Company registration number SC313002 (Scotland)
GCB PROPERTY CONSULTANTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GCB PROPERTY CONSULTANTS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GCB PROPERTY CONSULTANTS LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GCB PROPERTY CONSULTANTS LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GCB Property Consultants Ltd for the year ended 31 December 2024 set out on pages 2 to 7 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 https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of GCB Property Consultants Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of GCB Property Consultants Ltd and state those matters that we have agreed to state to the Board of Directors of GCB Property Consultants Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GCB Property Consultants Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that GCB Property Consultants Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GCB Property Consultants Ltd. You consider that GCB Property Consultants Ltd 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 financial statements of GCB Property Consultants Ltd. 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 financial statements.

MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
Scotland
18 July 2025
GCB PROPERTY CONSULTANTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,664
3,123
Investment property
4
6,031,902
5,794,801
6,040,566
5,797,924
Current assets
Debtors
5
60,718
61,536
Cash at bank and in hand
136,637
15,185
197,355
76,721
Creditors: amounts falling due within one year
6
(541,906)
(581,660)
Net current liabilities
(344,551)
(504,939)
Total assets less current liabilities
5,696,015
5,292,985
Creditors: amounts falling due after more than one year
7
(4,494,943)
(4,171,359)
Provisions for liabilities
(2,167)
-
0
Net assets
1,198,905
1,121,626
Capital and reserves
Called up share capital
989,136
989,136
Profit and loss reserves
209,769
132,490
Total equity
1,198,905
1,121,626
GCB PROPERTY CONSULTANTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
Mr N Thomson
Director
Company registration number SC313002 (Scotland)
GCB PROPERTY CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

GCB Property Consultants Ltd is a private company limited by shares incorporated in Scotland. The registered office is Chapelshade House, 78-84 Bell Street, Dundee, Scotland, DD1 1RQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the aggregate of rental income receivable and commission received.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on cost
Solar Panels
5% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GCB PROPERTY CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Solar Panels
Total
£
£
£
Cost
At 1 January 2024
4,160
-
0
4,160
Additions
1,471
5,486
6,957
At 31 December 2024
5,631
5,486
11,117
Depreciation and impairment
At 1 January 2024
1,037
-
0
1,037
Depreciation charged in the year
1,142
274
1,416
At 31 December 2024
2,179
274
2,453
GCB PROPERTY CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Tangible fixed assets
Fixtures and fittings
Solar Panels
Total
£
£
£
(Continued)
- 6 -
Carrying amount
At 31 December 2024
3,452
5,212
8,664
At 31 December 2023
3,123
-
0
3,123
4
Investment property
2024
£
Fair value
At 1 January 2024
5,794,801
Additions
237,101
At 31 December 2024
6,031,902

Investment properties were valued on an open marker basis on 31 December 2022 by the directors.

If investment properties had not been revalued, they would be included at the following historical cost:

 

£6,077,556 (2023 - £5,794,801)

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
60,718
61,536
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
2,778
Corporation tax
28,111
2,428
Deferred income
11,248
11,016
Other creditors
491,899
550,438
Accruals and deferred income
-
0
15,000
541,906
581,660
GCB PROPERTY CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,494,943
4,171,359
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