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REGISTERED NUMBER: SC204989 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Gilmour Sports Limited

Gilmour Sports Limited (Registered number: SC204989)

Contents of the Financial Statements
for the Year Ended 31 December 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Gilmour Sports Limited

Company Information
for the Year Ended 31 December 2021







Director: Mr Colin Gavin Hill



Registered office: 28 Wallneuk Road
Paisley
PA3 4BT



Registered number: SC204989 (Scotland)



Accountants: Total Accounting Ltd.
10 Moncrieff Street
Paisley
PA3 2BE



Bankers: The Royal Bank of Scotland
Paisley Chief Office
1 Moncrieff Street
Paisley
PA3 2AW

Gilmour Sports Limited (Registered number: SC204989)

Balance Sheet
31 December 2021

2021 2020
Notes £    £   
Fixed assets
Intangible assets 3 29,896 38,646
Tangible assets 4 310,212 310,637
340,108 349,283

Current assets
Stocks 332,076 272,022
Debtors 5 105,342 93,557
Cash at bank and in hand 128,181 141,063
565,599 506,642
Creditors
Amounts falling due within one year 6 (222,824 ) (271,087 )
Net current assets 342,775 235,555
Total assets less current liabilities 682,883 584,838

Creditors
Amounts falling due after more than one year 7 (315,064 ) (360,783 )
Net assets 367,819 224,055

Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 357,819 214,055
367,819 224,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 September 2022 and were signed by:





Mr Colin Gavin Hill - Director


Gilmour Sports Limited (Registered number: SC204989)

Notes to the Financial Statements
for the Year Ended 31 December 2021


1. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and building - 10% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
In light of the ongoing global health crisis caused by COVID-19. The company have taken advantage of the support offered by the government furlough scheme. The director consider that the company has cash resources and banking facilities sufficient to finance its operations for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Gilmour Sports Limited (Registered number: SC204989)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


2. Employees and directors

The average number of employees during the year was 22 (2020 - 23 ) .

3. Intangible fixed assets
Goodwill
£   
Cost
At 1 January 2021
and 31 December 2021 227,500
Amortisation
At 1 January 2021 188,854
Charge for year 8,750
At 31 December 2021 197,604
Net book value
At 31 December 2021 29,896
At 31 December 2020 38,646

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 January 2021 311,102 285,184 596,286
Additions - 24,312 24,312
Disposals - (8,725 ) (8,725 )
At 31 December 2021 311,102 300,771 611,873
Depreciation
At 1 January 2021 39,027 246,622 285,649
Charge for year 7,659 17,078 24,737
Eliminated on disposal - (8,725 ) (8,725 )
At 31 December 2021 46,686 254,975 301,661
Net book value
At 31 December 2021 264,416 45,796 310,212
At 31 December 2020 272,075 38,562 310,637

5. Debtors: amounts falling due within one year
2021 2020
£    £   
Trade debtors 90,961 61,227
Other debtors 14,381 32,330
105,342 93,557

Gilmour Sports Limited (Registered number: SC204989)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


6. Creditors: amounts falling due within one year
2021 2020
£    £   
Bank loans and overdrafts 41,041 32,265
Finance leases 1,982 5,711
Trade creditors 102,001 108,017
Taxation and social security 52,037 28,151
Other creditors 25,763 96,943
222,824 271,087

7. Creditors: amounts falling due after more than one year
2021 2020
£    £   
Bank loans (secured) 307,064 348,089
Finance leases - 1,982
Other creditors 8,000 10,712
315,064 360,783

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr (secured) 125,680 172,194

8. Secured debts

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans (secured) 348,105 380,354
Finance leases 1,982 7,693
350,087 388,047

9. Ultimate controlling party

The ultimate controlling party is Mr Colin Gavin Hill.