Company Registration No. SC616076 (Scotland)
GYLEWORKS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
GYLEWORKS LTD
COMPANY INFORMATION
Director
Mr William Gorol
Company number
SC616076
Registered office
c/o William Duncan + Co Ltd
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
Accountants
William Duncan + Co Ltd
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
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 year ended 31 December 2020 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 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 year.
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
16 December 2021
Chartered Accountants
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
GYLEWORKS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
79,666
20,186
Investment properties
5
2,486,400
1,139,245
2,566,066
1,159,431
Current assets
Debtors
6
55,194
266,764
Cash at bank and in hand
104,917
7,292
160,111
274,056
Creditors: amounts falling due within one year
7
(1,881,739)
(1,514,405)
Net current liabilities
(1,721,628)
(1,240,349)
Total assets less current liabilities
844,438
(80,918)
Provisions for liabilities
(110,944)
Net assets/(liabilities)
733,494
(80,918)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
9
733,394
(81,018)
Total equity
733,494
(80,918)
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 year ended 31 December 2020 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.
T
he member has not required the company to obtain an audit of its financial statements for the year 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
31 DECEMBER 2020
31 December 2020
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 16 December 2021
Mr William Gorol
Director
Company Registration No. SC616076
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
1
Accounting policies
Company information
Gyleworks Ltd is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
c/o William Duncan + Co Ltd, 38 Beansburn, Kilmarnock, East Ayrshire, Scotland, KA3 1RL.
1.1
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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
.
1.4
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
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.
1.7
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.
1.8
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.
1.9
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 YEAR ENDED 31 DECEMBER 2020
- 6 -
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 ha
s
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 year was:
2020
2019
Number
Number
Total
4
Tangible fixed assets
Furniture & Fixtures
Computer Equipment
Office Equipment
Total
£
£
£
£
Cost
At 1 January 2020
15,709
4,516
2,789
23,014
Additions
69,131
4,801
73,932
At 31 December 2020
84,840
9,317
2,789
96,946
Depreciation and impairment
At 1 January 2020
1,768
537
523
2,828
Depreciation charged in the year
11,134
2,621
697
14,452
At 31 December 2020
12,902
3,158
1,220
17,280
Carrying amount
At 31 December 2020
71,938
6,159
1,569
79,666
At 31 December 2019
13,941
3,979
2,266
20,186
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
5
Investment property
2020
£
Fair value
At 1 January 2020
1,139,245
Additions
392,905
Revaluations
954,250
At 31 December 2020
2,486,400
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
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
29,257
3,658
Other debtors
6,447
234,775
Prepayments and accrued income
18,695
28,331
54,399
266,764
2020
2019
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
795
Total debtors
55,194
266,764
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
21,902
5,642
Deferred income
14,812
2,032
Other creditors
1,841,138
1,502,960
Accruals and deferred income
3,887
3,771
1,881,739
1,514,405
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
(81,018)
Profit/(loss) for the year
814,412
(81,018)
At the end of the year
733,394
(81,018)
Included within profit and loss reserves are non-distributable profits, as set out below:
2020
2019
£
£
Non-distributable profits included above
At the beginning of the year
-
-
Non distributable profits in the year
858,443
-
At the end of the year
858,443
-
Distributable profits
(125,049)
(81,018)
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
GYLEWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
10
Related party transactions
(Continued)
- 9 -
SIME Investments Limited
A company of which W. Gorol is a director.
During the period, SIME Investments Ltd paid invoices of £29 on behalf of Gyleworks Ltd. This resulted in a closing balance of £81,289 (2019: £81,260) owed to SIME Investments Ltd at the balance sheet date.
The company had £4,230 in unpaid invoices issued by SIME Investments Ltd at the balance sheet date. This balance is held within Trade Creditors.
Enhance Hospitality Limited
A company of which W. Gorol is a director.
During the period, Enhance Hospitality Ltd advanced funds of £6,225 to Gyleworks Ltd. Repayments of £6,355 were made to Enhance Hospitality Ltd during the reporting period, resulting in a balance of £Nil (2019: £130) owed to Enhance Hospitality Ltd at the balance sheet date.
The company invoiced Enhance Hospitality Ltd for services worth £20,986 during the year, of which £7,118 remained due for payment at the balance sheet date.
The TriSaaS Group Limited
A company of which W. Gorol is a director.
The company invoiced The TriSaaS Group Ltd for services worth £28,052 during the year, of which £19,740 remained due for payment at the balance sheet date.
These balances are interest free and repayable on demand.
11
Directors' transactions
During the year to 31 December 2020, W. Gorol advanced funds of £352,039 to the company, which resulted in a balance of £1,748,609 (2019: £1,396,570) owed by the company at the balance sheet date.
The director does not seek repayment within any specific time frame, or any interest on this balance.