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Registration number: SC195231

George M Bolton Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

George M Bolton Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

George M Bolton Limited

Company Information

Director

G M Bolton

Registered office

Unit 4 Harrison Lane
Edinburgh
EH11 1HG

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
George M Bolton Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of George M Bolton Limited for the year ended 31 July 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of George M Bolton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of George M Bolton Limited and state those matters that we have agreed to state to the Board of Directors of George M Bolton Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George M Bolton Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that George M Bolton Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of George M Bolton Limited. You consider that George M Bolton Limited 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 accounts of George M Bolton Limited. 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 accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

5 October 2023

 

George M Bolton Limited

(Registration number: SC195231)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

56,050

36,975

Current assets

 

Stocks

6

8,500

28,500

Debtors

7

300,594

163,988

Cash at bank and in hand

 

24,838

416

 

333,932

192,904

Creditors: Amounts falling due within one year

8

(261,450)

(123,581)

Net current assets

 

72,482

69,323

Total assets less current liabilities

 

128,532

106,298

Creditors: Amounts falling due after more than one year

8

(63,653)

(106,233)

Net assets

 

64,879

65

Capital and reserves

 

Called up share capital

100

100

Retained earnings

64,779

(35)

Shareholders' funds

 

64,879

65

 

George M Bolton Limited

(Registration number: SC195231)
Balance Sheet as at 31 July 2023

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

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 October 2023
 

.........................................
G M Bolton
Director

   
     
 

George M Bolton Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 4 Harrison Lane
Edinburgh
EH11 1HG

These financial statements were authorised for issue by the director on 5 October 2023.

2

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
the amount of revenue can be reliably measured;
services have been delivered to the customer;
and collectability of the related receivables is fairly assured.

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

Plant and machinery

15% on cost

Fixtures and fittings

20% on cost

Motor vehicles

20% on cost

 

George M Bolton Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. Net realisable value is the price at which stock can be realised in the normal course of business, less further costs to completion of sale.

Cost of raw materials is determined on the first in first out basis and is based on suppliers' invoice price.

Work in progress and finished goods includes all direct expenditure and production overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate.

Provisions

Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due.

 

George M Bolton Limited

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

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.


 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 6).

 

George M Bolton Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

80,000

80,000

At 31 July 2023

80,000

80,000

Amortisation

At 1 August 2022

80,000

80,000

At 31 July 2023

80,000

80,000

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

11,947

143,311

26,835

182,093

Additions

3,755

24,500

-

28,255

Disposals

(8,084)

(69,280)

(1,758)

(79,122)

At 31 July 2023

7,618

98,531

25,077

131,226

Depreciation

At 1 August 2022

11,508

111,283

22,327

145,118

Charge for the year

216

8,007

899

9,122

Eliminated on disposal

(8,026)

(69,280)

(1,758)

(79,064)

At 31 July 2023

3,698

50,010

21,468

75,176

Carrying amount

At 31 July 2023

3,920

48,521

3,609

56,050

At 31 July 2022

439

32,028

4,508

36,975

 

George M Bolton Limited

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

6

Stocks

2023
£

2022
£

Stock and work in progress

8,500

28,500

7

Debtors

Current

2023
£

2022
£

Trade debtors

200,545

25,570

Prepayments

4,922

5,202

Other debtors

95,127

133,216

 

300,594

163,988

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

10

18,858

33,492

Trade creditors

 

122,733

30,158

Taxation and social security

 

88,698

29,572

Accruals and deferred income

 

2,522

2,635

Other creditors

 

28,639

27,724

 

261,450

123,581

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

63,653

106,233

Creditors include net obligations under hire purchase contracts which are secured of £7,500 (2022 - £11,250).

 

George M Bolton Limited

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

9

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Interest free loan from/(to) director

(4,545)

(19,403)

24,008

60

         
       

 

2022

At 1 February 2021
£

Advances to director
£

At 31 July 2022
£

Interest free loan from/(to) director

45

(4,590)

(4,545)

       
     

 

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,047

17,864

Bank overdrafts

-

11,878

Hire purchase liabilities

3,750

3,750

Other borrowings

61

-

18,858

33,492

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

59,904

98,733

Hire purchase liabilities

3,749

7,500

63,653

106,233

Bank borrowings

The bank overdraft is denominated in sterling. The carrying amount at year end is £Nil (2022 - £11,878).

The bank overdraft is secured by a bond and floating charge over the assets of the company. The director has also provided a guarantee for the full balance.

The bank loans are unsecured and due for repayment by December 2026.