Company registration number SC053151 (Scotland)
JOHN GILMOUR & CO (METAL WORKERS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
JOHN GILMOUR & CO (METAL WORKERS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JOHN GILMOUR & CO (METAL WORKERS) LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
156,438
158,028
Current assets
Stocks
22,000
27,160
Debtors
4
100,194
79,845
Cash at bank and in hand
171,530
149,339
293,724
256,344
Creditors: amounts falling due within one year
5
(90,358)
(91,518)
Net current assets
203,366
164,826
Total assets less current liabilities
359,804
322,854
Creditors: amounts falling due after more than one year
6
(10,506)
(24,058)
Provisions for liabilities
(4,137)
(3,282)
Net assets
345,161
295,514
Capital and reserves
Called up share capital
8
1,251
1,000
Share premium account
19,750
-
0
Profit and loss reserves
324,160
294,514
Total equity
345,161
295,514

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

JOHN GILMOUR & CO (METAL WORKERS) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
Mrs Y Rowan
Director
Company Registration No. SC053151
JOHN GILMOUR & CO (METAL WORKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

John Gilmour & Co (Metal Workers) Ltd is a private company limited by shares incorporated in Scotland. The registered office is Glenburn Industrial Estate, Glenburn Road, Prestwick, Ayrshire, United Kingdom, KA9 2NS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not provided
Plant and equipment
-15% on reducing balance
Motor vehicles
-33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

JOHN GILMOUR & CO (METAL WORKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
JOHN GILMOUR & CO (METAL WORKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
139,889
84,563
23,890
248,342
Additions
-
0
1,145
-
0
1,145
At 31 May 2024
139,889
85,708
23,890
249,487
Depreciation and impairment
At 1 June 2023
-
0
78,087
12,227
90,314
Depreciation charged in the year
-
0
986
1,749
2,735
At 31 May 2024
-
0
79,073
13,976
93,049
Carrying amount
At 31 May 2024
139,889
6,635
9,914
156,438
At 31 May 2023
139,889
6,476
11,663
158,028
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,642
66,989
Other debtors
54,552
12,856
100,194
79,845
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,247
9,994
Obligations under finance leases
3,305
4,958
Corporation tax
42,161
48,013
Other taxation and social security
26,611
20,416
Other creditors
5,000
5,000
Accruals and deferred income
3,034
3,137
90,358
91,518
JOHN GILMOUR & CO (METAL WORKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,506
20,752
Obligations under finance leases
-
0
3,306
10,506
24,058
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
4,137
3,282
2024
Movements in the year:
£
Liability at 1 June 2023
3,282
Charge to profit or loss
855
Liability at 31 May 2024
4,137

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,250
1,000
1,250
1,000
Ordinary A of £1 each
1
-
1
-
1,251
1,000
1,251
1,000

During the year, 250 £1 Ordinary shares were issued at a cost of £80 per share, and 1 Ordinary A share was issued at a cost of £1.

 

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