Gilliland Investments Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC233572

Gilliland Investments Limited

Filleted Unaudited Financial Statements

31 December 2024

Gilliland Investments Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5	1,900,839	1,900,987
Investments	6	111,483	148,518
		------------	------------
		2,012,322	2,049,505

Current assets

Debtors	7	51,405	29,771
Cash at bank and in hand		40,491	122,105
		--------	---------
		91,896	151,876

Creditors: amounts falling due within one year	8	433,265		514,484
		---------		---------
Net current liabilities			341,369	362,608
			------------	------------
Total assets less current liabilities			1,670,953	1,686,897

Creditors: amounts falling due after more than one year	9	424,290	466,707
		------------	------------
Net assets		1,246,663	1,220,190
		------------	------------

Capital and reserves

Called up share capital	5,000	5,000
Non Distributable Reserve	( 567,007)	( 567,007)
Profit and loss account	1,808,670	1,782,197
	------------	------------
Shareholders funds	1,246,663	1,220,190
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the 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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gilliland Investments Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 16 December 2025 , and are signed on behalf of the board by:

Mr R Gilliland
Director

Company registration number: SC233572

Gilliland Investments Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	1,900,000	19,120	1,919,120
	------------	--------	------------
Depreciation
At 1 January 2024	–	18,133	18,133
Charge for the year	–	148	148
	------------	--------	------------
At 31 December 2024	–	18,281	18,281
	------------	--------	------------
Carrying amount
At 31 December 2024	1,900,000	839	1,900,839
	------------	--------	------------
At 31 December 2023	1,900,000	987	1,900,987
	------------	--------	------------

Tangible assets held at valuation

The company's property assets have been valued by the directors at 31st December 2024 and are carried at that revalued amount. Had the property assets not been revalued they would be stated at cost of £2,467,007 (2023:£2,467,007).

6. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024	638	147,880	148,518
Additions	–	8,436	8,436
Disposals	–	( 45,471)	( 45,471)
	----	---------	---------
At 31 December 2024	638	110,845	111,483
	----	---------	---------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–
	----	---------	---------

Carrying amount
At 31 December 2024	638	110,845	111,483
	----	---------	---------
At 31 December 2023	638	147,880	148,518
	----	---------	---------

The company's investment comprises 638 ordinary £1 shares in GNB Acquisitions Limited, a company registered in Scotland.

7. Debtors

	2024	2023
	£	£
Trade debtors	11,054	11,054
Other debtors	40,351	18,717
	--------	--------
	51,405	29,771
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	29,000	29,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	640	639
Corporation tax	8,028	7,113
Social security and other taxes	1,924	73,418
Director's Loans	18,234	52,034
Other loans	212,479	237,479
Other creditors	162,960	114,801
	---------	---------
	433,265	514,484
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	417,293	449,621
Other creditors	6,997	17,086
	---------	---------
	424,290	466,707
	---------	---------

10. Related party transactions

The company was under the control of Mr Richard Gilliland throughout the current period. As at 31st December 2024, the company owed £18,233 (2023: £52,033) to Mr A Woods, Director and £400 (2023:£nil) to Mr R Gilliland , director. The company also owed £212,479 (2023: £237,479) to Gilliland Management Services Limited, a company of which Mr R Gilliland and Mr A Woods are directors and in which Mr R Gilliland holds shares. The company owed £134,818 (2023 £87,250) to R&A MAnagement Services Limited a company in which Mr Gilliland and Mr Woods are shareholders and directors . During the period rent of £68,250 (2023: £65,000) was received from Gilliland & Company,a firm in which Mr A Woods and Mr R Gilliland are partners. At 31st December 2024, the company was owed £25,859 by Gilliland & Company which was fully repaid after the year end (2023:Creditor £209).