Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr G S Stevenson 15/07/2022 Mr P A Stevenson 15/07/2022 Mr T S Stevenson 15/07/2022 24 February 2025 The principal activity of the Company during the financial period was the development of property. SC738460 2024-05-31 SC738460 bus:Director1 2024-05-31 SC738460 bus:Director2 2024-05-31 SC738460 bus:Director3 2024-05-31 SC738460 2023-05-31 SC738460 core:CurrentFinancialInstruments 2024-05-31 SC738460 core:CurrentFinancialInstruments 2023-05-31 SC738460 core:ShareCapital 2024-05-31 SC738460 core:ShareCapital 2023-05-31 SC738460 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC738460 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC738460 core:ImmediateParent core:CurrentFinancialInstruments 2024-05-31 SC738460 core:ImmediateParent core:CurrentFinancialInstruments 2023-05-31 SC738460 bus:OrdinaryShareClass1 2024-05-31 SC738460 2023-06-01 2024-05-31 SC738460 bus:FilletedAccounts 2023-06-01 2024-05-31 SC738460 bus:SmallEntities 2023-06-01 2024-05-31 SC738460 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC738460 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC738460 bus:Director1 2023-06-01 2024-05-31 SC738460 bus:Director2 2023-06-01 2024-05-31 SC738460 bus:Director3 2023-06-01 2024-05-31 SC738460 2022-07-15 2023-05-31 SC738460 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 SC738460 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC738460 bus:OrdinaryShareClass1 2022-07-15 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC738460 (Scotland)

GSS NEWBRIDGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

GSS NEWBRIDGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

GSS NEWBRIDGE LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
GSS NEWBRIDGE LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 31.05.2024 31.05.2023
£ £
Current assets
Stocks 3 16,377,451 15,605,375
Debtors 4 10,014 41,939
Cash at bank and in hand 6,347 51,270
16,393,812 15,698,584
Creditors: amounts falling due within one year 5 ( 16,457,586) ( 15,723,176)
Net current liabilities (63,774) (24,592)
Total assets less current liabilities (63,774) (24,592)
Net liabilities ( 63,774) ( 24,592)
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 63,775 ) ( 24,593 )
Total shareholder's deficit ( 63,774) ( 24,592)

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of GSS Newbridge Limited (registered number: SC738460) were approved and authorised for issue by the Board of Directors on 24 February 2025. They were signed on its behalf by:

Mr T S Stevenson
Director
GSS NEWBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
GSS NEWBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

GSS Newbridge Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is The Coach House, 29 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £63,774. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period of 2023 financial statements was a 10 month period from 15 July 2022 to 31 May 2023. Therefore, the results presented are not entirely comparable.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and any other costs relevant to the development of the Newbridge site.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from the parent company are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.05.2024
Period from
15.07.2022 to
31.05.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Stocks

31.05.2024 31.05.2023
£ £
Stocks 16,377,451 15,605,375

The value of stock is made up of costs incurred in the purchase and development of land at Newbridge.

4. Debtors

31.05.2024 31.05.2023
£ £
Other debtors 10,014 41,939

5. Creditors: amounts falling due within one year

31.05.2024 31.05.2023
£ £
Trade creditors 27,526 40,638
Amounts owed to Parent undertakings 16,426,185 15,679,038
Other creditors 3,875 3,500
16,457,586 15,723,176

Amounts owed to parent undertakings are interest free and have no fixed repayment terms.

6. Called-up share capital

31.05.2024 31.05.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

8. Ultimate controlling party

Parent Company:

GSS Developments (Aberdeen) Limited
The Coach House
29 Albyn Place
Aberdeen
AB10 1YL