Registered number
SC269584
GORDON LESLIE (DISTRIBUTION) LIMITED
Filleted Accounts
31 December 2023
GORDON LESLIE (DISTRIBUTION) LIMITED
Registered number: SC269584
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 895,461 808,188
Investments 4 23,500 23,500
918,961 831,688
Current assets
Stocks 20,321 33,054
Debtors 5 3,130,971 2,892,953
Cash at bank and in hand 416,843 291,614
3,568,135 3,217,621
Creditors: amounts falling due within one year 6 (1,800,769) (1,599,385)
Net current assets 1,767,366 1,618,236
Total assets less current liabilities 2,686,327 2,449,924
Creditors: amounts falling due after more than one year 7 (543,644) (391,933)
Provisions for liabilities (194,064) (121,684)
Net assets 1,948,619 1,936,307
Capital and reserves
Called up share capital 3 3
Profit and loss account 1,948,616 1,936,304
Shareholders' funds 1,948,619 1,936,307
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.
Craig Leslie
Director
Approved by the board on 31 July 2024
GORDON LESLIE (DISTRIBUTION) LIMITED
Notes to the Accounts
for the year ended 31 December 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:
Vehicles 20% on cost
Plant and machinery 20% on cost
Fixtures, fittings, tools and equipment 15% on cost
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 50 49
3 Tangible fixed assets
Fixtures Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 12,163 315,850 2,131,507 2,459,520
Additions - 35,430 609,390 644,820
Disposals (5,463) (72,617) (320,211) (398,291)
At 31 December 2023 6,700 278,663 2,420,686 2,706,049
Depreciation
At 1 January 2023 7,162 146,224 1,497,946 1,651,332
Charge for the year 1,060 48,397 416,734 466,191
On disposals (1,906) (54,224) (250,805) (306,935)
At 31 December 2023 6,316 140,397 1,663,875 1,810,588
Net book value
At 31 December 2023 384 138,266 756,811 895,461
At 31 December 2022 5,001 169,626 633,561 808,188
4 Investments
Other
investments
£
Cost
At 1 January 2023 23,500
At 31 December 2023 23,500
5 Debtors 2023 2022
£ £
Trade debtors 1,255,656 1,307,680
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,660,538 1,462,264
Other debtors 214,777 123,009
3,130,971 2,892,953
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,381 2,227
Obligations under finance lease and hire purchase contracts 317,926 371,859
Trade creditors 672,766 667,551
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,000 10,468
Taxation and social security costs 266,591 393,696
Other creditors 537,105 153,584
1,800,769 1,599,385
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 543,644 391,933
8 Other information
GORDON LESLIE (DISTRIBUTION) LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
2 Edison Street
Hillington
Glasgow
G52 4XN
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