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REGISTERED NUMBER: SC059522















GILCHRIST STEELS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023






GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 395,147 414,989

CURRENT ASSETS
Stocks 117,336 151,265
Debtors 5 595,480 771,321
Cash at bank and in hand 342,366 308,858
1,055,182 1,231,444
CREDITORS
Amounts falling due within one year 6 355,348 573,105
NET CURRENT ASSETS 699,834 658,339
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,094,981

1,073,328

CREDITORS
Amounts falling due after more than one year 7 (19,167 ) (29,167 )

PROVISIONS FOR LIABILITIES (33,861 ) (28,174 )
NET ASSETS 1,041,953 1,015,987

CAPITAL AND RESERVES
Called up share capital 5,125 5,125
Share premium 3,875 3,875
Non-distributable reserve 247,936 289,525
Retained earnings 785,017 717,462
1,041,953 1,015,987

GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)

BALANCE SHEET - continued
31 OCTOBER 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





G D J Martin - Director


GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Gilchrist Steels Limited is a private company, limited by shares, registered in Scotland. The registered office is Riverbank Works, 28 Field Road, Busby, Glasgow, Scotland, G76 8SE.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover comprises the invoice value of goods sold during the year, excluding value added tax and net of trade discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost, 20% on reducing balance and at varying rates on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less any subsequent depreciation and impairment losses. Land included within land and buildings has not been depreciated. Revaluations are performed with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank loans and loans to other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider it to be more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates which would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments
Assets purchased under finance leases and hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account over the relevant period.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term 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.

GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 350,000 127,804 477,804
Additions - 1,600 1,600
At 31 October 2023 350,000 129,404 479,404
DEPRECIATION
At 1 November 2022 - 62,815 62,815
Charge for year 7,000 14,442 21,442
At 31 October 2023 7,000 77,257 84,257
NET BOOK VALUE
At 31 October 2023 343,000 52,147 395,147
At 31 October 2022 350,000 64,989 414,989

Cost or valuation at 31 October 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 173,570 127,804 301,374
Cost 176,430 1,600 178,030
350,000 129,404 479,404

GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. TANGIBLE FIXED ASSETS - continued

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 176,430 -
Aggregate depreciation 108,039 -

Land and buildings were professionally valued on an open market basis in January 2023 by DM Hall, Chartered Surveyors.

At the balance sheet date, assets held under hire purchase contracts had a net book value of £Nil (2022: £10,895).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 285,943 463,706
Amounts owed by group undertakings 236,104 236,104
Amounts owed by associates 60,000 60,000
Other debtors 13,433 11,511
595,480 771,321

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) - 879
Trade creditors 249,867 440,555
Taxation and social security 83,397 109,495
Other creditors 12,084 12,176
355,348 573,105

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,167 29,167

GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year - 879

At the balance sheet date, other lease commitments totalled £19,763 (2022: £15,124).

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 879

Virgin Money holds a standard security over the land and buildings and a floating charge over all of the assets of the company in respect of borrowings by the parent company.

Hire purchase liabilities are secured over the assets to which they relate.

10. RELATED PARTY DISCLOSURES

At the balance sheet date, a company under common control, owed the company £60,000 (2022: £60,000). This amount is interest free, unsecured and carries no fixed terms of repayment.