Registered number
SC015983
John Gillespie & Sons. Limited
Unaudited Filleted Accounts
31 December 2023
John Gillespie & Sons. Limited
Registered number: SC015983
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 51,542 45,062
Investments 5 13,336 13,336
64,878 58,398
Current assets
Stocks 31,182 28,555
Debtors 6 43,216 38,844
Cash at bank and in hand 248,834 267,175
323,232 334,574
Creditors: amounts falling due within one year 7 (82,206) (76,717)
Net current assets 241,026 257,857
Total assets less current liabilities 305,904 316,255
Creditors: amounts falling due after more than one year 8 (3,114) (4,347)
Provisions for liabilities (8,895) (7,644)
Net assets 293,895 304,264
Capital and reserves
Called up share capital 14,600 14,600
Other reserves 665 665
Profit and loss account 278,630 288,999
Shareholders' funds 293,895 304,264
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.
Mr Iain Alexander William Gillespie
Director
Approved by the board on 17 September 2024
John Gillespie & Sons. 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:
Freehold buildings Reducing balance at 1%
Motor vehicles Reducing balance at 25%
Plant and machinery Reducing balance at 25%
Fixtures, fittings, and equipment Reducing balance at 25%
Investments
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.
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.
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 19 17
3 Taxation 2023 2022
£ £
The tax charge on the profit for the year was as follows:
Corporation tax (875) 2,162
Deferred tax 1,251 (730)
376 1,432
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 39,327 170,422 96,958 306,707
Additions - 1,253 12,114 13,367
At 31 December 2023 39,327 171,675 109,072 320,074
Depreciation
At 1 January 2023 7,161 168,248 86,236 261,645
Charge for the year 322 856 5,709 6,887
At 31 December 2023 7,483 169,104 91,945 268,532
Net book value
At 31 December 2023 31,844 2,571 17,127 51,542
At 31 December 2022 32,166 2,174 10,722 45,062
5 Investments
Other
investments
£
Cost
At 1 January 2023 13,336
At 31 December 2023 13,336
6 Debtors 2023 2022
£ £
Trade debtors 31,528 28,895
Other debtors 11,688 9,949
43,216 38,844
7 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 9,207 2,601
Trade creditors 35,374 37,340
Taxation and social security costs 5,074 6,766
Other creditors 32,551 30,010
82,206 76,717
8 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 3,114 4,347
9 Related party transactions 2023 2022
£ £
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
Mr Iain Alexander William Gillespie 22,770 19,618
The maximum balance outstanding during the year amounted to £22,770
The directors current accounts are repayable on demand.
10 Other information
John Gillespie & Sons. Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
14 Castle Street
Stranraer
DG9 7RT
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