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Registration number: SC518959

Leith Gordon Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Leith Gordon Ltd

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 10

Detailed Profit and Loss Account

11 to 12

 

Leith Gordon Ltd

Company Information

Directors

G A Gordon

S E Gordon

Registered office

7 Kirk Crescent North
Cults
Aberdeen
AB15 9RP

Accountants

Lime Blue Accountancy Ltd
4 Rubislaw Terrace
Aberdeen
AB10 1XE

 

Leith Gordon Ltd

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

G A Gordon

S E Gordon

Principal activity

The principal activity of the company is consultants

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
G A Gordon
Director

.........................................
S E Gordon
Director

 

Leith Gordon Ltd

Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

 

17,553

53,933

Cost of sales

 

(360)

(925)

Gross profit

 

17,193

53,008

Administrative expenses

 

(22,935)

(22,602)

Operating (loss)/profit

 

(5,742)

30,406

(Loss)/profit before tax

3

(5,742)

30,406

Tax on (loss)/profit

 

720

(5,547)

(Loss)/profit for the financial year

 

(5,022)

24,859

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Leith Gordon Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

(Loss)/profit for the year

(5,022)

24,859

Total comprehensive income for the year

(5,022)

24,859

 

Leith Gordon Ltd

(Registration number: SC518959)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,028

4,983

Current assets

 

Debtors

5

720

1,600

Cash at bank and in hand

 

73,476

101,139

 

74,196

102,739

Creditors: Amounts falling due within one year

6

(6,974)

(12,451)

Net current assets

 

67,222

90,288

Net assets

 

70,250

95,271

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

70,150

95,171

Shareholders' funds

 

70,250

95,271

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
G A Gordon
Director

.........................................
S E Gordon
Director

 

Leith Gordon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, tools and equipment

40% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Leith Gordon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

3

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,009

457

 

Leith Gordon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

8,434

8,434

Additions

55

55

At 31 October 2023

8,489

8,489

Depreciation

At 1 November 2022

3,451

3,451

Charge for the year

2,010

2,010

At 31 October 2023

5,461

5,461

Carrying amount

At 31 October 2023

3,028

3,028

At 31 October 2022

4,983

4,983

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

1,600

Other debtors

720

-

 

720

1,600

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

5,547

Accruals and deferred income

324

324

Other creditors

6,650

6,580

6,974

12,451

 

Leith Gordon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,000.00 (2022 - £Nil) per ordinary share

 

20,000

 

-

         

9

Related party transactions

 

Leith Gordon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,192

17,978

 

Leith Gordon Ltd

Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
 £

2022
 £

turnover (analysed below)

17,553

53,933

Cost of sales (analysed below)

(360)

(925)

Gross profit

17,193

53,008

Gross profit (%)

97.95%

98.28%

Administrative expenses

Employment costs (analysed below)

(18,192)

(17,978)

Establishment costs (analysed below)

(1,308)

(1,308)

General administrative expenses (analysed below)

(1,342)

(2,774)

Finance charges (analysed below)

(84)

(85)

Depreciation costs (analysed below)

(2,009)

(457)

(22,935)

(22,602)

Operating (loss)/profit

(5,742)

30,406

(Loss)/profit before tax

(5,742)

30,406

 

Leith Gordon Ltd

Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

17,553

53,933

   

Cost of sales

Purchases

(360)

(925)

   

Employment costs

Directors remuneration

(18,192)

(17,978)

   

Establishment costs

Insurance

(108)

(108)

Use of home as office

(1,200)

(1,200)

(1,308)

(1,308)

   

General administrative expenses

Telephone and fax

(273)

(263)

Computer software and maintenance costs

(80)

(19)

Printing, postage and stationery

-

(25)

Trade subscriptions

(431)

(905)

Travel and subsistence

(234)

(1,238)

Accountancy fees

(324)

(324)

(1,342)

(2,774)

   

Finance charges

Bank charges

(84)

(85)

   

Depreciation costs

Depreciation of fixtures and fittings (owned)

(2)

(4)

Depreciation of office equipment (owned)

(2,007)

(453)

(2,009)

(457)