Glendevon Gilmore Limited - Filleted accounts

Registered number

SC248638

Glendevon Gilmore Limited

Filleted Accounts

31 March 2026

Glendevon Gilmore Limited
Registered number:		SC248638
Balance Sheet
as at 31 March 2026

Notes			2026			2025
£				£
Fixed assets
Investment property	4		1,835,000			1,533,526

Current assets
Debtors	5	2,568			2,362
Cash at bank and in hand		20,052			2,686
		22,620			5,048

Creditors: amounts falling due within one year	6	(99,914)			(87,654)

Net current liabilities			(77,294)			(82,606)

Total assets less current liabilities			1,757,706			1,450,920

Creditors: amounts falling due after more than one year	7		(1,056,130)			(1,058,837)

Provisions for liabilities			(93,901)			(12,726)


Net assets			607,675			379,357

Capital and reserves
Called up share capital			1			1
Profit and loss account			607,674			379,356

Shareholder's funds			607,675			379,357

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Stephen Macpherson
Director
Approved by the board on 13 July 2026

Glendevon Gilmore Limited
Notes to the Accounts
for the year ended 31 March 2026


1	Accounting policies

	Basis of preparation
	The accounts have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006.The financial statement have been prepared under the historical cost convention as modified by the revaluation of certain assets.

	Turnover
	Turnover recognised in the financial statements is rental income generated from the investment properties. Rental income is recognised on an accruals basis in accordance with FRS 102 Section 23.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Fixtures and fittings	fully depreciated

	Investment Property
	Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value an be measured reliably without undue cost or effort, on an ongoing basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in income statement in the period in which they arise. Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees		2026		2025
Number				Number

	Average number of persons employed by the company		1		1


3	Tangible fixed assets
					Fixtures and fittings
£
	Cost
	At 1 April 2025				15,196
	At 31 March 2026				15,196

	Depreciation
	At 1 April 2025				15,196
	At 31 March 2026				15,196

	Net book value
	At 31 March 2026				-


4	Investment property

Investment
Property
£
	Fair Value
	At 1 April 2025				1,533,526
	Additions				15,107
	Revaluation				286,367

	At 31 March 2026				1,835,000

	Historical cost
	At 31 March 2026				1,104,207


	Fair value at 31 March 2026 is represented by:

	Cost				1,104,207
	Revaluation in 2006				60,375
	Revaluation in 2010				45,000
	Revaluation in 2014				35,000
	Revaluation in 2018				304,051
	Revaluation in 2026				286,367
					1,835,000

	The director assesses the fair value of the investment properties annually. As at 31 March 2026, the fair value has been updated to £1,835,000, resulting in a revaluation gain of £286,367 recognised in the profit and loss.


5	Debtors		2026		2025
£				£

	Prepayments		2,568		2,362


6	Creditors: amounts falling due within one year		2026		2025
£				£

	Bank loans		2,500		2,500
	Other creditors		3,423		1,681
	Director's loan account		93,991		83,473
			99,914		87,654


7	Creditors: amounts falling due after one year		2026		2025
£				£

	Bank loans		1,056,130		1,058,837


8	Loans		2026		2025
£				£
	Creditors include:
	Amounts payable otherwise than by instalment falling due for payment after more than five years		1,045,202		1,057,731

	The loans are secured by standard charges over the relevant properties and a floating charge over the company's assets.


9	Deferred taxation		2026		2025
			£		£


	Opening balance at 1 April 2025		12,726		12,726
	Charge to profit and loss relating to revaluation gains		81,175		-

	Deferred tax liability at 31 March 2026		93,901		12,726

	The deferred tax liability relates entirely to investment property revaluation gains.


10	Related party transactions

	Loans from the directors to the company are interest free and repayable at the director's discretion.

11	Presentation currency

	The financial statements are presented in Sterling.


12	Other information

	Glendevon Gilmore Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	11 Kaimes Road
	Edinburgh
	EH12 6JR