Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312025-05-20192023-04-01falseNo description of principal activity12falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC662274 2023-04-01 2024-03-31 SC662274 2022-04-01 2023-03-31 SC662274 2024-03-31 SC662274 2023-03-31 SC662274 c:Director1 2023-04-01 2024-03-31 SC662274 c:Director2 2023-04-01 2024-03-31 SC662274 c:Director3 2023-04-01 2024-03-31 SC662274 c:Director4 2023-04-01 2024-03-31 SC662274 c:RegisteredOffice 2023-04-01 2024-03-31 SC662274 d:PlantMachinery 2023-04-01 2024-03-31 SC662274 d:PlantMachinery 2024-03-31 SC662274 d:PlantMachinery 2023-03-31 SC662274 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC662274 d:OfficeEquipment 2023-04-01 2024-03-31 SC662274 d:OfficeEquipment 2024-03-31 SC662274 d:OfficeEquipment 2023-03-31 SC662274 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC662274 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC662274 d:OtherPropertyPlantEquipment 2024-03-31 SC662274 d:OtherPropertyPlantEquipment 2023-03-31 SC662274 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC662274 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC662274 d:ComputerSoftware 2024-03-31 SC662274 d:ComputerSoftware 2023-03-31 SC662274 d:CurrentFinancialInstruments 2024-03-31 SC662274 d:CurrentFinancialInstruments 2023-03-31 SC662274 d:Non-currentFinancialInstruments 2024-03-31 SC662274 d:Non-currentFinancialInstruments 2023-03-31 SC662274 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC662274 c:OrdinaryShareClass1 2024-03-31 SC662274 c:OrdinaryShareClass1 2023-03-31 SC662274 c:FRS102 2023-04-01 2024-03-31 SC662274 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC662274 c:FullAccounts 2023-04-01 2024-03-31 SC662274 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC662274 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 SC662274 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC662274










GIGALOCH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
GIGALOCH LIMITED
 

COMPANY INFORMATION


Directors
Mr S Brown 
Mr J Colton 
Mr H Droop 
Mr J Ewen 




Registered number
SC662274



Registered office
Pentland House
Saltire Centre

Glenrothes

Fife

KY6 2AH




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
GIGALOCH LIMITED
REGISTERED NUMBER: SC662274

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

  

Fixed assets
  

Intangible assets
  
88,360
99,405

Tangible assets
 5 
6,875,542
4,407,848

  
6,963,902
4,507,253

Current assets
  

Debtors: amounts falling due after more than one year
 6 
-
250,000

Debtors: amounts falling due within one year
 6 
922,666
569,607

Cash at bank and in hand
  
15,313
15,748

  
937,979
835,355

Creditors: amounts falling due within one year
 7 
(9,443,244)
(5,928,698)

Net current liabilities
  
 
 
(8,505,265)
 
 
(5,093,343)

Total assets less current liabilities
  
(1,541,363)
(586,090)

  

Creditors: amounts falling due after more than one year
 8 
-
(49,248)

  
(1,541,363)
(635,338)

  

Deferred income
 8 
(1,193,669)
(560,558)

  
 
 
(1,193,669)
 
 
(560,558)

  

Net liabilities
  
(2,735,032)
(1,195,896)


Capital and reserves
  

Called up share capital 
 9 
514,873
514,873

Share premium account
  
155,125
155,125

Profit and loss account
  
(3,405,030)
(1,865,894)

  
(2,735,032)
(1,195,896)

Page 1

 
GIGALOCH LIMITED
REGISTERED NUMBER: SC662274

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J Ewen
Director

Date: 20 May 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Gigaloch Limited is a private company, limited by shares and incorporated in Scotland, registration number SC662274. The registered office address is Pentland House, Saltire Centre, Glenrothes, Fife, KY6 2AH.
The financial activity statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company's Directors are required to assess the going concern status of the Company.  The Company is financially dependent on its secured lender, its related company creditors and the Company’s Directors.    The Company is reliant on securing further external funding or restructuring its debt obligations, which is not guaranteed.  This material uncertainty casts significant doubt on the Company's ability to continue as a going concern.  Therefore, it may be unable to realise its assets and discharge its liabilities in the normal course business.   The financial statements for the Company are prepared on a going concern basis, with the identification of this material uncertainty, but the Directors have a reasonable expectation that the Company can continue in operation and meet its liabilities as they fall due.   The financial statements do not include any adjustments that would be necessary if the Company was unable to continue as a going concern.

