Acorah Software Products - Accounts Production 16.2.850 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 SC345996 N Kilgour N Kilgour true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC345996 2023-07-31 SC345996 2024-07-31 SC345996 2023-08-01 2024-07-31 SC345996 frs-core:CurrentFinancialInstruments 2024-07-31 SC345996 frs-core:InvestmentPropertyIncludedWithinPPE 2024-07-31 SC345996 frs-core:InvestmentPropertyIncludedWithinPPE 2023-08-01 2024-07-31 SC345996 frs-core:InvestmentPropertyIncludedWithinPPE 2023-07-31 SC345996 frs-core:LandBuildings 2024-07-31 SC345996 frs-core:LandBuildings 2023-08-01 2024-07-31 SC345996 frs-core:LandBuildings 2023-07-31 SC345996 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC345996 frs-core:MotorVehicles 2023-08-01 2024-07-31 SC345996 frs-core:PlantMachinery 2024-07-31 SC345996 frs-core:PlantMachinery 2023-08-01 2024-07-31 SC345996 frs-core:PlantMachinery 2023-07-31 SC345996 frs-core:ShareCapital 2024-07-31 SC345996 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 SC345996 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC345996 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 SC345996 frs-bus:SmallEntities 2023-08-01 2024-07-31 SC345996 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 SC345996 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC345996 1 2023-08-01 2024-07-31 SC345996 frs-core:CostValuation 2023-07-31 SC345996 frs-core:CostValuation 2024-07-31 SC345996 frs-core:ProvisionsForImpairmentInvestments 2023-07-31 SC345996 frs-core:ProvisionsForImpairmentInvestments 2024-07-31 SC345996 frs-bus:Director1 2023-08-01 2024-07-31 SC345996 frs-bus:Director1 2023-07-31 SC345996 frs-bus:Director1 2024-07-31 SC345996 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 SC345996 frs-countries:Scotland 2023-08-01 2024-07-31 SC345996 2022-07-31 SC345996 2023-07-31 SC345996 2022-08-01 2023-07-31 SC345996 frs-core:CurrentFinancialInstruments 2023-07-31 SC345996 frs-core:ShareCapital 2023-07-31 SC345996 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: SC345996
GSI Events Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: SC345996
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,329,823 1,314,557
Investments 5 100 100
1,329,923 1,314,657
CURRENT ASSETS
Debtors 6 266,671 384,752
Cash at bank and in hand 2,087,178 981,026
2,353,849 1,365,778
Creditors: Amounts Falling Due Within One Year 7 (2,695,001 ) (1,740,945 )
NET CURRENT ASSETS (LIABILITIES) (341,152 ) (375,167 )
TOTAL ASSETS LESS CURRENT LIABILITIES 988,771 939,490
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (21,399 ) (10,868 )
NET ASSETS 967,372 928,622
CAPITAL AND RESERVES
Called up share capital 100 100
Income Statement 967,272 928,522
SHAREHOLDERS' FUNDS 967,372 928,622
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
N Kilgour
Director
27 April 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
GSI Events Ltd is a company registered in Scotland under the Companies Act 2006. The principal activity is as described in the director's report and the registered address is Hillhouse Farm Cottages, Main Street, Kirknewton, EH27 8DR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements the directors have made the following judgements:
- Determined that the accounting policies in place in respect of turnover recognition and measurement are reasonable.
- Determined whether there are indicators of impairment of the tangible assets, investment property and investment in subsidiaries. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
2.3. Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usuallyassociated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
-  it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services (including from event ticket sales) is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measuredreliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance method.
Depreciation is provided on the following basis:
Freehold 2% straight line
Plant & Machinery 15% straight line
Motor Vehicles 20% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
2.5. Investment Properties
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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2.7. Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions avaliable for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
2.10. Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
2.11. Preparation of consolidated financial statements
The financial statements contain information about GSI Events Ltd as an individual company and do not contain consolidated financial information as the parent of agroup. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirement to prepare consolidated financial statements.
Investments in subsidiary undertakings are recognised at cost less impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 23)
26 23
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4. Tangible Assets
Land & Buildings Investment Properties Plant & Machinery etc. Total
£ £ £ £
Cost or Valuation
As at 1 August 2023 1,310,216 205,463 250,963 1,766,642
Additions - - 63,004 63,004
As at 31 July 2024 1,310,216 205,463 313,967 1,829,646
Depreciation
As at 1 August 2023 248,222 - 203,863 452,085
Provided during the period 26,205 - 21,533 47,738
As at 31 July 2024 274,427 - 225,396 499,823
Net Book Value
As at 31 July 2024 1,035,789 205,463 88,571 1,329,823
As at 1 August 2023 1,061,994 205,463 47,100 1,314,557
Investment properties are shown at their historical cost, which is considered by the director to reflect current market value on an existing use basis.
5. Investments
Subsidiaries
£
Cost
As at 1 August 2023 100
As at 31 July 2024 100
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 100
As at 1 August 2023 100
The company's investments in the share capital of other companies relates solely to the following:
Edinburgh Marathon Ltd
Country of incorporation: Scotland
Registered office: Hillhouse Farm Cottage, Main Street, Kirknewton, Scotland, EH27 8DR
Nature of business: Dormant
Ownership: 100% of the issued share capital
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 54,775 169,565
Other debtors 140,993 133,164
195,768 302,729
Due after more than one year
Other debtors 70,903 82,023
266,671 384,752
Other debtors falling due after more than one year relate to deferred tax.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,818 62,929
Other creditors 2,665,189 1,677,322
Taxation and social security 11,994 694
2,695,001 1,740,945
Other creditors include deferred income related to event ticket revenues received in advance totalling £2,651,488 (2023: £1,670,873).
8. Deferred Taxation
The deferred tax asset relates to timing differences associated with recoverable tax losses carried forwards of £70,903 (2023: £82,023). The company has tax losses carried forward of £283,612 (2023: £328,092) available to offset against future trading profits.
The deferred tax provision relates timing differences in respect of accelerated capital allowances of £21,399 (2023: £10,868).
These amounts are calculated at the prevailing higher rate of corporation tax of 25% at the date of these financial statements for the year ended 31 July 2024 and year ended 31 July 2023.
2024 2023
£ £
Other timing differences 21,399 10,868
9. Directors Advances, Credits and Guarantees
Included within Other Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Neil Kilgour 115,469 - 115,469 - -
The above loan is unsecured, interest free and repayable on demand.
10. Ultimate Controlling Party
The company is controlled by N Kilgour, sole director and shareholder.
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