IRIS Accounts Production v25.1.3.33 SC081314 director 1.1.24 31.12.24 31.12.24 0 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0813142023-12-31SC0813142024-12-31SC0813142024-01-012024-12-31SC0813142022-12-31SC0813142023-01-012023-12-31SC0813142023-12-31SC081314ns15:Scotland2024-01-012024-12-31SC081314ns14:PoundSterling2024-01-012024-12-31SC081314ns10:Director12024-01-012024-12-31SC081314ns10:PrivateLimitedCompanyLtd2024-01-012024-12-31SC081314ns10:SmallEntities2024-01-012024-12-31SC081314ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-31SC081314ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-31SC081314ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-31SC081314ns10:FullAccounts2024-01-012024-12-31SC081314ns10:OrdinaryShareClass12024-01-012024-12-31SC081314ns10:RegisteredOffice2024-01-012024-12-31SC081314ns5:CurrentFinancialInstruments2024-12-31SC081314ns5:CurrentFinancialInstruments2023-12-31SC081314ns5:Non-currentFinancialInstruments2024-12-31SC081314ns5:Non-currentFinancialInstruments2023-12-31SC081314ns5:ShareCapital2024-12-31SC081314ns5:ShareCapital2023-12-31SC081314ns5:RetainedEarningsAccumulatedLosses2024-12-31SC081314ns5:RetainedEarningsAccumulatedLosses2023-12-31SC081314ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-31SC081314ns5:LeaseholdImprovements2024-01-012024-12-31SC081314ns5:FurnitureFittings2024-01-012024-12-31SC081314ns5:LandBuildings2023-12-31SC081314ns5:LeaseholdImprovements2023-12-31SC081314ns5:FurnitureFittings2023-12-31SC081314ns5:LandBuildings2024-01-012024-12-31SC081314ns5:LandBuildings2024-12-31SC081314ns5:LeaseholdImprovements2024-12-31SC081314ns5:FurnitureFittings2024-12-31SC081314ns5:LandBuildings2023-12-31SC081314ns5:LeaseholdImprovements2023-12-31SC081314ns5:FurnitureFittings2023-12-31SC081314ns5:CostValuation2023-12-31SC081314ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-31SC081314ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31SC081314ns10:OrdinaryShareClass12024-12-31
REGISTERED NUMBER: SC081314 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Gallowgate Market Limited
Gallowgate Market Limited (Registered number: SC081314)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gallowgate Market Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: R Rakhra





REGISTERED OFFICE: Unit 3, Morris Park
37 Rosyth Road
Glasgow
G5 0YD





REGISTERED NUMBER: SC081314 (Scotland)





ACCOUNTANTS: KPP Glasgow South Ltd
Chartered Certified Accountants
Unit 3 , 37 Rosyth Road
Morris Park
Glasgow
G5 0YE
Page 1
Gallowgate Market Limited (Registered number: SC081314)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 390,840 391,620
Investments 5 214,642 214,642
605,482 606,262

CURRENT ASSETS
Debtors 6 50,608 50,608
Cash at bank 376,506 350,116
427,114 400,724
CREDITORS
Amounts falling due within one year 7 125,093 125,736
NET CURRENT ASSETS 302,021 274,988
TOTAL ASSETS LESS CURRENT
LIABILITIES
907,503
881,250

CREDITORS
Amounts falling due after more than one
year
8
68,531
69,172
NET ASSETS 838,972 812,078

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 838,872 811,978
SHAREHOLDERS' FUNDS 838,972 812,078

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

The notes form part of these financial statements

Page 2 continued...
Gallowgate Market Limited (Registered number: SC081314)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 April 2025 and were signed by:





R Rakhra - Director


The notes form part of these financial statements

Page 3
Gallowgate Market Limited (Registered number: SC081314)

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

1. STATUTORY INFORMATION

Gallowgate Market 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings Totals
£    £    £    £   
COST
At 1 January 2024
and 31 December 2024 386,417 6,192 5,536 398,145
DEPRECIATION
At 1 January 2024 - 3,370 3,155 6,525
Charge for year - 423 357 780
At 31 December 2024 - 3,793 3,512 7,305
NET BOOK VALUE
At 31 December 2024 386,417 2,399 2,024 390,840
At 31 December 2023 386,417 2,822 2,381 391,620

Page 4 continued...
Gallowgate Market Limited (Registered number: SC081314)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2024
and 31 December 2024 214,642
NET BOOK VALUE
At 31 December 2024 214,642
At 31 December 2023 214,642

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Clyde Knitwear Limited 40,000 40,000
Associated company - VAT payment 10,608 10,608
50,608 50,608

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Tax 6,491 7,391
VAT 1,598 1,725
Other creditors 850 850
Directors' current accounts 112,803 112,266
Accrued Expenses 3,351 3,504
125,093 125,736

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Mortgage 68,531 69,172

Amounts falling due in more than five years:

Repayable by instalments
Mortgage 68,531 69,172

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100 Ordinary £1 100 100

Page 5