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REGISTERED NUMBER: SC346785 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 30 November 2023

for

GAM Stuart Limited

GAM Stuart Limited (Registered number: SC346785)






Contents of the Consolidated Financial Statements
For The Year Ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


GAM Stuart Limited

Company Information
For The Year Ended 30 November 2023







DIRECTORS: A S Bilon
G A M Stuart





REGISTERED OFFICE: 19a Graham Street
Edinburgh
Lothain
EH6 5QN





REGISTERED NUMBER: SC346785 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

GAM Stuart Limited (Registered number: SC346785)

Group Strategic Report
For The Year Ended 30 November 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
Turnover increased 11.8% in the year continuing the consistent growth of the company over the past several years. Gross margin has been consistent at 34% in the year showing continued operating efficiency during the year.

Overheads increased in the year which was expected given the increase in trade during the year. It is the director's strategy to expand upon the continued growth of the company and seek to further expand the business through additional business acquisitions.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company takes measures to limit the adverse effects of these risk on the financial performance by monitoring debt levels and associated finance costs

CREDIT RISK
Credit limits are set by the directors for customers based upon the customers payment history in combination with credit references. These limits are reviewed regularly in combination with debt ageing and collection history.

LIQUIDITY RISK
The company mitigates liquidity risks through regular review of cash levels to ensure sufficient cash to meet it's operational needs.

INTEREST RATE RISK
As is commonplace in the sector the company operates, the company uses an element of external third-party debt to part-finance its business. Naturally the company is required to pay interest on its debt. The annual cost of interest charges is kept under close review by the board in order to ensure that the interest charge is not overly burdensome on the company's cash flow.

PRICE RISK
None of the company's financial instruments are subject to any market movements affecting price risk and so exposure to price risk is not material.

ON BEHALF OF THE BOARD:





A S Bilon - Director


30 August 2024

GAM Stuart Limited (Registered number: SC346785)

Report of the Directors
For The Year Ended 30 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

DIVIDENDS
No interim dividends were paid during the year ended 30 November 2023.

The directors recommend final dividends per share as follows:

Ordinary Shares £0.01 shares £29
Ordinary A Shares £0.01 shares £7,500

The total distribution of dividends for the year ended 30 November 2023 will be £ 365,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

A S Bilon
G A M Stuart

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GAM Stuart Limited (Registered number: SC346785)

Report of the Directors
For The Year Ended 30 November 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



A S Bilon - Director


30 August 2024

Report of the Independent Auditors to the Members of
GAM Stuart Limited

Opinion
We have audited the financial statements of GAM Stuart Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
GAM Stuart Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
GAM Stuart Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities
and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company or group, including the Companies Act 2006 and FRS 102
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance;
- Enquiring of management as to actual and potential litigation and claims; and
- Requesting correspondence with HMRC, Companies House and the company's and group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
GAM Stuart Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's and group's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company/group and the company's/group's members as a body, for our audit work, for this report, or for the opinions we have formed.




Graham Cantlay (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

30 August 2024

GAM Stuart Limited (Registered number: SC346785)

Consolidated
Statement of Comprehensive
Income
For The Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 13,786,768 12,327,103

Cost of sales 9,079,739 8,157,606
GROSS PROFIT 4,707,029 4,169,497

Administrative expenses 3,934,400 3,326,844
OPERATING PROFIT 4 772,629 842,653


Interest payable and similar expenses 5 379,614 204,582
PROFIT BEFORE TAXATION 393,015 638,071

Tax on profit 6 232,255 245,809
PROFIT FOR THE FINANCIAL YEAR 160,760 392,262

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

160,760

392,262

Profit attributable to:
Owners of the parent 160,760 392,262

Total comprehensive income attributable to:
Owners of the parent 160,760 392,262

GAM Stuart Limited (Registered number: SC346785)

Consolidated Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 2,979,712 3,585,825
Tangible assets 10 1,520,252 1,658,860
Investments 11 - -
Investment property 12 101,052 -
4,601,016 5,244,685

