REGISTERED NUMBER: SC240516 (Scotland)

GURBAX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

140,531

186,035

Investment property

5

200,000

200,000

340,531

386,035

CURRENT ASSETS

Stocks

26,373

21,991

Debtors

6

113,365

110,020

Cash at bank and in hand

20,417

34,124

160,155

166,135

CREDITORS

Amounts falling due within one year

7

151,750

136,077

NET CURRENT ASSETS

8,405

30,058

TOTAL ASSETS LESS CURRENT LIABILITIES

348,936

416,093

CREDITORS

Amounts falling due after more than one year

8

260,056

282,330

NET ASSETS

88,880

133,763

CAPITAL AND RESERVES

Called up share capital

4

4

Revaluation reserve

9

28,350

28,350

Retained earnings

60,526

105,409

SHAREHOLDERS' FUNDS

88,880

133,763

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mrs A K Punia - Director

1.	STATUTORY INFORMATION

Gurbax Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number:

SC240516

Registered office:

31-33 Scotts Street

Annan

Dumfriesshire

DG12 6JE

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

4% on cost

Plant and machinery etc

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with SSAP 19 no depreciation is provided in respect of the investment property. This represents a departure from the Companies Act 2006 requirements to provide for the systematic annual depreciation of assets. However this property is held for investment rather than consumption, and the director considers that the adoption of the above policy is necessary to give a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

120,125

18,608

128,730

267,463

DEPRECIATION

At 1 January 2024

52,272

18,438

10,718

81,428

Charge for year

2,603

33

42,868

45,504

At 31 December 2024

54,875

18,471

53,586

126,932

NET BOOK VALUE

At 31 December 2024

65,250

137

75,144

140,531

At 31 December 2023

67,853

170

118,012

186,035

The cost of land and buildings in the financial statements is £120,125. The directors consider that the value of land included in this figure is £65,063. The land has not been depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

128,730

DEPRECIATION

At 1 January 2024

10,718

Charge for year

42,868

At 31 December 2024

53,586

NET BOOK VALUE

At 31 December 2024

75,144

At 31 December 2023

118,012

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

200,000

NET BOOK VALUE

At 31 December 2024

200,000

At 31 December 2023

200,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2016

(18,796

)

Valuation in 2020

35,000

Cost

183,796

200,000

The investment property was revalued by the director on an open market basis on the 31st December 2024.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

11,793

27,766

Other debtors

101,572

82,254

113,365

110,020

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

13,200

13,200

Trade creditors

73,862

56,037

Taxation and social security

(1,259

)

13,013

Other creditors

55,947

43,827

151,750

136,077

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

3,619

14,115

Hire purchase contracts

91,606

104,934

Other creditors

164,831

163,281

260,056

282,330

9.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

28,350

10.	RELATED PARTY DISCLOSURES