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REGISTERED NUMBER: SC412173 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2022 TO 31 AUGUST 2023

FOR

GILLIES TIMBER LIMITED

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Period 1 May 2022 to 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GILLIES TIMBER LIMITED

COMPANY INFORMATION
For The Period 1 May 2022 to 31 August 2023







DIRECTOR: Robert John Gillies





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC412173 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 322,472 509,461

CURRENT ASSETS
Debtors 5 62,808 35,428
Cash at bank 51,423 117,520
114,231 152,948
CREDITORS
Amounts falling due within one year 6 115,300 228,277
NET CURRENT LIABILITIES (1,069 ) (75,329 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

321,403

434,132

CREDITORS
Amounts falling due after more than one
year

7

(22,501

)

(73,333

)

PROVISIONS FOR LIABILITIES (76,229 ) (92,428 )
NET ASSETS 222,673 268,371

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 221,673 267,371
SHAREHOLDERS' FUNDS 222,673 268,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

BALANCE SHEET - continued
31 August 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 director and authorised for issue on 18 January 2024 and were signed by:





Robert John Gillies - Director


GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

NOTES TO THE FINANCIAL STATEMENTS
For The Period 1 May 2022 to 31 August 2023

1. STATUTORY INFORMATION

Gillies Timber 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the period 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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 4 ) .

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 1 May 2022 to 31 August 2023

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2022 38,324 851,235 92,956 1,472 983,987
Additions - 38,134 49,495 - 87,629
Disposals - (201,250 ) (4,500 ) - (205,750 )
At 31 August 2023 38,324 688,119 137,951 1,472 865,866
DEPRECIATION
At 1 May 2022 15,328 393,334 64,392 1,472 474,526
Charge for period 5,110 93,876 23,214 - 122,200
Eliminated on disposal - (52,207 ) (1,125 ) - (53,332 )
At 31 August 2023 20,438 435,003 86,481 1,472 543,394
NET BOOK VALUE
At 31 August 2023 17,886 253,116 51,470 - 322,472
At 30 April 2022 22,996 457,901 28,564 - 509,461

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 57,856 35,428
Other debtors 4,952 -
62,808 35,428

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 60,500
Trade creditors 33,649 29,702
Taxation and social security 48,245 58,813
Other creditors 33,406 79,262
115,300 228,277

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - 37,500
Other creditors 22,501 35,833
22,501 73,333