Registered number
SC030152
Gibson & Goold (Ayr) Limited
Filleted Accounts
31 July 2023
Gibson & Goold (Ayr) Limited
Registered number: SC030152
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 556,981 511,761
Investments 4 45,000 25,000
601,981 536,761
Current assets
Stocks 426,208 337,847
Debtors 5 222,213 339,585
Cash at bank and in hand 279,321 285,356
927,742 962,788
Creditors: amounts falling due within one year 6 (837,523) (818,200)
Net current assets 90,219 144,588
Total assets less current liabilities 692,200 681,349
Creditors: amounts falling due after more than one year 7 (54,220) (80,441)
Provisions for liabilities (135,195) (29,625)
Net assets 502,785 571,283
Capital and reserves
Called up share capital 8,000 8,000
Revaluation reserve 8 34,669 34,669
Profit and loss account 460,116 528,614
Shareholders' funds 502,785 571,283
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Goold
Director
Approved by the board on 5 October 2023
Gibson & Goold (Ayr) Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 7 years
Fixtures, fittings, tools and equipment over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 47 42
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 352,701 126,919 411,750 891,370
Additions 46,618 21,606 39,482 107,706
Disposals - - (31,225) (31,225)
At 31 July 2023 399,319 148,525 420,007 967,851
Depreciation
At 1 August 2022 14,094 85,631 279,884 379,609
Charge for the year 7,986 9,434 42,094 59,514
On disposals - - (28,253) (28,253)
At 31 July 2023 22,080 95,065 293,725 410,870
Net book value
At 31 July 2023 377,239 53,460 126,282 556,981
At 31 July 2022 338,607 41,288 131,866 511,761
4 Investments
Other
investments
£
Cost
At 1 August 2022 25,000
Additions 20,000
At 31 July 2023 45,000
5 Debtors 2023 2022
£ £
Trade debtors 219,866 316,014
Other debtors 2,347 23,571
222,213 339,585
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 10,000
Obligations under finance lease and hire purchase contracts 35,973 35,981
Trade creditors 615,226 537,858
Taxation and social security costs 59,100 68,650
Other creditors 127,224 165,711
837,523 818,200
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 29,167
Obligations under finance lease and hire purchase contracts 54,220 51,274
54,220 80,441
8 Revaluation reserve 2023 2022
£ £
At 1 August 2022 34,669 34,669
At 31 July 2023 34,669 34,669
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 6,000 6,000
10 Controlling party
The ultimate controlling party is Mr K J Goold who owns the simple majority of the issued share capital of the company.
11 Other information
Gibson & Goold (Ayr) Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
165 - 167 Whitletts Road
Ayr
South Ayrshire
KA8 0JH
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