REGISTERED NUMBER: SC197010 (Scotland)

GULFXSTREAM LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Buchanan

Mrs L Buchanan

SECRETARY:

Mrs L Buchanan

REGISTERED OFFICE:

7 Valtos

Miavaig

Uig

Isle of Lewis

Western Isles

HS2 9HR

REGISTERED NUMBER:

SC197010 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

FIXED ASSETS

Tangible assets

4

963,189

963,801

CURRENT ASSETS

Debtors

5

51,291

46,041

Cash at bank

99,584

219,247

150,875

265,288

CREDITORS

Amounts falling due within one year

6

479,446

503,243

NET CURRENT LIABILITIES

(328,571

)

(237,955

)

TOTAL ASSETS LESS CURRENT LIABILITIES

634,618

725,846

CREDITORS

Amounts falling due after more than one year

7

(257,186

)

(302,113

)

PROVISIONS FOR LIABILITIES

(157,815

)

(154,782

)

NET ASSETS

219,617

268,951

CAPITAL AND RESERVES

Called up share capital

13,334

13,334

Capital redemption reserve

(193,334

)

(193,334

)

Retained earnings

399,617

448,951

SHAREHOLDERS' FUNDS

219,617

268,951

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 6 October 2025 and were signed on its behalf by:

M A Buchanan - Director

1.	STATUTORY INFORMATION

Gulfxstream Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

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.

Boats

-

not provided

Plant and equipment

-

20% on reducing balance

Motor vehicles

-

25% depreciation on reducing balance

Computer equipment

-

30% on reducing balance

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

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

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Long

Plant and

leasehold

Boats

equipment

£

£

£

COST

At 1 April 2024

165,731

938,778

78,527

Additions

-

32,816

-

At 31 March 2025

165,731

971,594

78,527

DEPRECIATION

At 1 April 2024

16,573

193,377

68,609

Charge for year

16,573

-

1,984

At 31 March 2025

33,146

193,377

70,593

NET BOOK VALUE

At 31 March 2025

132,585

778,217

7,934

At 31 March 2024

149,158

745,401

9,918

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

59,779

3,673

1,246,488

Additions

-

-

32,816

At 31 March 2025

59,779

3,673

1,279,304

DEPRECIATION

At 1 April 2024

1,245

2,883

282,687

Charge for year

14,634

237

33,428

At 31 March 2025

15,879

3,120

316,115

NET BOOK VALUE

At 31 March 2025

43,900

553

963,189

At 31 March 2024

58,534

790

963,801

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

51,291

35,446

Other debtors

-

10,595

51,291

46,041

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

40,000

40,000

Hire purchase contracts

3,287

3,287

Trade creditors

144,657

189,200

Taxation and social security

13,751

1,638

Other creditors

277,751

269,118

479,446

503,243

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

233,760

275,400

Hire purchase contracts

23,426

26,713

257,186

302,113

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

73,760

115,400

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are loans of £259,008 (2024 : £255,367) from directors.. There are no repayment terms in place and no interest is being charged.

9.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.