CURRENT ASSETS
Stocks 13 460,307 415,611
Debtors 14 1,855,053 1,421,944
Cash at bank and in hand 1,661,561 1,790,665
3,976,921 3,628,220
CREDITORS
Amounts falling due within one year 15 3,132,627 2,735,441
NET CURRENT ASSETS 844,294 892,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,445,310

6,137,464

CREDITORS
Amounts falling due after more than one year 16 (5,166,718 ) (5,639,115 )

PROVISIONS FOR LIABILITIES 20 (109,792 ) (125,309 )
NET ASSETS 168,800 373,040

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 168,700 372,940
SHAREHOLDERS' FUNDS 168,800 373,040

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





A S Bilon - Director


GAM Stuart Limited (Registered number: SC346785)

Company Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,469,925 4,151,732
Tangible assets 10 1,520,257 1,658,866
Investments 11 6,002 6,002
Investment property 12 101,052 -
5,097,236 5,816,600

CURRENT ASSETS
Stocks 13 460,307 415,611
Debtors 14 2,271,122 2,183,295
Cash at bank and in hand 1,245,492 1,029,313
3,976,921 3,628,219
CREDITORS
Amounts falling due within one year 15 3,138,729 2,741,543
NET CURRENT ASSETS 838,192 886,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,935,428

6,703,276

CREDITORS
Amounts falling due after more than one year 16 (5,166,718 ) (5,639,115 )

PROVISIONS FOR LIABILITIES 20 (109,792 ) (125,309 )
NET ASSETS 658,918 938,852

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 658,818 938,752
SHAREHOLDERS' FUNDS 658,918 938,852

Company's profit for the financial year 85,066 357,638

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





A S Bilon - Director


GAM Stuart Limited (Registered number: SC346785)

Consolidated Statement of Changes in Equity
For The Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 100 328,678 328,778

Changes in equity
Dividends - (348,000 ) (348,000 )
Total comprehensive income - 392,262 392,262
Balance at 30 November 2022 100 372,940 373,040

Changes in equity
Dividends - (365,000 ) (365,000 )
Total comprehensive income - 160,760 160,760
Balance at 30 November 2023 100 168,700 168,800

GAM Stuart Limited (Registered number: SC346785)

Company Statement of Changes in Equity
For The Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 100 929,114 929,214

Changes in equity
Dividends - (348,000 ) (348,000 )
Total comprehensive income - 357,638 357,638
Balance at 30 November 2022 100 938,752 938,852

Changes in equity
Dividends - (365,000 ) (365,000 )
Total comprehensive income - 85,066 85,066
Balance at 30 November 2023 100 658,818 658,918

GAM Stuart Limited (Registered number: SC346785)

Consolidated Statement of Cash Flows
For The Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,639,347 1,461,545
Interest paid (371,680 ) (193,429 )
Interest element of hire purchase payments
paid

(7,934

)

(11,153

)
Tax paid (269,449 ) (240,620 )
Net cash from operating activities 990,284 1,016,343

Cash flows from investing activities
Purchase of tangible fixed assets (48,795 ) (86,763 )
Purchase of investment property (61,262 ) -
Sale of tangible fixed assets 696 -
Net cash from investing activities (109,361 ) (86,763 )

Cash flows from financing activities
Loan repayments in year (474,616 ) (512,497 )
Capital repayments in year (102,800 ) (84,574 )
Amount introduced by directors 1,133,035 729,350
Amount withdrawn by directors (1,200,646 ) (723,571 )
Equity dividends paid (365,000 ) (348,000 )
Net cash from financing activities (1,010,027 ) (939,292 )

Decrease in cash and cash equivalents (129,104 ) (9,712 )
Cash and cash equivalents at beginning of
year

