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REGISTERED NUMBER: SC286876 (Scotland)




















GFT SALES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






GFT SALES LIMITED (REGISTERED NUMBER: SC286876)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 9

GFT SALES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Ms J O'Byrne
M McKinlay





SECRETARY: M McKinlay





REGISTERED OFFICE: 101 Smithycroft Road
Glasgow
G33 2RH





REGISTERED NUMBER: SC286876 (Scotland)





ACCOUNTANTS: JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD

GFT SALES LIMITED (REGISTERED NUMBER: SC286876)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 447,918 456,747

CURRENT ASSETS
Stocks 5 131,588 163,191
Debtors 6 122,515 124,525
Cash at bank and in hand 33,184 33,384
287,287 321,100
CREDITORS
Amounts falling due within one year 7 122,379 133,317
NET CURRENT ASSETS 164,908 187,783
TOTAL ASSETS LESS CURRENT
LIABILITIES

612,826

644,530

CREDITORS
Amounts falling due after more than one
year

8

(254,483

)

(271,393

)

PROVISIONS FOR LIABILITIES 11 (7,543 ) (8,973 )

ACCRUALS AND DEFERRED INCOME (14,251 ) (2,650 )
NET ASSETS 336,549 361,514

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 13 336,547 361,512
SHAREHOLDERS' FUNDS 336,549 361,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:




Ms J O'Byrne - Director


GFT SALES LIMITED (REGISTERED NUMBER: SC286876)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

GFT Sales 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Heritable property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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 year 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

GFT SALES LIMITED (REGISTERED NUMBER: SC286876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Operating lease agreements
Rentals paid/receivable under operating leases are charged/credited to the profit and loss account as they accrue.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Heritable to Plant and
property property machinery
£    £    £   
COST
At 1 December 2022 396,230 35,458 22,874
Additions - 7,485 13,000
Disposals - - (600 )
At 30 November 2023 396,230 42,943 35,274
DEPRECIATION
At 1 December 2022 21,824 345 12,778
Charge for year 7,925 859 7,920
Eliminated on disposal - - (600 )
At 30 November 2023 29,749 1,204 20,098
NET BOOK VALUE
At 30 November 2023 366,481 41,739 15,176
At 30 November 2022 374,406 35,113 10,096

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 8,732 40,256 916 504,466
Additions 1,961 - - 22,446
Disposals - (16,806 ) - (17,406 )
At 30 November 2023 10,693 23,450 916 509,506
DEPRECIATION
At 1 December 2022 325 11,531 916 47,719
Charge for year 3,075 7,062 - 26,841
Eliminated on disposal - (12,372 ) - (12,972 )
At 30 November 2023 3,400 6,221 916 61,588
NET BOOK VALUE
At 30 November 2023 7,293 17,229 - 447,918
At 30 November 2022 8,407 28,725 - 456,747

GFT SALES LIMITED (REGISTERED NUMBER: SC286876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2022 11,000 23,450 34,450
Additions 13,000 - 13,000
At 30 November 2023 24,000 23,450 47,450
DEPRECIATION
At 1 December 2022 905 480 1,385
Charge for year 7,920 7,062 14,982
At 30 November 2023 8,825 7,542 16,367
NET BOOK VALUE
At 30 November 2023 15,175 15,908 31,083
At 30 November 2022 10,095 22,970 33,065

5. STOCKS
2023 2022
£    £   
Stocks 131,588 163,191

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 113,570 107,151
Other debtors 6,082 13,140
Directors' current accounts - 2,451
Corporation tax 667 -
Prepayments and accrued income 2,196 1,783
122,515 124,525

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,458 15,869
Hire purchase contracts (see note 9) 10,728 6,775
Trade creditors 52,238 71,495
Corporation tax - 1,750
Social security and other taxes 7,563 -
VAT 12,129 5,117
Other creditors 20,868 32,311
Directors' current accounts 2,395 -
122,379 133,317

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 17,070 16,458
Bank loans - 2-5 years 33,112 40,103
Bank loans over 5 years 190,915 200,993
Hire purchase contracts (see note 9) 13,386 13,839
254,483 271,393

GFT SALES LIMITED (REGISTERED NUMBER: SC286876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 190,915 200,993

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 10,728 6,775
Between one and five years 13,386 13,839
24,114 20,614

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 4,439

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 257,555 273,423
Hire purchase contracts 24,114 20,614
281,669 294,037

Security for assets held under hire purchase or finance lease contracts is over the asset concerned. The bank borrowings are secured by a standard security plus a bond and floating charge over the premises at 101 Smithycroft Road, Glasgow.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 7,543 8,973

Deferred
tax
£   
Balance at 1 December 2022 8,973
Credit to Income Statement during year (1,430 )
Balance at 30 November 2023 7,543

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

GFT SALES LIMITED (REGISTERED NUMBER: SC286876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

13. RESERVES
Retained
earnings
£   

At 1 December 2022 361,512
Deficit for the year (19,965 )
Dividends (5,000 )
At 30 November 2023 336,547

14. CONTINGENT LIABILITIES

During the year the company sold fork lift trucks with buy back clauses falling due in the future. Subject to adherence with the terms of these agreements, the maximum liability (excluding VAT) will fall due as follows:

Year ended £
30 November 2024 18123
30 November 2025 38375
30 November 2026 25775
30 November 2027 89700



15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
Ms J O'Byrne
Balance outstanding at start of year 105 -
Amounts advanced - 105
Amounts repaid (105 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 105

M McKinlay
Balance outstanding at start of year 2,346 -
Amounts advanced - 2,346
Amounts repaid (2,346 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 2,346

The loans were interest free and repayable on demand.

16. RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 were paid to the directors .

GFT SALES LIMITED (REGISTERED NUMBER: SC286876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

16. RELATED PARTY DISCLOSURES - continued

At the year end Caledonian Sales Limited, a company owned and controlled by the director J O'Byrne was owed £12,405 (2022 : £12,405) by the Company. This is included in other creditors.

At the year end Ecosse Fork Trucks Ltd, a company owned and controlled by the father of the directors owed £6,049 (2022: £5,412) to the company. This is included in other debtors.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GFT SALES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GFT Sales Limited for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of GFT Sales Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GFT Sales Limited and state those matters that we have agreed to state to the Board of Directors of GFT Sales Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GFT Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of GFT Sales Limited. You consider that GFT Sales Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GFT Sales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD


21 August 2024