8QY

These financial statements were authorised for issue by the Board on 4 November 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Gormine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Plant and machinery

50% straight line

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.

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.

 

Gormine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 0 (2023 - 0).

 

Gormine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

169,895

169,895

Additions

17,245

17,245

At 30 June 2024

187,140

187,140

Depreciation

At 1 July 2023

156,551

156,551

Charge for the year

16,937

16,937

At 30 June 2024

173,488

173,488

Carrying amount

At 30 June 2024

13,652

13,652

At 30 June 2023

13,344

13,344

5

Debtors

Current

2024
£

2023
£

Trade debtors

45,576

28,219

Other debtors

28,800

19,750

 

74,376

47,969

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

153,955

93,237

Accruals and deferred income

900

875

Other creditors

41,423

40,069

196,278

134,181

 

Gormine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Share capital

Allotted, called up and not fully paid shares

2024

2023

No.

£

No.

£

ordinary of £1 each

1,000

1,000

1,000

1,000

       

8

Related party transactions

Summary of transactions with other related parties

There are Sales and Purchases in this year with a company called Trade Solutions (Scotland) Limited in which the director, Oliver Thomson is also a company director in Gormine Limited. Sales to Trade Solutions (Scotland) Limited totalled £14,464 (Last year £4,810) and Purchases from Trade Solutions (Scotland) Limited totalled £50,599 (Last year £18,278).