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REGISTERED NUMBER: SC204989 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Gilmour Sports Limited

Gilmour Sports Limited (Registered number: SC204989)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gilmour Sports Limited

Company Information
for the Year Ended 31 December 2023







Director: Mr Colin Gavin Hill



Registered office: 28 Wallneuk Road
Paisley
PA3 4BT



Registered number: SC204989 (Scotland)



Accountants: Total Accounting Ltd.
10 Moncrieff Street
Paisley
PA3 2BE



Bankers: The Royal Bank of Scotland
Paisley Chief Office
1 Moncrieff Street
Paisley
PA3 2AW

Gilmour Sports Limited (Registered number: SC204989)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 3 12,396 21,146
Tangible assets 4 364,392 396,484
376,788 417,630

Current assets
Stocks 391,557 406,010
Debtors 5 81,786 100,567
Cash at bank and in hand 80,059 61,154
553,402 567,731
Creditors
Amounts falling due within one year 6 (271,402 ) (260,414 )
Net current assets 282,000 307,317
Total assets less current liabilities 658,788 724,947

Creditors
Amounts falling due after more than one year 7 (272,758 ) (342,621 )
Net assets 386,030 382,326

Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 376,030 372,326
386,030 382,326

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Gilmour Sports Limited (Registered number: SC204989)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 April 2024 and were signed by:





Mr Colin Gavin Hill - Director


Gilmour Sports Limited (Registered number: SC204989)

Notes to the Financial Statements
for the Year Ended 31 December 2023


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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on cost and 10% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

2. Employees and directors

The average number of employees during the year was 17 (2022 - 19 ) .

Gilmour Sports Limited (Registered number: SC204989)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Intangible fixed assets
Goodwill
£   
Cost
At 1 January 2023
and 31 December 2023 227,500
Amortisation
At 1 January 2023 206,354
Charge for year 8,750
At 31 December 2023 215,104
Net book value
At 31 December 2023 12,396
At 31 December 2022 21,146

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 January 2023 311,102 390,056 701,158
Additions 10,176 - 10,176
Disposals - (13,925 ) (13,925 )
At 31 December 2023 321,278 376,131 697,409
Depreciation
At 1 January 2023 54,088 250,586 304,674
Charge for year 5,834 35,199 41,033
Eliminated on disposal - (12,690 ) (12,690 )
At 31 December 2023 59,922 273,095 333,017
Net book value
At 31 December 2023 261,356 103,036 364,392
At 31 December 2022 257,014 139,470 396,484

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 65,505 55,727
Other debtors 16,281 44,840
81,786 100,567

Gilmour Sports Limited (Registered number: SC204989)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 94,918 92,931
Hire purchase contracts and finance leases 23,485 22,110
Trade creditors 78,080 105,504
Taxation and social security 26,351 (13,219 )
Other creditors 48,568 53,088
271,402 260,414

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (secured) 220,014 264,122
Hire purchase contracts and finance leases 48,744 72,499
Other creditors 4,000 6,000
272,758 342,621

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans (secured) 314,932 357,053
Hire purchase contracts and finance leases 72,229 94,609
387,161 451,662

9. Ultimate controlling party

The ultimate controlling party is Mr Colin Gavin Hill.