Page 3

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

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 usually associated 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 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 measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

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 income and retained earnings in the same period as the related expenditure.

Page 4

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 available 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 reporting date.


 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

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 the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight Line
Office equipment
-
20%
Straight Line
Network assets
-
5%
Straight Line

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 profit or loss.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 12).

Page 6

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Digital assets

£



Cost


At 1 April 2023
110,450



At 31 March 2024

110,450



Amortisation


At 1 April 2023
11,045


Charge for the year on owned assets
11,045



At 31 March 2024

22,090



Net book value



At 31 March 2024
88,360



At 31 March 2023
99,405



Page 7

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Office equipment
Network assets
Total

£
£
£
£



Cost or valuation


At 1 April 2023
46,119
6,723
4,546,991
4,599,833


Additions
-
2,364
2,736,147
2,738,511



At 31 March 2024

46,119
9,087
7,283,138
7,338,344



Depreciation


At 1 April 2023
12,914
2,497
176,574
191,985


Charge for the year on owned assets
9,224
1,574
260,019
270,817



At 31 March 2024

22,138
4,071
436,593
462,802



Net book value



At 31 March 2024
23,981
5,016
6,846,545
6,875,542



At 31 March 2023
33,205
4,226
4,370,417
4,407,848

A review was carried out by the directors to determine if there was any indication of impairment of the network assets at 31 March 2024. The outcome of this review indicated that there was no indications of impairment.

Page 8

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
250,000

-
250,000


2024
2023
£
£

Due within one year

Trade debtors
5,763
10,506

Other debtors
141,000
176,287

Deferred taxation
775,903
382,814

922,666
569,607



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
1,243

Other loans
2,474,325
21,048

Trade creditors
3,874,508
3,287,067

Other taxation and social security
320,414
216,027

Other creditors
2,769,897
2,400,313

Accruals and deferred income
4,100
3,000

9,443,244
5,928,698


Secured loans 
Other loans due within one year are secured by a bond and floating charge over the company assets.

Page 9

 
GIGALOCH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
49,248

Accruals and deferred income
1,193,669
560,558

1,193,669
609,806


Secured loans 
Other loans due more than one year are secured by a bond and floating charge over the company assets. 


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



514,873 (2023 - 514,873) Ordinary shares of £1.00 each
514,873
514,873



10.


Related party transactions

During the year, the company received a loan of £86,292 (2023 - £171,584) from Boreland Farm Limited, a company in which the directors, Mr J Ewen and Mr H Droop are also directors. During the year, interest was charged totalling £61,645. The balance due to be repaid at the year end amounted to £471,417 (2023- £385,125). 
During the year, the company received a loan of £264.712 (2023 - £1,256,660) from ED Capital Limited, a company in which the directors, Mr J Ewen and Mr H Droop are also directors. During the year, interest was charged totalling £264,712. The balance due to be repaid at the year end amounted to £1,906,551 (2023- £1,641,839). 
During the year, the company received a loan of £13,291 (2023 - £48,297) from Lucid Optical Services Limited, a company in which the director, Mr J Colton is also a director. During the year, interest was charged totalling £13,291. The balance due to be repaid at the period end amounted to £219,345 (2023 - £206,054). 
During the year, the company was repaid £250,000 (2023 - £nil) from Optilec Limited, a company in which the director, Mr J Colton is also a director. The balance due from Optilec Limited at the period end amounts to £nil (2023 - £250,000). 


Page 10