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Registration number: SC217271

Gladstones Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Gladstones Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Gladstones Limited

Company Information

Director

J Blackwood

Company secretary

W T A Craig

Registered office




Registered number

23 Jarnac Court
Dalkeith
Midlothian
EH22 1HU

SC217271 (Scotland)
 

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Gladstones Limited
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gladstones Limited for the year ended 30 November 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Gladstones Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that Gladstones Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gladstones Limited. You consider that Gladstones Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gladstones Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

20 May 2025

 

Gladstones Limited

(Registration number: SC217271)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

6

23,458

28,491

Tangible assets

7

3,163

2,853

 

26,621

31,344

Current assets

 

Debtors

8

3,479

2,064

Cash at bank and in hand

 

124,196

156,535

 

127,675

158,599

Creditors: Amounts falling due within one year

9

(125,580)

(165,509)

Net current assets/(liabilities)

 

2,095

(6,910)

Total assets less current liabilities

 

28,716

24,434

Creditors: Amounts falling due after more than one year

9

(35,485)

(54,370)

Net liabilities

 

(6,769)

(29,936)

Capital and reserves

 

Called up share capital

10

1,000

1,000

Other reserves

4,067

7,389

Retained earnings

(11,836)

(38,325)

Shareholders' deficit

 

(6,769)

(29,936)

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

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2025
 

.........................................
J Blackwood
Director

 

Gladstones Limited

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

1

General information

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

The address of its registered office and place of business is:
23 Jarnac Court
Dalkeith
Midlothian
EH22 1HU
UK

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.


The presentation currency is sterling.

Revenue recognition

Turnover represents commissions receivable during the period, exclusive of value added tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, less residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% straight line

Equipment

20% straight line

Goodwill

Goodwill arising on the acquisition of a landlord portfolio represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

 

Gladstones Limited

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

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
 

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank that is readily convertible to a known amount of cash and is subject to an insignificant risk of change in value.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

The company operates a defined contribution plan which is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company has a basic financial liability, an interest free loan from its now former parent undertaking which is repayable over eight years.
 Recognition and measurement
These financial statements state transactions and balances in accordance with the requirements for basic financial instruments under FRS 102 rather than the face value of the transactions stated in the loan agreement. The loan principal has been discounted to present value using a rate of interest assessed as market rate and the resultant measurement difference has been credited to the capital contribution reserve.

Interest calculated at the market rate of interest is initially charged to the profit and loss account and subsequently transferred from the profit and loss reserve to the capital contribution reserve.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Gladstones Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,114

3,400

Amortisation expense

5,033

4,843

Director's remuneration

7,800

9,600

Directors pensions (Defined contribution)

54,047

37,101

 

5

Taxation

Current taxation

2024
 £

2023
 £

Corporation tax charge

5,545

3,915

5,545

3,915

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

150,329

150,329

At 30 November 2024

150,329

150,329

Amortisation

At 1 December 2023

121,838

121,838

Amortisation charge

5,033

5,033

At 30 November 2024

126,871

126,871

Carrying amount

At 30 November 2024

23,458

23,458

At 30 November 2023

28,491

28,491

 

Gladstones Limited

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

7

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

33,246

33,246

Additions

2,424

2,424

At 30 November 2024

35,670

35,670

Depreciation

At 1 December 2023

30,393

30,393

Charge for the year

2,114

2,114

At 30 November 2024

32,507

32,507

Carrying amount

At 30 November 2024

3,163

3,163

At 30 November 2023

2,853

2,853

8

Debtors

Current

2024
£

2023
£

Prepayments

3,479

2,064

 

3,479

2,064

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,727

817

Taxation and social security

18,988

16,995

Accruals and deferred income

11,722

9,137

Other creditors

93,143

138,560

125,580

165,509

Other creditors due within one year includes £18,885 (2023 £17,928) due to the company's former parent undertaking, Grange (Edinburgh) Heritable Investment Company Limited, and £20,000 (2023 £20,000) due to the company's director.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

35,485

54,370

Creditors due after one year represents a balance due to the company's former parent undertaking repayable by instalments falling between two to five years.

 

Gladstones Limited

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

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

11

Related party transactions

Summary of transactions with parent
 

Grange (Edinburgh) Heritable Investment Company Limited is the company's former parent undertaking.

 The company previously entered into an agreement to repay a balance due to its now former parent undertaking in monthly instalments over 8 years with no interest charged. These financial statements include transactions, closing liabilities and reserve balances calculated in accordance with the requirements for basic financial instruments under FRS 102 rather than the face value of the transactions stated in the agreement.
 

Loans from related parties

2024

Related party
£

Total
£

At start of period

72,298

72,298

Repaid

(21,250)

(21,250)

Interest transactions

3,322

3,322

At end of period

54,370

54,370

2023

Related party
£

Total
£

At start of period

89,334

89,334

Repaid

(21,250)

(21,250)

Interest transactions

4,214

4,214

At end of period

72,298

72,298

 

12

Commitments

Rental Commitments

2024

2023

£

£

Due within 1 year

4,742

6,823

Due within 2 to 5 years

1,628

2,220

6,370

9,043