Registration number: SC568084

The Gifford Project Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

The Gifford Project Limited

Company Information

Director

R Hardie

Registered office

1/3 Great Stuart Street Edinburgh EH3 6AP

Accountants

M&S Accountancy and Taxation Limited Unit 26, Dunfermline Business Centre Izatt Avenue Dunfermline Fife KY11 3BZ

The Gifford Project Limited

(Registration number: SC568084)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	1,973	2,632
Investment property	6	275,517	275,517
		277,490	278,149
Current assets
Debtors	7	2,548	3,887
Cash at bank and in hand		29,206	19,534
		31,754	23,421
Creditors: Amounts falling due within one year	8	(351,287)	(350,651)
Net current liabilities		(319,533)	(327,230)
Net liabilities		(42,043)	(49,081)
Capital and reserves
Called up share capital	9	6	6
Retained earnings		(42,049)	(49,087)
Shareholders' deficit		(42,043)	(49,081)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 December 2025
 

......................................... R Hardie Director

The Gifford Project Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1/3 Great Stuart Street
Edinburgh
EH3 6AP

These financial statements were authorised for issue by the director on 14 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared under the historical cost convention modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

Going concern

These financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The director has agreed to provide financial assistance to the company to ensure that all liabilities are met as they fall due and they will not seek repayment of amounts due to them until there are sufficient cash reserves to do so, The director has considered a period of twelve months from the date of approval of the financial statements.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair
value of consideration takes into account trade discounts. Turnover is recognized on the accruals basis.

Tax

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the profit and loss account because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting end date.

The Gifford Project Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% RB
Computers	33% SL

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

The Gifford Project Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

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 liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction.

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.
 

Impairment of fixed assets

At each reporting period's end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If no such indication exists, the recoverable amount of the assets is estimated to determine the extent of the impairment loss (if any).

4	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

The Gifford Project Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 January 2024	9,588	4,311	13,899
At 31 December 2024	9,588	4,311	13,899
Depreciation
At 1 January 2024	6,956	4,311	11,267
Charge for the year	659	-	659
At 31 December 2024	7,615	4,311	11,926
Carrying amount
At 31 December 2024	1,973	-	1,973
At 31 December 2023	2,632	-	2,632

6	Investment properties

	2024 £
At 1 January	275,517
At 31 December	275,517

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current	2024 £	2023 £
Trade debtors	2,548	3,887
	2,548	3,887

The Gifford Project Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Trade creditors	1,721	1,352
Taxation and social security	1,834	1,050
Accruals and deferred income	2,330	2,421
Other creditors	345,402	345,828
	351,287	350,651

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary Shares of £0.01 each	300	3	300	3
A Deferred Shares of £0.01 each	300	3	300	3
	600	6	600	6

10	Related party transactions

Key management personnel

	2024 £	2023 £
Amounts owed to related parties	345,402	348,641