| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 July 2024 |
| for |
| Gilpak Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the director and authorised for issue on |
| Gilpak Limited (Registered number: SC195710) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2024 |
| 1. | STATUTORY INFORMATION |
| Gilpak Limited is a |
| 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 |
| NET BOOK VALUE |
| At 31 July 2024 |
| At 31 July 2023 |
| 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 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.24 | 31.7.23 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 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 |
| 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. |