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REGISTERED NUMBER: SC240226 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

JAMES C. GILLESPIE (ENGINEERING) LIMITED

JAMES C. GILLESPIE (ENGINEERING) LIMITED (REGISTERED NUMBER: SC240226)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


JAMES C. GILLESPIE (ENGINEERING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W Taylor
R Waterson
K MacDonald
M Gare



REGISTERED OFFICE: Block 4, Muirhead
Midfield Road
Mitchelston Industrial Estate
Kirkcaldy
KY1 3PS



REGISTERED NUMBER: SC240226 (Scotland)



ACCOUNTANTS: MacDonald Morton Ltd
Chartered Accountants
67 March Road
Edinburgh
EH4 3SU



BANKERS: The Royal Bank of Scotland
23/25 Rosslyn Street
KIRKCALDY
KY1 3HA

JAMES C. GILLESPIE (ENGINEERING) LIMITED (REGISTERED NUMBER: SC240226)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 178,418 187,770

CURRENT ASSETS
Stocks 81,018 73,890
Debtors 5 615,909 906,812
Cash at bank and in hand 69,215 64,018
766,142 1,044,720
CREDITORS
Amounts falling due within one year 6 403,435 324,528
NET CURRENT ASSETS 362,707 720,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

541,125

907,962

CREDITORS
Amounts falling due after more than one year 7 (77,806 ) (168,401 )

PROVISIONS FOR LIABILITIES (33,616 ) (34,028 )
NET ASSETS 429,703 705,533

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 429,702 705,532
SHAREHOLDERS' FUNDS 429,703 705,533

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 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.

JAMES C. GILLESPIE (ENGINEERING) LIMITED (REGISTERED NUMBER: SC240226)

STATEMENT OF FINANCIAL POSITION - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





R Waterson - Director


JAMES C. GILLESPIE (ENGINEERING) LIMITED (REGISTERED NUMBER: SC240226)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

James C. Gillespie (Engineering) 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
Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products, and collectability of the related receivables is fairly assured. Service revenues are recognised as those services are provided to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value. Work in progress includes an allocation of the labour costs.

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets
Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities
Trade and other creditors are initially measured at the transaction price, including any transaction costs.

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 statement of financial position date.


JAMES C. GILLESPIE (ENGINEERING) LIMITED (REGISTERED NUMBER: SC240226)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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
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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 667,615 199,603 69,085 936,303
Additions 6,300 4,649 25,000 35,949
At 31 December 2023 673,915 204,252 94,085 972,252
DEPRECIATION
At 1 January 2023 531,367 159,224 57,942 748,533
Charge for year 27,880 8,386 9,035 45,301
At 31 December 2023 559,247 167,610 66,977 793,834
NET BOOK VALUE
At 31 December 2023 114,668 36,642 27,108 178,418
At 31 December 2022 136,248 40,379 11,143 187,770

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 509,638 521,490
Other debtors 106,271 385,322
615,909 906,812

JAMES C. GILLESPIE (ENGINEERING) LIMITED (REGISTERED NUMBER: SC240226)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 24,095 24,095
Trade creditors 125,023 63,596
Taxation and social security 176,445 160,984
Other creditors 27,872 25,853
403,435 324,528

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 50,917 117,417
Hire purchase contracts 26,889 50,984
77,806 168,401

8. OTHER FINANCIAL COMMITMENTS

As at 31 December 2023 the company had total future operating lease commitments of £240,000.

9. RELATED PARTY DISCLOSURES

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.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Gillespie Manufacturing Systems Ltd- 86 Deansgate, Manchester, M3 2ER.