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COMPANY REGISTRATION NUMBER: SC772363
Gilmerton Healthcare Limited
Filleted Unaudited Abridged Financial Statements
For period ended
31 August 2024
Gilmerton Healthcare Limited
Abridged Financial Statements
Period from 12 June 2023 to 31 August 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Gilmerton Healthcare Limited
Abridged Statement of Financial Position
31 August 2024
31 Aug 24
Note
£
Fixed assets
Intangible assets
5
447,119
Tangible assets
6
22,261
---------
469,380
Current assets
Stocks
57,573
Debtors
129,632
Cash at bank and in hand
236,081
---------
423,286
Creditors: amounts falling due within one year
526,320
---------
Net current liabilities
103,034
---------
Total assets less current liabilities
366,346
Creditors: amounts falling due after more than one year
7
378,216
---------
Net liabilities
11,870
---------
Gilmerton Healthcare Limited
Abridged Statement of Financial Position (continued)
31 August 2024
31 Aug 24
Note
£
Capital and reserves
Called up share capital
104
Profit and loss account
11,974
--------
Shareholders deficit
11,870
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 31 August 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 abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Mrs C Stitt
Director
Company registration number: SC772363
Gilmerton Healthcare Limited
Notes to the Abridged Financial Statements
Period from 12 June 2023 to 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB, Lanarkshire.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the company's ability to continue. The accounts have been prepared on the going concern basis reflecting the continuing support of the directors, who intend to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost . Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 8 .
5. Intangible assets
£
Cost
At 12 June 2023
Additions
558,899
---------
At 31 August 2024
558,899
---------
Amortisation
At 12 June 2023
Charge for the period
111,780
---------
At 31 August 2024
111,780
---------
Carrying amount
At 31 August 2024
447,119
---------
6. Tangible assets
£
Cost
At 12 June 2023
Additions
26,101
--------
At 31 August 2024
26,101
--------
Depreciation
At 12 June 2023
Charge for the period
3,840
--------
At 31 August 2024
3,840
--------
Carrying amount
At 31 August 2024
22,261
--------
7. Creditors: amounts falling due after more than one year
Creditors include amounts payable greater than five years of £116,474.
8. Charges on assets
Creditors include bank loans which are secured of £443,652.
9. Other financial commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The amount of unpaid contributions at the balance sheet date amounted to £226 and are included in other creditors.
10. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.