GYLEWORKS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
Company registration number SC616076 (Scotland)
PAGES FOR FILING WITH REGISTRAR
GYLEWORKS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GYLEWORKS LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GYLEWORKS LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gyleworks Ltd for the period ended 30 November 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of Gyleworks Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gyleworks Ltd and state those matters that we have agreed to state to the Board of Directors of Gyleworks Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gyleworks Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Gyleworks Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gyleworks Ltd. You consider that Gyleworks Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Gyleworks Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
William Duncan + Co Ltd
23 May 2023
Chartered Accountants
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
GYLEWORKS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
65,397
82,529
Investment properties
5
2,717,179
2,717,179
2,782,576
2,799,708
Current assets
Debtors
6
92,487
35,184
Cash at bank and in hand
183,203
107,511
275,690
142,695
Creditors: amounts falling due within one year
7
(2,000,071)
(2,052,648)
Net current liabilities
(1,724,381)
(1,909,953)
Total assets less current liabilities
1,058,195
889,755
Provisions for liabilities
(201,877)
(116,768)
Net assets
856,318
772,987
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
9
856,218
772,887
Total equity
856,318
772,987
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GYLEWORKS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2022
30 November 2022
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 23 May 2023
Mr W Gorol
Director
Company Registration No. SC616076
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information
Gyleworks Ltd is a private company limited by shares incorporated in Scotland. The registered office is William Duncan + Co, Chartered Accountants, 44 Bank Street, Kilmarnock, KA1 1HA. The principal place of business is 34 South Gyle Crescent, Edinburgh, Lothian, Scotland, EH12 9EB.
1.1
Reporting period
These financial statements cover the eleven month period from 1 January 2022 to 30 November 2022, while the comparative amounts cover the twelve month period from 1 January 2021 to 31 December 2021. As a result, the amounts are not entirely comparative.
The director opted to shorten the reporting period to align the company's year-end with those of his associated companies.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover relates to rental income from commercial property.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Furniture & Fixtures
15% Straight Line, 25% Straight line
Computer Equipment
33% Straight Line
Office Equipment
25% Straight Line
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.
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No significant judgements have had to be made by the director in preparing these financial statements.
The director has made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
1
3
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 7 -
4
Tangible fixed assets
Plant and machinery etc
Office Equipment
Total
£
£
£
Cost
At 1 January 2022
118,198
2,789
120,987
Additions
3,747
3,747
At 30 November 2022
121,945
2,789
124,734
Depreciation and impairment
At 1 January 2022
36,541
1,917
38,458
Depreciation charged in the period
20,240
639
20,879
At 30 November 2022
56,781
2,556
59,337
Carrying amount
At 30 November 2022
65,164
233
65,397
At 31 December 2021
81,657
872
82,529
5
Investment property
2022
£
Fair value
At 1 January 2022 and 30 November 2022
2,717,179
Investment property refers to 34 South Gyle Crescent, Edinburgh. In the opinion of the director, the above represents the fair value of the investment property at the balance sheet date.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
36,037
9,578
Other debtors
56,164
25,066
92,201
34,644
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
286
540
Total debtors
92,487
35,184
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 8 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
10,042
18,234
Taxation and social security
11,531
4,469
Other creditors
1,978,498
2,029,945
2,000,071
2,052,648
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Profit and loss reserves
2022
2021
£
£
At the beginning of the period
772,887
733,394
Profit for the period
83,331
39,493
At the end of the period
856,218
772,887
Included within profit and loss reserves are non-distributable profits, as set out below:
2022
2021
£
£
Non-distributable profits included above
At the beginning of the period
853,162
858,443
Non distributable profits in the period
(84,440)
(5,280)
At the end of the period
768,722
853,163
Distributable profits
87,496
(80,276)
10
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
10
Related party transactions
(Continued)
- 9 -
SIME Investments Limited
A company of which W. Gorol is a director.
During the period, the company received loans of £4,230 from, and made repayments of £17,572 to SIME Investment Ltd, which resulted in a closing balance of £67,947 (2021: £81,289) owed to SIME Investments Ltd at the balance sheet date.
Enhance Hospitality Limited
A company of which W. Gorol is a director.
During the period, the company received loans of £6,186 from, and made repayments of £8,041 to Enhance Hospitality Ltd. This resulted in a closing balance of £Nil (2021: £1,855) at the balance sheet date.
The company invoiced Enhance Hospitality Ltd for services worth £29,710 during the period, of which £3,096 remained due for payment at the balance sheet date.
St Fillans Holdings Ltd
A company of which W. Gorol is a director.
During the period, the company made loans of £50,000 to, and received repayments of £3,420 from St Fillans Holdings Ltd, resulting in a balance of £46,580 (2021: £Nil) owed by St Fillans Holdings Ltd.
The TriSaaS Group Limited
A company of which W. Gorol is a director.
The company invoiced The TriSaaS Group Ltd for services worth £22,487 during the period, of which £3,180 remained due for payment at the balance sheet date.
These balances are interest free and repayable on demand.
11
Directors' transactions
During the period, W. Gorol withdrew £50,000 from the company, which resulted in a balance of £1,831,838 (2021: £1,881,838) owed to the director at the balance sheet date.
The director does not seek repayment within any specific time frame, or any interest on this balance.