REGISTERED NUMBER: SC648893 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Gbfc Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G J J Favier

REGISTERED OFFICE:

59b Manor Place

Edinburgh

EH3 7EG

REGISTERED NUMBER:

SC648893 (Scotland)

ACCOUNTANTS:

Neil Nisbet & Co.

c/o Neil Nisbet & Co.

Thain House

226 Queensferry Road

Edinburgh

EH4 2BP

FIXED ASSETS

Tangible assets

4

155

376

Investment property

5

452,536

362,000

452,691

362,376

CURRENT ASSETS

Debtors

6

577

668

Cash at bank

15,456

49,380

16,033

50,048

CREDITORS

Amounts falling due within one year

7

172,567

121,881

NET CURRENT LIABILITIES

(156,534

)

(71,833

)

TOTAL ASSETS LESS CURRENT LIABILITIES

296,157

290,543

CREDITORS

Amounts falling due after more than one year

8

(257,496

)

(257,496

)

PROVISIONS FOR LIABILITIES

(15,841

)

(15,841

)

NET ASSETS

22,820

17,206

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

10

35,152

35,152

Retained earnings

(12,333

)

(17,947

)

22,820

17,206

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 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 25 September 2025 and were signed by:

G J J Favier - Director

1.	STATUTORY INFORMATION

Gbfc Ltd 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 as modified by the revaluation of certain assets.

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.

Plant and machinery etc

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

884

DEPRECIATION

At 1 January 2024

508

Charge for year

221

At 31 December 2024

729

NET BOOK VALUE

At 31 December 2024

155

At 31 December 2023

376

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

362,000

Additions

90,536

At 31 December 2024

452,536

NET BOOK VALUE

At 31 December 2024

452,536

At 31 December 2023

362,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

50,993

Cost

401,543

452,536

If the properties had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

401,543

311,007

The investment properties were valued on an open market basis on 31 December 2024 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

577

668

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

172,567

121,881

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

244,655

244,655

Other creditors

12,841

12,841

257,496

257,496

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

244,655

244,655

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

244,655

244,655

The company has granted individual fixed charges over four of the properties it owns to the mortgage providers of these properties.

10.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

35,152

11.	ULTIMATE CONTROLLING PARTY

The controlling party is G J J Favier.