2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2024 - FRS102_2024 12,000 12,000 7,966 682 8,648 5,056 816 5,872 2,776 2,910 xbrli:pure xbrli:shares iso4217:GBP SC543653 2023-09-01 2024-08-31 SC543653 2024-08-31 SC543653 2023-08-31 SC543653 2022-09-01 2023-08-31 SC543653 2023-08-31 SC543653 2022-08-31 SC543653 bus:LeadAgentIfApplicable 2023-09-01 2024-08-31 SC543653 bus:Director1 2023-09-01 2024-08-31 SC543653 core:NetGoodwill 2024-08-31 SC543653 core:WithinOneYear 2024-08-31 SC543653 core:WithinOneYear 2023-08-31 SC543653 core:ShareCapital 2024-08-31 SC543653 core:ShareCapital 2023-08-31 SC543653 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC543653 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC543653 bus:SmallEntities 2023-09-01 2024-08-31 SC543653 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC543653 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC543653 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC543653 bus:FullAccounts 2023-09-01 2024-08-31 SC543653 core:NetGoodwill 2023-09-01 2024-08-31 SC543653 core:ComputerEquipment 2023-09-01 2024-08-31 SC543653 core:ComputerEquipment 2023-08-31 SC543653 core:ComputerEquipment 2024-08-31 SC543653 core:ParentEntities 2024-08-31
COMPANY REGISTRATION NUMBER: SC543653
Gerard McGowan Ophthalmic Consultants Ltd
Filleted Unaudited Financial Statements
31 August 2024
Gerard McGowan Ophthalmic Consultants Ltd
Financial Statements
Year ended 31 August 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Gerard McGowan Ophthalmic Consultants Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Gerard McGowan Ophthalmic Consultants Ltd
Year ended 31 August 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 Gerard McGowan Ophthalmic Consultants Ltd for the year ended 31 August 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Gerard McGowan Ophthalmic Consultants Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Gerard McGowan Ophthalmic Consultants Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gerard McGowan Ophthalmic Consultants Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Gerard McGowan Ophthalmic 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 Gerard McGowan Ophthalmic Consultants Ltd. You consider that Gerard McGowan Ophthalmic 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 Gerard McGowan Ophthalmic 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
19 August 2025
Gerard McGowan Ophthalmic Consultants Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
2,776
2,910
Current assets
Debtors
7
307,817
440,517
Cash at bank and in hand
232,786
920
---------
---------
540,603
441,437
Creditors: amounts falling due within one year
8
216,720
148,349
---------
---------
Net current assets
323,883
293,088
---------
---------
Total assets less current liabilities
326,659
295,998
---------
---------
Net assets
326,659
295,998
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
326,559
295,898
---------
---------
Shareholders funds
326,659
295,998
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 August 2025 , and are signed on behalf of the board by:
Dr G F McGowan
Director
Company registration number: SC543653
Gerard McGowan Ophthalmic Consultants Ltd
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G22PQ, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
3 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
25% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
12,000
--------
Amortisation
At 1 September 2023 and 31 August 2024
12,000
--------
Carrying amount
At 31 August 2024
--------
At 31 August 2023
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 September 2023
7,966
7,966
Additions
682
682
-------
-------
At 31 August 2024
8,648
8,648
-------
-------
Depreciation
At 1 September 2023
5,056
5,056
Charge for the year
816
816
-------
-------
At 31 August 2024
5,872
5,872
-------
-------
Carrying amount
At 31 August 2024
2,776
2,776
-------
-------
At 31 August 2023
2,910
2,910
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
40,541
15,881
Amounts owed by group undertakings and undertakings in which the company has a participating interest
214,340
364,520
Other debtors
52,936
60,116
---------
---------
307,817
440,517
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
214,353
146,009
Social security and other taxes
27
Other creditors
2,340
2,340
---------
---------
216,720
148,349
---------
---------
9. Holding company
On the 23rd July 2021 the shares in the company were transferred to Emod Investments Limited and the company is now a wholly owned subsidiary of that company. Emod Investments Limited is controlled by Mr and Mrs McGowan.
10. Directors' advances, credits and guarantees
As at 31 August 2024 Dr G F McGowan , a director, owed the company £48,412 (2023: £53,329). Interest has been calculated on this loan and has no fixed date for repayment.
11. Related party transactions
Included in debtors there is a balance owed from the parent company, EMOD Investments Limited, for £ 214,340 (2023:364,519).