Registered number
SC250005
Tom Gillespie Limited
Filleted Accounts
31 March 2024
Tom Gillespie Limited
Registered number: SC250005
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 20,000 21,000
Tangible assets 4 1,043 1,227
21,043 22,227
Current assets
Debtors 5 5,981 3,995
Cash at bank and in hand 37,832 38,823
43,813 42,818
Creditors: amounts falling due within one year 6 (7,735) (4,413)
Net current assets 36,078 38,405
Total assets less current liabilities 57,121 60,632
Creditors: amounts falling due after more than one year 7 (4,083) (7,583)
Net assets 53,038 53,049
Capital and reserves
Called up share capital 2 2
Profit and loss account 53,036 53,047
Shareholder's funds 53,038 53,049
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Tom Gillespie
Director
Approved by the board on 13 August 2024
Tom Gillespie Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 15% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 41,000
At 31 March 2024 41,000
Amortisation
At 1 April 2023 20,000
Provided during the year 1,000
At 31 March 2024 21,000
Net book value
At 31 March 2024 20,000
At 31 March 2023 21,000
Goodwill is being written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 7,240
At 31 March 2024 7,240
Depreciation
At 1 April 2023 6,013
Charge for the year 184
At 31 March 2024 6,197
Net book value
At 31 March 2024 1,043
At 31 March 2023 1,227
5 Debtors 2024 2023
£ £
Trade debtors 2,555 2,795
Other debtors 3,426 1,200
5,981 3,995
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,500 3,500
Trade creditors 2,750 -
Corporation tax 619 747
Other creditors 866 166
7,735 4,413
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,083 7,583
8 Controlling party
The controlling party is Tom Gillespie who owns 100% of the issued share capital of the company.
9 Other information
Tom Gillespie Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
27 King Street
PORT GLASGOW
PA14 5JA
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