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REGISTERED NUMBER: SC195710 (Scotland)
















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Gilpak Limited

Gilpak Limited (Registered number: SC195710)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gilpak Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: R.M Gilmour





REGISTERED OFFICE: 145 St Vincent Street
Glasgow
G2 5JF





REGISTERED NUMBER: SC195710 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

Gilpak Limited (Registered number: SC195710)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Investment property 4 622,021 622,021

CURRENT ASSETS
Debtors 5 2,376 12,881
Cash at bank 64,752 99,758
67,128 112,639
CREDITORS
Amounts falling due within one year 6 (21,500 ) (19,696 )
NET CURRENT ASSETS 45,628 92,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

667,649

714,964

CREDITORS
Amounts falling due after more than one
year

7

(197,654

)

(278,581

)
NET ASSETS 469,995 436,383

CAPITAL AND RESERVES
Called up share capital 25,001 25,001
Retained earnings 444,994 411,382
SHAREHOLDERS' FUNDS 469,995 436,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gilpak Limited (Registered number: SC195710)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 July 2025 and were signed by:





R.M Gilmour - Director


Gilpak Limited (Registered number: SC195710)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Gilpak Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2016.The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and rental income,excluding value added tax.

Investment property
Investment properties are shown at their open market value. The surplus or deficit from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the FRS102, which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts. In the balance sheet bank overdrafts are shown in creditors amounts falling due within one year.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Gilpak Limited (Registered number: SC195710)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 622,021
NET BOOK VALUE
At 31 July 2024 622,021
At 31 July 2023 622,021

The valuations of investment properties were made as at 31 July 2024 by the directors on an open market basis.

On a historical cost basis these properties would have been included at original cost of £622,021 at 31 July 2024 (£622,021 - 31 July 2023).

If the properties were sold at valuation, no potential tax would arise (2023: £nil).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other debtors 2,376 12,881

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Taxation and social security 11,567 9,973
Other creditors 9,933 9,723
21,500 19,696

Gilpak Limited (Registered number: SC195710)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Other creditors 197,654 278,581

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the date of the accounts a total of £197,654 (2023:£278,581) was owed to the director. The loan is interest free and repayable on demand.