REGISTERED NUMBER: SC338570 (Scotland)

Gilfedder & McInnes Ltd.

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B G Gilfedder

Mr W R Mulheron

SECRETARY:

Ms S Steedman

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 9AT

REGISTERED NUMBER:

SC338570 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

The Mound

Edinburgh

EH1 1YZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,954

4,057

2,954

4,057

CURRENT ASSETS

Work in progress

30,000

40,000

Debtors

6

5,497

10,758

Cash at bank and in hand

55,362

65,539

90,859

116,297

CREDITORS

Amounts falling due within one year

7

62,857

50,282

NET CURRENT ASSETS

28,002

66,015

TOTAL ASSETS LESS CURRENT LIABILITIES

30,956

70,072

CREDITORS

Amounts falling due after more than one year

8

(4,167

)

(9,583

)

PROVISIONS FOR LIABILITIES

(696

)

(832

)

NET ASSETS

26,093

59,657

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

25,993

59,557

SHAREHOLDERS' FUNDS

26,093

59,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr B G Gilfedder - Director

1.	STATUTORY INFORMATION

Gilfedder & McInnes 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.

Turnover and revenue recognition

Turnover represents net invoiced legal aid services, excluding value added tax and is recognised at the point when legal aid is provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on cost and 20% on cost

Work in progress

Work in progress is valued at full sales value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

Contributions payable to the employees pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

600,000

AMORTISATION

At 1 April 2024

and 31 March 2025

600,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

32,958

Additions

664

Disposals

(15,183

)

At 31 March 2025

18,439

DEPRECIATION

At 1 April 2024

28,901

Charge for year

1,767

Eliminated on disposal

(15,183

)

At 31 March 2025

15,485

NET BOOK VALUE

At 31 March 2025

2,954

At 31 March 2024

4,057

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2024

15,183

Disposals

(15,183

)

At 31 March 2025

-

DEPRECIATION

At 1 April 2024

15,183

Eliminated on disposal

(15,183

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

7,304

Other debtors

5,497

3,454

5,497

10,758

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

5,000

5,000

Finance leases (see note 9)

-

723

Taxation and social security

55,314

42,152

Other creditors

2,543

2,407

62,857

50,282

Included within other creditors is a loan from the director, which is unsecured, interest-free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

4,167

9,583

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2025

2024

£

£

Net obligations repayable:

Within one year

-

723

Non-cancellable

operating leases

2025

2024

£

£

Within one year

14,940

10,723

Between one and five years

13,248

-

In more than five years

552

-

28,740

10,723