Gildeas Limited - Accounts to registrar (filleted) - small 23.2.5
Gildeas Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| GILDEAS LIMITED |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5 |
| GILDEAS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor |
| Templeton House |
| 62 Templeton Street |
| Glasgow |
| G40 1DA |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| BALANCE SHEET - continued |
| 31 MARCH 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2021 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive loss | - | ( |
) | - | ( |
) |
| Balance at 31 March 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive loss | - | ( |
) | - | ( |
) |
| Balance at 31 March 2023 |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | STATUTORY INFORMATION |
| Gildeas Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received, net of VAT and represents the supply of legal services under contracts. |
| Turnover, relating to contingent legal cases is recognised on settlement of the related case, or at the point where it can be reliably measured and it is probable that the economic benefit associated with the case will flow to the entity. The associated costs other than recoverable outlays, are recognised in the profit and loss as incurred. |
| Goodwill |
| Goodwill arising on the acquisition of a business represents the excess of the costs of acquisition (being the cash paid and the fair value other consideration given) over the fair value of the separable net assets acquired. The fair value of the acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life. |
| Provision is made for any impairment in its value. The useful economic life is the expected period over which the company expects to derive an economic benefit, and is reviewed on an annual basis. |
| Amortisation |
| Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful life of that asset as follows: |
| Goodwill - 10 years |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs |
| The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund. |
| Financial instruments |
| Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. |
| Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
| An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument. |
| Debtors and creditors that fall due within one year |
| Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction (invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the profit and loss and shown within administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| AMORTISATION |
| At 1 April 2022 |
| Amortisation for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Goodwill of £836,047 arose on the acquisition of the trade and assets of Gildeas Solicitors. Goodwill is amortised in accordance with the company's stated accounting policy. |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| Transfer to ownership | - | (169,301 | ) | (169,301 | ) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Transfer to ownership | - | (169,301 | ) | (169,301 | ) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by related parties |
| Other debtors | 44,467 | - |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to related parties | 53,000 | 53,000 |
| Corporation tax |
| Social security and other taxes |
| VAT | 132,087 | 140,382 |
| Other creditors |
| Directors' loan accounts | 30,812 | 139,953 |
| Accruals and deferred income |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans (see note 9) |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2023 | 2022 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Other loans - 1-2 years | 48,128 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Other loans - 2-5 years |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2023 | 2022 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 10. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 20,782 | 23,895 |
| The bank loan and overdraft is secured by bond and floating charge over the company's assets dated 7 July 2010. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 March 2023 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, Issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| Value: | £ | £ |
| 100 | A Ordinary Shares | £0.01 | 1.00 | 1.00 |
| 11 | B Ordinary Shares | £0.01 | 0.11 | 0.11 |
| 1.11 | 1.11 |
| The holders of A Ordinary and B Ordinary shares are entitled on a show of hands to one vote and on a poll to one vote for every share he or she is the holder. |
| The holders of the A Ordinary and B Ordinary shares are entitled to participate in dividends and distribution including a distribution on a winding up. |
| GILDEAS LIMITED (REGISTERED NUMBER: SC365972) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
| 2023 | 2022 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| A personal guarantee has been provided by S Bali, Director over the Company's bank facilities. |
| 15. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £162,000 (2022 - £66,000) were paid to the directors . |
| Port Real Limited |
| A Company controlled by the spouse of a director |
| During the year the company was charged rent of £82,200 (2022 - £82,200) and operated a current account with Port Real Limited. Mrs N Bali, director and sole shareholder of Port Real Limited is the spouse of S Bali, director and majority shareholder of Gildeas Limited. The amounts due from Port Real Limited at the balance sheet date is £158,980 (2022- £158,980). The balance is interest free and repayable on demand. |
| NSBAA Limited |
| A Company controlled by the spouse of a director |
| During the year the company was charged rent of £20,000 (2022 - £20,000) and operated a current account with NSBAA Limited. Mrs N Bali, director and sole shareholder of NSBAA Limited is the spouse of S Bali, director and majority shareholder of Gildeas Limited. The amounts due from NSBAA Limited at the balance sheet date is £247,072 (2022 - £244,359). The balance is interest free and repayable on demand. |
| Fultons Solicitors and Estate Agents |
| During the year the company paid expenses of £943 (2022 - £84,500) on behalf of Fultons Solicitors and Estate Agents, a Partnership in which various directors of Gildeas Limited have an interest. At the year end the amount due from Fultons Solicitors and Estate Agents was £698,293 (2022 - £697,350). The balance is interest free and repayable on demand. |
| 16. | ULTIMATE CONTROLLING PARTY |
| The controlling party is S Bali. |