IRIS Accounts Production v24.2.0.383 SC405740 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4057402023-08-31SC4057402024-08-31SC4057402023-09-012024-08-31SC4057402022-08-31SC4057402022-09-012023-08-31SC4057402023-08-31SC405740ns15:Scotland2023-09-012024-08-31SC405740ns14:PoundSterling2023-09-012024-08-31SC405740ns10:Director12023-09-012024-08-31SC405740ns10:PrivateLimitedCompanyLtd2023-09-012024-08-31SC405740ns10:SmallEntities2023-09-012024-08-31SC405740ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-31SC405740ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-31SC405740ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-31SC405740ns10:FullAccounts2023-09-012024-08-31SC405740ns10:Director22023-09-012024-08-31SC405740ns10:Director32023-09-012024-08-31SC405740ns10:CompanySecretary12023-09-012024-08-31SC405740ns10:RegisteredOffice2023-09-012024-08-31SC405740ns5:CurrentFinancialInstruments2024-08-31SC405740ns5:CurrentFinancialInstruments2023-08-31SC405740ns5:Non-currentFinancialInstruments2024-08-31SC405740ns5:Non-currentFinancialInstruments2023-08-31SC405740ns5:ShareCapital2024-08-31SC405740ns5:ShareCapital2023-08-31SC405740ns5:FurtherSpecificReserve3ComponentTotalEquity2024-08-31SC405740ns5:FurtherSpecificReserve3ComponentTotalEquity2023-08-31SC405740ns5:RetainedEarningsAccumulatedLosses2024-08-31SC405740ns5:RetainedEarningsAccumulatedLosses2023-08-31SC405740ns5:ComputerEquipment2023-09-012024-08-31SC405740ns5:ComputerEquipment2024-08-31SC405740ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-31SC405740ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-31SC405740ns5:Secured2024-08-31SC405740ns5:Secured2023-08-31SC405740ns5:FurtherSpecificReserve3ComponentTotalEquity2023-08-31
REGISTERED NUMBER: SC405740 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 August 2024

for

Glasgow City Properties Limited

Glasgow City Properties Limited (Registered number: SC405740)






Contents of the Financial Statements
For The Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glasgow City Properties Limited

Company Information
For The Year Ended 31 August 2024







DIRECTORS: M Callaghan
Mrs J M Callaghan
J A D Callaghan





SECRETARY: J A D Callaghan





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC405740 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Glasgow City Properties Limited (Registered number: SC405740)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,130 -
Investment property 5 4,852,048 4,605,221
4,854,178 4,605,221

CURRENT ASSETS
Debtors 6 4,787 3,666
Cash at bank 61,740 121,723
66,527 125,389
CREDITORS
Amounts falling due within one year 7 172,070 243,327
NET CURRENT LIABILITIES (105,543 ) (117,938 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,748,635

4,487,283

CREDITORS
Amounts falling due after more than one year 8 (3,758,202 ) (3,740,131 )

PROVISIONS FOR LIABILITIES (182,530 ) (104,004 )
NET ASSETS 807,903 643,148

CAPITAL AND RESERVES
Called up share capital 3 3
Fair value reserve 10 547,671 379,397
Retained earnings 260,229 263,748
807,903 643,148

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Glasgow City Properties Limited (Registered number: SC405740)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





J A D Callaghan - Director


Glasgow City Properties Limited (Registered number: SC405740)

Notes to the Financial Statements
For The Year Ended 31 August 2024

1. STATUTORY INFORMATION

Glasgow City Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Glasgow City Properties Limited (Registered number: SC405740)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 2,663
At 31 August 2024 2,663
DEPRECIATION
Charge for year 533
At 31 August 2024 533
NET BOOK VALUE
At 31 August 2024 2,130

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 4,605,221
Revaluations 246,827
At 31 August 2024 4,852,048
NET BOOK VALUE
At 31 August 2024 4,852,048
At 31 August 2023 4,605,221

Glasgow City Properties Limited (Registered number: SC405740)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

5. INVESTMENT PROPERTY - continued

On 31st August 2024, the Directors revalued the properties. The Directors have previous experience as owners and operators of an estate agency.

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 4,852,048

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors - 2,256
Other debtors 4,787 1,410
4,787 3,666

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 2,389 -
Taxation and social security 35,593 9,619
Other creditors 134,088 233,708
172,070 243,327

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans 2,560,210 2,564,450
Other creditors 1,197,992 1,175,681
3,758,202 3,740,131

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 2,560,210 2,564,450

The loans are secured against properties.

Glasgow City Properties Limited (Registered number: SC405740)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

10. RESERVES
Fair
value
reserve
£   
At 1 September 2023 379,397
Transfer to fair value reserve 246,827
Deferred tax on revaluation (78,553 )

At 31 August 2024 547,671