Company Registration No. SC727777 (Scotland)
GN Asset Co Ltd
Unaudited accounts
for the year ended 31 March 2025
GN Asset Co Ltd
Unaudited accounts
Contents
GN Asset Co Ltd
Company Information
for the year ended 31 March 2025
Directors
Ewan Gillon
Julia Gillon
Company Number
SC727777 (Scotland)
Registered Office
2 HILL STREET
EDINBURGH
EH2 3JZ
SCOTLAND
Accountants
R Books Limited
16 Crookston Place
Peebles
Scottish Borders
EH45 9AL
GN Asset Co Ltd
Statement of financial position
as at 31 March 2025
Investment property
865,595
865,595
Cash at bank and in hand
42,473
52,958
Creditors: amounts falling due within one year
(104,601)
(93,177)
Net current liabilities
(39,070)
(25,807)
Total assets less current liabilities
826,525
839,788
Creditors: amounts falling due after more than one year
(838,450)
(838,450)
Net (liabilities)/assets
(11,925)
1,338
Called up share capital
100
100
Profit and loss account
(12,025)
1,238
Shareholders' funds
(11,925)
1,338
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by
Ewan Gillon
Director
Company Registration No. SC727777
GN Asset Co Ltd
Notes to the Accounts
for the year ended 31 March 2025
GN Asset Co Ltd is a private company, limited by shares, registered in Scotland, registration number SC727777. The registered office is 2 HILL STREET, EDINBURGH, EH2 3JZ, SCOTLAND.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The Company is able to meet its day to day working capital requirements through the support of it's directors and financial support form other group companies. The directors are of the opinion the company will continue to trade for the foreseeable future and the accounts have therefore been prepared on a going concern basis.
Fair value at 1 April 2024
865,595
As at the year end, the Directors were of the opinion that the market value of the investment property was not materially different to its cost.
GN Asset Co Ltd
Notes to the Accounts
for the year ended 31 March 2025
Amounts falling due within one year
Amounts due from group undertakings etc.
20,008
280
Accrued income and prepayments
3,050
10,869
6
Creditors: amounts falling due within one year
2025
2024
Amounts owed to group undertakings and other participating interests
21,550
21,550
Taxes and social security
1,388
3,532
Deferred income
8,011
1,435
At the period end GN Asset Co Ltd owed £860,000 to Giln Holdings Ltd, the parent company. The loan is repayable over 25 years, with interest charged at a commercial rate of 3.25% per annum. The outstanding balance comprises of £21,550 within amounts due to group undertakings within one year, and £838,450 within amounts due to group undertakings after more than one year.
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Creditors: amounts falling due after more than one year
2025
2024
Amounts owed to group undertakings and other participating interests
838,450
838,450
Aggregate of amounts that fall due for payment after five years
745,016
745,016
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
Rents totalling £47,076 (2024: £27,210) were charged to First Psychology Ltd during the year, a company under common control of the ultimate controlling parties. Rents charged were at a market rate.
At the year end First Psychology Ltd owed GN Asset Co Ltd £nil (2024: £2,721).
GN Asset Co Ltd is a wholly owned subsidiary of Giln Holdings Ltd, registered in Scotland, registration number SC727759, at 2 Hill Street, Edinburgh, Scotland, EH2 3JZ.
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Average number of employees
During the year the average number of employees was 0 (2024: 0).