Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr A Gillespie 14/05/2001 12 February 2024 The principal activity of the company continued to be that of providing information technology consultancy services. SC219130 2023-05-31 SC219130 bus:Director1 2023-05-31 SC219130 2022-05-31 SC219130 core:CurrentFinancialInstruments 2023-05-31 SC219130 core:CurrentFinancialInstruments 2022-05-31 SC219130 core:ShareCapital 2023-05-31 SC219130 core:ShareCapital 2022-05-31 SC219130 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC219130 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC219130 core:OtherPropertyPlantEquipment 2022-05-31 SC219130 core:OtherPropertyPlantEquipment 2023-05-31 SC219130 bus:OrdinaryShareClass1 2023-05-31 SC219130 2022-06-01 2023-05-31 SC219130 bus:FullAccounts 2022-06-01 2023-05-31 SC219130 bus:SmallEntities 2022-06-01 2023-05-31 SC219130 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC219130 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC219130 bus:Director1 2022-06-01 2023-05-31 SC219130 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 SC219130 2021-06-01 2022-05-31 SC219130 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 SC219130 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC219130 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC219130 (Scotland)

A. GILLESPIE ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

A. GILLESPIE ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

A. GILLESPIE ASSOCIATES LIMITED

BALANCE SHEET

AS AT 31 MAY 2023
A. GILLESPIE ASSOCIATES LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 856 1,278
856 1,278
Current assets
Debtors 4 2,442 2,360
Cash at bank and in hand 6,754 3,188
9,196 5,548
Creditors: amounts falling due within one year 5 ( 17,277) ( 20,403)
Net current liabilities (8,081) (14,855)
Total assets less current liabilities (7,225) (13,577)
Net liabilities ( 7,225) ( 13,577)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account ( 7,227 ) ( 13,579 )
Total shareholder's deficit ( 7,225) ( 13,577)

For the financial year ending 31 May 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 financial statements of A. Gillespie Associates Limited (registered number: SC219130) were approved and authorised for issue by the Director on 12 February 2024. They were signed on its behalf by:

Mr A Gillespie
Director
A. GILLESPIE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
A. GILLESPIE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A. Gillespie Associates Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 1 George Square, Glasgow, G2 1AL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £8,575. The company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover from consultancy services is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Derivative financial instruments
The company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2022 32,262 32,262
At 31 May 2023 32,262 32,262
Accumulated depreciation
At 01 June 2022 30,984 30,984
Charge for the financial year 422 422
At 31 May 2023 31,406 31,406
Net book value
At 31 May 2023 856 856
At 31 May 2022 1,278 1,278

4. Debtors

2023 2022
£ £
Trade debtors 698 1,187
Other debtors 1,744 1,173
2,442 2,360

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 336 2,100
Other taxation and social security 184 0
Other creditors 16,757 18,303
17,277 20,403

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due to Key Management Personnel 13,616 14,093

These loans are unsecured, interest free and have no fixed date for repayment.