Gsd (Scotland) Limited

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—6

Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Gsd (Scotland) Limited for the year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gsd (Scotland) Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the directors of Gsd (Scotland) Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Gsd (Scotland) Limited and state those matters that we have agreed to state to the directors of Gsd (Scotland) Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gsd (Scotland) Limited and its directors, as a body, for our work or for this report.

It is your duty to ensure that Gsd (Scotland) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Gsd (Scotland) Limited . You consider that Gsd (Scotland) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Gsd (Scotland) Limited . 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 financial statements.

23rd April 2025

Gillespie's Fife

Accountants

Fric Ajax Way

Methil

Leven

KY8 3RS

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Gsd (Scotland) Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: SC357172

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		34,718		19,713
Tangible Assets	5		11,209		12,611

			45,927		32,324
CURRENT ASSETS
Stocks	6	15,300		14,546
Debtors	7	3,945		20,601

		19,245		35,147
Creditors: Amounts Falling Due Within One Year	8	(177,891 )		(237,683 )

NET CURRENT ASSETS (LIABILITIES)			(158,646 )		(202,536 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(112,719 )		(170,212 )

Creditors: Amounts Falling Due After More Than One Year	9		(70,000 )		(30,975 )

NET LIABILITIES			(182,719 )		(201,187 )

CAPITAL AND RESERVES
Called up share capital	10		200		200
Profit and Loss Account			(182,919 )		(201,387 )

SHAREHOLDERS' FUNDS			(182,719)		(201,187)

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Gsd (Scotland) Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 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.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Graeme Smart

Director

23rd April 2025

The notes on pages 4 to 6 form part of these financial statements.

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Gsd (Scotland) Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Gsd (Scotland) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC357172 . The registered office is 6 Randolph Place, Edinburgh, EH3 7TE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

During the year the company operated with support from Mr Graeme Smart and Miss Fiona Stoddart, the directors of the company, and, based on their continued support, the going concern basis remains appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% Straight line
Fixtures & Fittings	25% Straight line
Computer Equipment	33% Reducing balance

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	14	14

	14	14

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Gsd (Scotland) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Intangible Assets

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	506,715	21,903	528,618
Additions	-	19,106	19,106

As at 31 March 2025	506,715	41,009	547,724

Amortisation
As at 1 April 2024	506,715	2,190	508,905
Provided during the period	-	4,101	4,101

As at 31 March 2025	506,715	6,291	513,006

Net Book Value
As at 31 March 2025	-	34,718	34,718

As at 1 April 2024	-	19,713	19,713

5. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	105,900	16,163	47,151	169,214
Additions	6,494	-	-	6,494

As at 31 March 2025	112,394	16,163	47,151	175,708

Depreciation
As at 1 April 2024	96,460	15,667	44,476	156,603
Provided during the period	6,699	315	882	7,896

As at 31 March 2025	103,159	15,982	45,358	164,499

Net Book Value
As at 31 March 2025	9,235	181	1,793	11,209

As at 1 April 2024	9,440	496	2,675	12,611

6. Stocks

	2025	2024
	£	£
Materials	15,300	14,546

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	2,151	17,469
Other debtors	1,794	1,794
Net wages	-	1,338

	3,945	20,601

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Gsd (Scotland) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	56,498	54,193
Bank loans and overdrafts	40,816	86,587
Other loans	-	5,238
Other taxes and social security	22,957	18,133
Premium credit	7,125	6,779
BOS Chargecard	2,328	3,271
Pensions	-	1,545
Accruals and deferred income	3,696	3,396
Directors' loan accounts	44,471	58,541

	177,891	237,683

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	70,000	30,975

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	200	200

11. Directors Advances, Credits and Guarantees

Included within Creditors are the following loans from directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Graeme Smart	58,541	1,980	(16,050 )	-	44,471

The above loan is unsecured, interest free and repayable on demand.

12. Ultimate Controlling Party

The company's ultimate controlling party are Graeme Smart and Fiona Stoddart by virtue of their ownership of 100% of the issued share capital in the company.

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