REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Allan's of Gillock Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Allan's of Gillock Limited |
Allan's of Gillock Limited (Registered number: SC099434) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Allan's of Gillock Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
15 Princes Street |
Thurso |
Caithness |
KW14 7BQ |
SOLICITORS: |
29 Traill Street |
Thurso |
Caithness |
KW14 8EQ |
Allan's of Gillock Limited (Registered number: SC099434) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Allan's of Gillock Limited (Registered number: SC099434) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Allan's of Gillock Limited (Registered number: SC099434) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Allan's of Gillock Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The presentation currency is £ sterling. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
INTANGIBLE ASSETS |
Intangible fixed assets are initially recorded at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
Computer software is currently not being amortised, whilst it is under development. |
TANGIBLE FIXED ASSETS AND DEPRECIATION |
Tangible fixed assets are stated at cost or valuation less depreciation. |
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
Freehold property | NIL |
Leasehold property | NIL |
Plant and machinery | 20% reducing balance |
Computer equipment | 20% straight line |
Plant for hire | 33% straight line |
Motor vehicles | 25% reducing balance |
No depreciation is provided on freehold and leasehold property. It is the company's policy to maintain the property in such a condition that the value is not impaired by the passage of time. As a consequence, any element of depreciation would, in the opinion of the directors, be immaterial. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. |
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on a fair value adjustment is recognised in the income statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve. |
Rental income from investment property is recognised in the profit and loss account on a receivable basis over the term of the lease. |
Allan's of Gillock Limited (Registered number: SC099434) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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 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. |
OPERATING LEASE INCOME |
Operating lease income is recognised in the profit and loss account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Allan's of Gillock Limited (Registered number: SC099434) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Long | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2014 | 5,000 |
Valuation in 2017 | 78,784 |
Cost | 332,337 |
416,121 |
Investment property was valued on a fair value basis on 29 February 2024 by the directors . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Allan's of Gillock Limited (Registered number: SC099434) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Investments | 750 | 750 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 39,399 | 68,725 |
Other provisions | 10,457 | 13,162 |
Holiday |
Deferred | pay |
tax | provision |
£ | £ |
Balance at 1 March 2023 |
Provided during year |
Credit to Income Statement during year | ( |
) |
Reversed during year | - | (13,008 | ) |
Balance at 29 February 2024 |
Other provisions represents holiday pay balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward. The provision is measured as the salary cost for the period of accrued absence. |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 March 2023 |
and 29 February 2024 |
Where amounts are transferred to the fair value reserve from retained earnings, this comprises fair value revaluations on investment property recognised in the year together with the associated deferred tax provision movement arising. |
12. | RELATED PARTY DISCLOSURES |
Allan's of Gillock Limited (Registered number: SC099434) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | RELATED PARTY DISCLOSURES - continued |
The controlling party is Mr R F Allan. |