2

1,790,665

1,800,377

Cash and cash equivalents at end of year 2 1,661,561 1,790,665

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Statement of Cash Flows
For The Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 393,015 638,071
Depreciation charges 753,155 805,010
Profit on disposal of fixed assets (126 ) -
Finance costs 379,614 204,582
1,525,658 1,647,663
Increase in stocks (44,696 ) (28,621 )
Increase in trade and other debtors (433,108 ) (274,853 )
Increase in trade and other creditors 591,493 117,356
Cash generated from operations 1,639,347 1,461,545

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,661,561 1,790,665
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 1,790,665 1,800,377


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 1,790,665 (129,104 ) 1,661,561
1,790,665 (129,104 ) 1,661,561
Debt
Finance leases (194,244 ) 102,800 (91,444 )
Debts falling due within 1 year (512,498 ) 37,883 (474,615 )
Debts falling due after 1 year (5,547,623 ) 436,733 (5,110,890 )
(6,254,365 ) 577,416 (5,676,949 )
Total (4,463,700 ) 448,312 (4,015,388 )

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements
For The Year Ended 30 November 2023

1. STATUTORY INFORMATION

GAM Stuart 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill has been acquired by the Company during a number of business acquisitions. Amortisation of acquired goodwill is calculated to amortise goodwill over its estimated useful economic life which his considered to be over 10 years using the straight-line method.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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
Fixed plant and equipment - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer Equipment - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

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

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,206,031 1,825,222
Social security costs 188,449 162,932
Other pension costs 241,269 35,419
2,635,749 2,023,573

The average number of employees during the year was as follows:
2023 2022

Pharmacy staff 101 85

2023 2022
£    £   
Directors' remuneration 24,000 24,000
Directors' pension contributions to money purchase schemes 200,000 -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 92,348 41,735
Other operating leases 58,575 58,786
Depreciation - owned assets 104,580 92,886
Depreciation - assets on hire purchase contracts 52,396 64,940
Profit on disposal of fixed assets (126 ) -
Goodwill amortisation 606,113 647,184
Auditors' remuneration 9,150 6,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 371,680 193,429
Hire purchase 7,934 11,153
379,614 204,582

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 247,772 270,000

Deferred tax (15,517 ) (24,191 )
Tax on profit 232,255 245,809

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 393,015 638,071
Profit multiplied by the standard rate of corporation tax in the UK of 23 %
(2022 - 19 %)

90,393

121,233

Effects of:
Expenses not deductible for tax purposes 3,258 3,665
Adjustments to tax charge in respect of previous periods (7,458 ) 551
Timing differences 161,407 144,551
Deferred tax (15,517 ) (24,191 )
Effect of marginal rate 172 -
Total tax charge 232,255 245,809

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary Shares shares of £0.01 each
Final 290,000 300,000
Ordinary A Shares shares of £0.01 each
Final 75,000 48,000
365,000 348,000

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 8,061,248
AMORTISATION
At 1 December 2022 4,475,423
Amortisation for year 606,113
At 30 November 2023 5,081,536
NET BOOK VALUE
At 30 November 2023 2,979,712
At 30 November 2022 3,585,825

Company
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 7,945,573
AMORTISATION
At 1 December 2022 3,793,841
Amortisation for year 681,807
At 30 November 2023 4,475,648
NET BOOK VALUE
At 30 November 2023 3,469,925
At 30 November 2022 4,151,732

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS

Group
Fixed Fixtures
Heritable plant and and
property equipment fittings
£    £    £   
COST
At 1 December 2022 1,163,633 189,600 722,397
Additions - - -
Disposals - - -
Reclassification/transfer (46,268 ) - -
At 30 November 2023 1,117,365 189,600 722,397
DEPRECIATION
At 1 December 2022 120,456 75,840 386,557
Charge for year 23,272 18,960 50,376
Eliminated on disposal - - -
Transfer to ownership - - -
Reclassification/transfer (6,477 ) - -
At 30 November 2023 137,251 94,800 436,933
NET BOOK VALUE
At 30 November 2023 980,114 94,800 285,464
At 30 November 2022 1,043,177 113,760 335,840

