Registration number:
George M Bolton Limited
for the Year Ended 31 July 2023
George M Bolton Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
George M Bolton Limited
Company Information
Director |
G M Bolton |
Registered office |
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Accountants |
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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.
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Bathgate
West Lothian
EH48 2UP
George M Bolton Limited
(Registration number: SC195231)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
64,779 |
(35) |
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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:
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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
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George M Bolton Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Recognition and measurement
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
George M Bolton Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Amortisation |
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At 1 August 2022 |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 August 2022 |
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Additions |
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- |
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Disposals |
( |
( |
( |
( |
At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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George M Bolton Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Stocks |
2023 |
2022 |
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Stock and work in progress |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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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
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 |
( |
( |
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2022 |
At 1 February 2021 |
Advances to director |
At 31 July 2022 |
Interest free loan from/(to) director |
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( |
( |
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Hire purchase liabilities |
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Other borrowings |
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- |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase liabilities |
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Bank borrowings
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.
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