| Glendevon Gilmore Limited |
| Registered number: |
SC248638 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Investment property |
4 |
|
|
1,533,526 |
|
|
1,531,156 |
|
| Current assets |
| Debtors |
5 |
|
2,362 |
|
|
2,159 |
| Cash at bank and in hand |
|
|
2,686 |
|
|
3,744 |
|
|
|
5,048 |
|
|
5,903 |
|
| Creditors: amounts falling due within one year |
6 |
|
(87,654) |
|
|
(70,289) |
|
| Net current liabilities |
|
|
|
(82,606) |
|
|
(64,386) |
|
| Total assets less current liabilities |
|
|
|
1,450,920 |
|
|
1,466,770 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(1,058,837) |
|
|
(1,061,556) |
|
| Provisions for liabilities |
|
|
|
(12,726) |
|
|
(12,726) |
|
|
| Net assets |
|
|
|
379,357 |
|
|
392,488 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
379,356 |
|
|
392,487 |
|
| Shareholder's funds |
|
|
|
379,357 |
|
|
392,488 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Stephen Macpherson |
| Director |
| Approved by the board on 9 December 2025 |
|
| Glendevon Gilmore Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006.The financial statement have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
|
|
Turnover |
|
Turnover recognised in the financial statements is rental income generated from the investment properties. Rental income is recognised when due, net of value added tax. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures and fittings |
fully depreciated |
|
|
Investment Property |
|
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value an be measured reliably without undue cost or effort, on an ongoing basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in income statement in the period in which they arise.
Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures and fittings |
| £ |
|
Cost |
|
At 1 April 2024 |
15,916 |
|
At 31 March 2025 |
15,916 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
15,916 |
|
At 31 March 2025 |
15,916 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
- |
|
|
| 4 |
Investment property |
|
| Investment |
| Property |
| £ |
|
Fair Value |
|
At 1 April 2024 |
1,531,156 |
|
|
At 31 March 2025 |
1,533,526 |
|
|
Historical cost |
895,574 |
|
|
|
|
|
|
|
|
|
|
|
Fair value at 31 March 2023 is represented by: |
|
|
Cost |
895,574 |
|
Revaluation in 2006 |
60,375 |
|
Revaluation in 2010 |
45,000 |
|
Revaluation in 2014 |
35,000 |
|
Revaluation in 2018 |
304,051 |
|
Valuation as at 31 March 2023 |
182,183 |
|
|
|
|
|
|
|
|
1,522,183 |
|
|
|
|
|
|
|
|
|
|
Investment property was valued on an open market basis on 31 March 2018 by Investment Property Ltd. |
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Prepayments |
2,362 |
|
2,159 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
2,500 |
|
2,500 |
|
Other creditors |
1,681 |
|
4,681 |
|
Director's loan account |
83,473 |
|
63,108 |
|
|
|
|
|
|
87,654 |
|
70,289 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
1,058,837 |
|
1,061,556 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
1,057,731 |
|
1,057,731 |
|
|
|
|
|
|
|
|
|
|
The loans are secured by standard charges over the relevant properties and a floating charge over the company's assets. |
|
| 9 |
Related party transactions |
|
|
Loans from the directors to the company are interest free and repayable at the director's discretion. |
|
| 10 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
|
| 11 |
Other information |
|
|
Glendevon Gilmore Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
11 Kaimes Road |
|
Edinburgh |
|
EH12 6JR |