Company No: SC447125 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	106,386		150,804
Investments	4	100		100
		106,486		150,904
Current assets
Stocks	5	15,000		21,890
Debtors	6	717,965		449,430
Cash at bank and in hand	7	292,414		702,001
		1,025,379		1,173,321
Creditors: amounts falling due within one year	8	( 199,191)		( 407,215)
Net current assets		826,188		766,106
Total assets less current liabilities		932,674		917,010
Creditors: amounts falling due after more than one year	9	( 15,776)		( 38,391)
Provision for liabilities	10, 11	( 24,593)		( 35,638)
Net assets		892,305		842,981
Capital and reserves
Called-up share capital	12	125		125
Other reserves		0		100
Profit and loss account		892,180		842,756
Total shareholders' funds		892,305		842,981

For the financial year ending 31 July 2025 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of GBEC Scotland Ltd (registered number: SC447125) were approved and authorised for issue by the Board of Directors on 28 April 2026. They were signed on its behalf by:

Claire Barber Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GBEC Scotland Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

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. The fair value of consideration takes into account trade discounts.

Turnover is recognised on the accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	20 years straight line
Plant and machinery etc.	4 - 6.5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	15		15

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 August 2024	8,198		286,477		294,675
Additions	4,999		6,247		11,246
At 31 July 2025	13,197		292,724		305,921
Accumulated depreciation
At 01 August 2024	96		143,775		143,871
Charge for the financial year	648		55,016		55,664
At 31 July 2025	744		198,791		199,535
Net book value
At 31 July 2025	12,453		93,933		106,386
At 31 July 2024	8,102		142,702		150,804

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 August 2024	100
At 31 July 2025	100
Carrying value at 31 July 2025	100
Carrying value at 31 July 2024	100

5. Stocks

	2025		2024
	£		£
Stocks	15,000		21,890

6. Debtors

	2025		2024
	£		£
Trade debtors	9,266		114,410
Amounts owed by Group undertakings (note 13)	272,972		289,472
Other debtors	435,727		45,548
	717,965		449,430

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	292,414		702,001

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,157		10,150
Trade creditors	83,591		201,968
Corporation tax	51,206		168,857
Other taxation and social security	28,506		8,490
Obligations under finance leases and hire purchase contracts	12,607		12,607
Other creditors	13,124		5,143
	199,191		407,215

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £10,157 (2024 - £10,150). This loan is fully backed by a government guarantee.

Hire purchase obligations under financial leases are secured over the assets to which they relate.

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

	2025		2024
	£		£
Bank loans	3,169		13,178
Obligations under finance leases and hire purchase contracts	12,607		25,213
	15,776		38,391

There are no amounts included above in respect of which any security has been given by the small entity.

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £3,169 (2024 - £13,178). This loan is fully backed by a government guarantee.

Hire purchase obligations under financial leases are secured over the assets to which they relate.

10. Provision for liabilities

	2025		2024
	£		£
Deferred tax	24,593		35,638

11. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 35,638)		( 36,759)
Credited to the Statement of Income and Retained Earnings	11,045		1,121
At the end of financial year	( 24,593)		( 35,638)

12. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each	100		100
25 Ordinary B shares of £ 1.00 each	25		25
	125		125

13. Related party transactions

Transactions with group companies

Amounts owed by Group undertakings

	2025		2024
	£		£
Jorfin - Amounts owed to GBEC	272,972		289,472

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

	2025		2024
	£		£
Directors' Loan Account	410,464		0

Amounts owed to directors

	2025		2024
	£		£
Directors' Loan Account	0		230

Advances have been made in this period to the Directors totalling £468,818 and £58,124 has been repaid. This loan has been repaid within 9 months of the balance sheet date.