Company No: SC645166 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	177,450		177,450
		177,450		177,450
Current assets
Debtors	4	2,550		2,550
Cash at bank and in hand		1,176		15,281
		3,726		17,831
Creditors: amounts falling due within one year	5	( 77,961)		( 101,757)
Net current liabilities		(74,235)		(83,926)
Total assets less current liabilities		103,215		93,524
Net assets		103,215		93,524
Capital and reserves
Called-up share capital	6	100		100
Profit and loss account		103,115		93,424
Total shareholders' funds		103,215		93,524

For the financial year ending 31 October 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 Profit and Loss Account has not been delivered.

The financial statements of FGM Holdings Limited (registered number: SC645166) were approved and authorised for issue by the Board of Directors on 30 April 2026. They were signed on its behalf by:

Mr M Grier 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

GMS Holdings 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 25 Woodhall Road, Wishaw, ML2 8PY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, 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 £.

Going concern

Although the financial statements have net current liabilities of £74,235 (2024 - £83,926) they have been prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. In coming to this conclusion, the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally, directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.

Turnover

Turnover is recognised at the fair value of the consideration received for rentals received provided in the normal course of business and is shown net of VAT, where applicable.

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid 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.

Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at cost.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Investment property

	Investment property
	£
Valuation
As at 01 November 2024	177,450
As at 31 October 2025	177,450

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 October 2025 by the directors. No valuation by an independent valuer has been undertaken in the period. The fair value of the property is deemed equivalent to the cost by the Company director.

4. Debtors

	2025		2024
	£		£
Trade debtors	2,500		2,500
Other debtors	50		50
	2,550		2,550

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Taxation and social security	3,210		13,597
Other creditors	74,751		88,160
	77,961		101,757

6. Called-up share capital

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

7. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Funds owed to key management personnel	71,950		84,950

The above loan has no fixed term of repayment and no interest has been charged.