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REGISTERED NUMBER: SC026382 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

John Tulloch (Shetland Products) Limited

John Tulloch (Shetland Products) Limited (Registered number: SC026382)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


John Tulloch (Shetland Products) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr R W Boulton
Mr C Cross





REGISTERED OFFICE: Gremista Industrial Estate
Lerwick
Shetland
ZE1 0PX





REGISTERED NUMBER: SC026382 (Scotland)





ACCOUNTANTS: Thickbroom Coventry Limited
Chartered Accountants
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

John Tulloch (Shetland Products) Limited (Registered number: SC026382)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 325,545 329,373
Investments 6 15,000 15,000
340,545 344,373

CURRENT ASSETS
Stocks 486,780 540,312
Debtors 7 664,564 692,691
Cash at bank 564,781 488,651
1,716,125 1,721,654
CREDITORS
Amounts falling due within one year 8 478,376 512,047
NET CURRENT ASSETS 1,237,749 1,209,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,578,294

1,553,980

PROVISIONS FOR LIABILITIES 24,000 14,000
NET ASSETS 1,554,294 1,539,980

CAPITAL AND RESERVES
Called up share capital 9 24,975 24,975
Retained earnings 1,529,319 1,515,005
SHAREHOLDERS' FUNDS 1,554,294 1,539,980

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

John Tulloch (Shetland Products) Limited (Registered number: SC026382)

Statement of Financial Position - continued
30 April 2024


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 1 October 2024 and were signed on its behalf by:





Mr R W Boulton - Director


John Tulloch (Shetland Products) Limited (Registered number: SC026382)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

John Tulloch (Shetland Products) 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.

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 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 2013, is being amortised evenly over its estimated useful life of four 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.
Long leasehold - over lease term
Plant and machinery - 15% on reducing balance
Commercial vehicles - 25% on reducing balance

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 statement of financial position date.


John Tulloch (Shetland Products) Limited (Registered number: SC026382)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

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 19 (2023 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 218,000
AMORTISATION
At 1 May 2023
and 30 April 2024 218,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

John Tulloch (Shetland Products) Limited (Registered number: SC026382)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Long Plant and Commercial
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 456,003 349,108 119,477 924,588
Additions - - 28,500 28,500
Disposals - - (13,950 ) (13,950 )
At 30 April 2024 456,003 349,108 134,027 939,138
DEPRECIATION
At 1 May 2023 222,879 294,581 77,755 595,215
Charge for year 3,428 10,297 17,207 30,932
Eliminated on disposal - - (12,554 ) (12,554 )
At 30 April 2024 226,307 304,878 82,408 613,593
NET BOOK VALUE
At 30 April 2024 229,696 44,230 51,619 325,545
At 30 April 2023 233,124 54,527 41,722 329,373

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 15,000
NET BOOK VALUE
At 30 April 2024 15,000
At 30 April 2023 15,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 658,489 690,309
Other debtors 6,075 2,382
664,564 692,691

John Tulloch (Shetland Products) Limited (Registered number: SC026382)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 393,395 443,505
Taxation and social security 65,673 45,591
Other creditors 19,308 22,951
478,376 512,047

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
24,975 Ordinary £1 24,975 24,975