Registration number:
Gladstones Limited
for the Year Ended 30 November 2024
Gladstones Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Gladstones Limited
Company Information
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Director |
J Blackwood |
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Company secretary |
W T A Craig |
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Registered office |
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Accountants |
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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.
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91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP
Gladstones Limited
(Registration number: SC217271)
Balance Sheet as at 30 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Other reserves |
4,067 |
7,389 |
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Retained earnings |
(11,836) |
(38,325) |
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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:
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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
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Gladstones Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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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:
UK
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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:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
10% straight line |
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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:
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Asset class |
Amortisation method and rate |
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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
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Gladstones Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Profit before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Amortisation expense |
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Director's remuneration |
7,800 |
9,600 |
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Directors pensions (Defined contribution) |
54,047 |
37,101 |
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Taxation |
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Current taxation |
2024 |
2023 |
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Corporation tax charge |
5,545 |
3,915 |
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5,545 |
3,915 |
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 December 2023 |
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At 30 November 2024 |
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Amortisation |
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At 1 December 2023 |
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Amortisation charge |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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Gladstones Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 December 2023 |
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Additions |
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At 30 November 2024 |
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Depreciation |
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At 1 December 2023 |
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Charge for the year |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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Debtors |
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Current |
2024 |
2023 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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
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2024 |
2023 |
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Due after one year |
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Other non-current financial liabilities |
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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
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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Related party transactions |
Summary of transactions with parent
Loans from related parties
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2024 |
Related party |
Total |
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At start of period |
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Repaid |
( |
( |
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Interest transactions |
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At end of period |
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2023 |
Related party |
Total |
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At start of period |
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Repaid |
( |
( |
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Interest transactions |
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At end of period |
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Commitments |
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Rental Commitments |
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2024 |
2023 |
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£ |
£ |
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Due within 1 year |
4,742 |
6,823 |
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Due within 2 to 5 years |
1,628 |
2,220 |
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6,370 |
9,043 |