Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 952,534 | 972,781 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 138,933 | 140,084 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 127,171 | 126,929 | ||
| Total assets less current liabilities | 1,079,705 | 1,099,710 | ||
| Provision for liabilities | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of G H C Leith (Properties) Limited (registered number:
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Mr D B Leith
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
G H C Leith (Properties) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 10 South Headlands Crescent, Newtonhill, Stonehaven, AB39 3TT, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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 carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
The fair value is determined annually by the director, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 April 2024 |
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| Additions |
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| At 31 March 2025 |
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| Accumulated depreciation | |||
| At 01 April 2024 |
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| Charge for the financial year |
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| At 31 March 2025 |
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| Net book value | |||
| At 31 March 2025 | 2,534 | 2,534 | |
| At 31 March 2024 | 2,781 | 2,781 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2024 |
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| Fair value movement | (20,000) |
| As at 31 March 2025 |
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Valuation
The fair value of one of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2025 by Chartered Surveyors, who are not connected with the company, and the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The fair value of the second investment property has been arrived at on the basis of a valuation carried out on or around 31 March 2025 by Chartered Surveyors, who are not connected with the company, and the director. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
No depreciation is provided in respect of these properties.
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Corporation tax |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Other taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Deferred tax |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 50,000 | 50,000 |
Transactions with owners holding a participating interest in the entity
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts due to shareholder | 2,529 | 2,529 |
The amounts are interest free and there are no fixed terms of repayment.
Transactions with the entity's director
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by director | (1,240) | (1,133) |
Advances of £2,894 were made to the director for the year ended 31 March 2025 (at interest rate of 0.00%) and £2,787 has been repaid. There are no fixed repayment terms and no interest is charged.