Company Registration No. SC716485 (Scotland)
GSQ HOMES LTD
Unaudited accounts
for the year ended 31 December 2024
GSQ HOMES LTD
Unaudited accounts
Contents
GSQ HOMES LTD
Company Information
for the year ended 31 December 2024
Directors
George Michael Quinn
Samantha Jessica Quinn
Company Number
SC716485 (Scotland)
Registered Office
11 Police Lane
Turner Street
Keith
AB55 5GJ
Scotland
GSQ HOMES LTD
Statement of financial position
as at 31 December 2024
Investment property
75,000
75,000
Cash at bank and in hand
7,852
9,819
Creditors: amounts falling due within one year
(33,224)
(32,827)
Net current liabilities
(24,672)
(23,008)
Total assets less current liabilities
50,734
52,561
Creditors: amounts falling due after more than one year
(56,250)
(56,250)
Provisions for liabilities
Deferred tax
(2,166)
(2,166)
Net liabilities
(7,682)
(5,855)
Called up share capital
100
100
Fair value reserve
9,233
9,233
Profit and loss account
(17,015)
(15,188)
Shareholders' funds
(7,682)
(5,855)
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by
George Michael Quinn
Director
Company Registration No. SC716485
GSQ HOMES LTD
Notes to the Accounts
for the year ended 31 December 2024
GSQ HOMES LTD is a private company, limited by shares, registered in Scotland, registration number SC716485. The registered office is 11 Police Lane, Turner Street, Keith, AB55 5GJ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The directors continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
The directors fully understand and acknowledge the financial position of the business and believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements.
GSQ HOMES LTD
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Computer equipment
Fair value at 1 January 2024
75,000
At 31 December 2024
75,000
The historic cost of the above investment properties totals £63,601 (2023: £63,601). The fair value of the properties has been arrived at by the director of the company on 31 December 2024 on a market value basis.
Amounts falling due within one year
Accrued income and prepayments
700
-
7
Creditors: amounts falling due within one year
2024
2023
Loans from directors
33,140
32,827
8
Creditors: amounts falling due after more than one year
2024
2023
At the balance sheet date, Aldermore Bank PLC hold floating and other charges over a property owned by the company.
9
Transactions with related parties
At the balance sheet date, £33,140 (2023: £32,827) was due to company directors. The loan is unsecured, interest free and payable on demand.
GSQ HOMES LTD
Notes to the Accounts
for the year ended 31 December 2024
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).