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 December 2022 400,853 17,607 2,494,090
Additions 48,795 - 48,795
Disposals (17,880 ) - (17,880 )
Reclassification/transfer - - (46,268 )
At 30 November 2023 431,768 17,607 2,478,737
DEPRECIATION
At 1 December 2022 235,910 16,467 835,230
Charge for year 63,228 1,140 156,976
Eliminated on disposal (17,310 ) - (17,310 )
Transfer to ownership (9,934 ) - (9,934 )
Reclassification/transfer - - (6,477 )
At 30 November 2023 271,894 17,607 958,485
NET BOOK VALUE
At 30 November 2023 159,874 - 1,520,252
At 30 November 2022 164,943 1,140 1,658,860

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixed
plant and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 December 2022 189,600 295,841 485,441
Transfer to ownership - (125,592 ) (125,592 )
At 30 November 2023 189,600 170,249 359,849
DEPRECIATION
At 1 December 2022 75,840 162,097 237,937
Charge for year 18,960 33,436 52,396
Transfer to ownership - (95,789 ) (95,789 )
At 30 November 2023 94,800 99,744 194,544
NET BOOK VALUE
At 30 November 2023 94,800 70,505 165,305
At 30 November 2022 113,760 133,744 247,504

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Fixed Fixtures
Heritable plant and and
property equipment fittings
£    £    £   
COST
At 1 December 2022 1,163,633 189,600 629,256
Additions - - -
Disposals - - -
Reclassification/transfer (46,268 ) - -
At 30 November 2023 1,117,365 189,600 629,256
DEPRECIATION
At 1 December 2022 120,456 75,840 293,417
Charge for year 23,272 18,960 50,376
Eliminated on disposal - - -
Transfer to ownership - - -
Reclassification/transfer (6,477 ) - -
At 30 November 2023 137,251 94,800 343,793
NET BOOK VALUE
At 30 November 2023 980,114 94,800 285,463
At 30 November 2022 1,043,177 113,760 335,839

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS - continued

Company

Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 December 2022 395,206 16,341 2,394,036
Additions 48,795 - 48,795
Disposals (17,880 ) - (17,880 )
Reclassification/transfer - - (46,268 )
At 30 November 2023 426,121 16,341 2,378,683
DEPRECIATION
At 1 December 2022 230,257 15,200 735,170
Charge for year 63,228 1,141 156,977
Eliminated on disposal (17,310 ) - (17,310 )
Transfer to ownership (9,934 ) - (9,934 )
Reclassification/transfer - - (6,477 )
At 30 November 2023 266,241 16,341 858,426
NET BOOK VALUE
At 30 November 2023 159,880 - 1,520,257
At 30 November 2022 164,949 1,141 1,658,866

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixed
plant and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 December 2022 189,600 295,841 485,441
Transfer to ownership - (125,592 ) (125,592 )
At 30 November 2023 189,600 170,249 359,849
DEPRECIATION
At 1 December 2022 75,840 162,097 237,937
Charge for year 18,960 33,436 52,396
Transfer to ownership - (95,789 ) (95,789 )
At 30 November 2023 94,800 99,744 194,544
NET BOOK VALUE
At 30 November 2023 94,800 70,505 165,305
At 30 November 2022 113,760 133,744 247,504

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 December 2022
and 30 November 2023 6,002
NET BOOK VALUE
At 30 November 2023 6,002
At 30 November 2022 6,002

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

MacPharm Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2 2

D P Lorimer Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 6,000 6,000


GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 61,262
Reclassification/transfer 39,790
At 30 November 2023 101,052
NET BOOK VALUE
At 30 November 2023 101,052

Company
Total
£   
FAIR VALUE
Additions 61,262
Reclassification/transfer 39,790
At 30 November 2023 101,052
NET BOOK VALUE
At 30 November 2023 101,052

13. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 460,307 415,611 460,307 415,611

14. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,001,200 1,135,294 1,001,200 1,135,294
Other debtors 97,035 99,425 513,104 860,776
VAT 159,134 131,349 159,134 131,349
Prepayments and accrued income 57,291 55,876 57,291 55,876
1,314,660 1,421,944 1,730,729 2,183,295

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

14. DEBTORS - continued

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 540,393 - 540,393 -

Aggregate amounts 1,855,053 1,421,944 2,271,122 2,183,295

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 474,615 512,498 474,615 512,498
Hire purchase contracts (see note 18) 35,616 102,752 35,616 102,752
Trade creditors 1,651,809 1,469,343 1,651,809 1,469,343
Amounts owed to subsidiary - - 6,102 6,102
Tax 247,772 269,449 247,772 269,449
Social security and other taxes 52,037 39,879 52,037 39,879
Other creditors 519,865 116,941 519,865 116,941
Directors' current accounts 77,275 144,886 77,275 144,886
Accrued expenses 73,638 79,693 73,638 79,693
3,132,627 2,735,441 3,138,729 2,741,543

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) 5,110,890 5,547,623 5,110,890 5,547,623
Hire purchase contracts (see note 18) 55,828 91,492 55,828 91,492
5,166,718 5,639,115 5,166,718 5,639,115

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 474,615 512,498 474,615 512,498
Amounts falling due between one and two years:
Bank loans - 1-2 years 428,448 512,498 428,448 512,498
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,820,318 3,072,370 2,820,318 3,072,370
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,862,124 1,962,755 1,862,124 1,962,755

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 35,616 102,752
Between one and five years 55,828 91,492
91,444 194,244

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 35,616 102,752
Between one and five years 55,828 91,492
91,444 194,244

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 35,500 35,500
Between one and five years 142,000 142,000
In more than five years 75,167 110,667
252,667 288,167

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 35,500 35,500
Between one and five years 142,000 142,000
In more than five years 75,167 110,667
252,667 288,167

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts 91,444 194,244 91,444 194,244
Bank loans - 6,021,787 5,557,172 6,021,787
91,444 6,216,031 5,648,616 6,216,031

Security has been granted on bank loans and overdrafts from Bank of Scotland. Certain directors have given personal guarantees.

20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 109,792 125,309 109,792 125,309

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 December 2022 125,309
Utilised during year (15,517 )
Balance at 30 November 2023 109,792

Company
Deferred
tax
£   
Balance at 1 December 2022 125,309
Provided during year (15,517 )
Balance at 30 November 2023 109,792

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary Shares £0.01 100 100
10 Ordinary A Shares £0.01 - -
100 100

As the accounts are rounded, the share capital is reported to the nearest £1. The total issued share capital amounts to £100.10

22. RESERVES

Group
Retained
earnings
£   

At 1 December 2022 372,940
Profit for the year 160,760
Dividends (365,000 )
At 30 November 2023 168,700

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2023

22. RESERVES - continued

Company
Retained
earnings
£   

At 1 December 2022 938,752
Profit for the year 85,066
Dividends (365,000 )
At 30 November 2023 658,818


23. 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
£    £   
A S Bilon
Balance outstanding at start of year (82,648 ) (74,101 )
Amounts advanced 606,582 501,187
Amounts repaid (568,858 ) (509,734 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (44,924 ) (82,648 )

G A M Stuart
Balance outstanding at start of year (62,238 ) (65,005 )
Amounts advanced 584,063 512,383
Amounts repaid (554,176 ) (509,616 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (32,351 ) (62,238 )

24. RELATED PARTY DISCLOSURES

At 30 November 2022 £96,400 (2022: £98,800) was due from Alxpharm Ltd, an organisation where a shareholder is a close member of one of the directors family.

At 30 November 2023, £540,393 was due from Stuart & Bilon Limited, a company in which both directors are
shareholders. The balance is interest free.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are G A M Stuart and A S Bilon.