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REGISTERED NUMBER: SC099434 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Allan's of Gillock Limited

Allan's of Gillock Limited (Registered number: SC099434)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Allan's of Gillock Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr R F Allan
Mrs G L Pottinger
Ms D R Allan



REGISTERED OFFICE: Gillock Mains
Watten
Caithness
KW1 5UR



REGISTERED NUMBER: SC099434 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ



SOLICITORS: Young Robertson & Co
29 Traill Street
Thurso
Caithness
KW14 8EQ

Allan's of Gillock Limited (Registered number: SC099434)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 5,000 -
Tangible assets 5 1,612,535 1,484,310
Investment property 6 416,121 407,392
2,033,656 1,891,702

CURRENT ASSETS
Stocks 4,582,753 4,640,956
Debtors 7 1,032,810 850,316
Investments 8 750 750
Cash at bank and in hand 2,353,018 2,280,072
7,969,331 7,772,094
CREDITORS
Amounts falling due within one year 9 (1,288,911 ) (1,278,851 )
NET CURRENT ASSETS 6,680,420 6,493,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,714,076

8,384,945

PROVISIONS FOR LIABILITIES 10 (81,887 ) (48,219 )
NET ASSETS 8,632,189 8,336,726

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Fair value reserve 11 62,841 62,841
Retained earnings 8,519,348 8,223,885
SHAREHOLDERS' FUNDS 8,632,189 8,336,726

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Allan's of Gillock Limited (Registered number: SC099434)

Balance Sheet - continued
28 February 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2023 and were signed on its behalf by:





Mr R F Allan - Director


Allan's of Gillock Limited (Registered number: SC099434)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Allan's of Gillock Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. 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 as modified by the revaluation of certain assets.

The presentation currency is £ sterling.

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

INTANGIBLE ASSETS
Intangible fixed assets are initially recorded at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Computer software is currently not being amortised, whilst it is under development.

TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets are stated at cost or valuation less depreciation.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold propertyNIL
Leasehold propertyNIL
Plant and machinery20% reducing balance
Computer equipment20% straight line
Plant for hire33% straight line
Motor vehicles25% reducing balance

No depreciation is provided on freehold and leasehold property. It is the company's policy to maintain the property in such a condition that the value is not impaired by the passage of time. As a consequence, any element of depreciation would, in the opinion of the directors, be immaterial.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on a fair value adjustment is recognised in the income statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve.

Rental income from investment property is recognised in the profit and loss account on a receivable basis over the term of the lease.

Allan's of Gillock Limited (Registered number: SC099434)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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

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

OPERATING LEASES
Rentals payable under operating leases are charged to the profit and loss account as they fall due.

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.

OPERATING LEASE INCOME
Operating lease income is recognised in the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 48 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 5,000
At 28 February 2023 5,000
NET BOOK VALUE
At 28 February 2023 5,000

Allan's of Gillock Limited (Registered number: SC099434)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Freehold Long Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 690,688 664,258 483,410 325,698 2,164,054
Additions - - 120,868 68,795 189,663
Disposals - - - (50,250 ) (50,250 )
At 28 February 2023 690,688 664,258 604,278 344,243 2,303,467
DEPRECIATION
At 1 March 2022 - - 441,500 238,244 679,744
Charge for year - - 17,345 37,385 54,730
Eliminated on disposal - - - (43,542 ) (43,542 )
At 28 February 2023 - - 458,845 232,087 690,932
NET BOOK VALUE
At 28 February 2023 690,688 664,258 145,433 112,156 1,612,535
At 28 February 2022 690,688 664,258 41,910 87,454 1,484,310

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 407,392
Additions 8,729
At 28 February 2023 416,121
NET BOOK VALUE
At 28 February 2023 416,121
At 28 February 2022 407,392

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2014 5,000
Valuation in 2017 78,784
Cost 332,337
416,121

Investment property was valued on a fair value basis on 28 February 2023 by the directors .

Allan's of Gillock Limited (Registered number: SC099434)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 956,931 806,210
Other debtors 52,293 34,711
Prepayments and accrued income 23,586 9,395
1,032,810 850,316

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Investments 750 750

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans - 172
Trade creditors 1,123,908 981,426
Corporation tax 34,870 201,170
Social security and other taxes 98,151 65,268
Other creditors 24,722 23,555
Accruals and deferred income 7,260 7,260
1,288,911 1,278,851

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 68,725 35,211
Other provisions 13,162 13,008
81,887 48,219

Holiday
Deferred pay
tax provision
£    £   
Balance at 1 March 2022 35,211 13,008
Provided during year 33,514 -
Balance at 28 February 2023 68,725 13,008

Other provisions represents holiday pay balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward. The provision is measured as the salary cost for the period of accrued absence.

Allan's of Gillock Limited (Registered number: SC099434)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

11. RESERVES
Fair
value
reserve
£   
At 1 March 2022
and 28 February 2023 62,841

Where amounts are transferred to the fair value reserve from retained earnings, this comprises fair value revaluations on investment property recognised in the year together with the associated deferred tax provision movement arising.

12. RELATED PARTY DISCLOSURES

The controlling party is Mr R F Allan.