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Registration number: SC348334

Gordon Nicolson Kiltmakers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Gordon Nicolson Kiltmakers Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Gordon Nicolson Kiltmakers Ltd

Company Information

Directors

Mr GB Nicolson

Mrs Mary Louise Nicolson

Registered office

189 Canongate
The Royal Mile
Edinburgh
Midlothian
EH8 8BN

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gordon Nicolson Kiltmakers Ltd for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gordon Nicolson Kiltmakers Ltd for the year ended 29 February 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Gordon Nicolson Kiltmakers Ltd, as a body, in accordance with the terms of our engagement letter dated 18 December 2008. Our work has been undertaken solely to prepare for your approval the accounts of Gordon Nicolson Kiltmakers Ltd and state those matters that we have agreed to state to the Board of Directors of Gordon Nicolson Kiltmakers Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gordon Nicolson Kiltmakers Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gordon Nicolson Kiltmakers Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gordon Nicolson Kiltmakers Ltd. You consider that Gordon Nicolson Kiltmakers Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gordon Nicolson Kiltmakers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

26 November 2024

 

Gordon Nicolson Kiltmakers Ltd

(Registration number: SC348334)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

80,080

49,803

Current assets

 

Stocks

6

422,330

384,889

Debtors

7

147,590

138,185

Cash at bank and in hand

 

18,295

121,919

 

588,215

644,993

Creditors: Amounts falling due within one year

8

(580,471)

(590,279)

Net current assets

 

7,744

54,714

Total assets less current liabilities

 

87,824

104,517

Creditors: Amounts falling due after more than one year

8

(57,169)

(113,807)

Provisions for liabilities

(2,065)

(2,065)

Net assets/(liabilities)

 

28,590

(11,355)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

28,589

(11,356)

Shareholders' funds/(deficit)

 

28,590

(11,355)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
Mr GB Nicolson
Director

 

Gordon Nicolson Kiltmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
189 Canongate
The Royal Mile
Edinburgh
Midlothian
EH8 8BN
Scotland

These financial statements were authorised for issue by the Board on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

 

Gordon Nicolson Kiltmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Going concern

The company has the support of its shareholders and lenders and the director considers the company to be a going concern.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Furniture, fittings, tools and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Gordon Nicolson Kiltmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Gordon Nicolson Kiltmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 20).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,438

11,897

 

Gordon Nicolson Kiltmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

       

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

15,384

85,574

100,958

Additions

43,715

-

43,715

At 29 February 2024

59,099

85,574

144,673

Depreciation

At 1 March 2023

3,954

47,201

51,155

Charge for the year

3,845

9,593

13,438

At 29 February 2024

7,799

56,794

64,593

Carrying amount

At 29 February 2024

51,300

28,780

80,080

At 28 February 2023

11,430

38,373

49,803

6

Stocks

2024
£

2023
£

Raw materials and consumables

422,330

384,889

7

Debtors

Current

2024
£

2023
£

Trade debtors

28,350

32,868

Prepayments

3,712

8,629

Other debtors

115,528

96,688

 

147,590

138,185

 

Gordon Nicolson Kiltmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

78,610

127,142

Trade creditors

 

115,347

128,953

Taxation and social security

 

273,789

255,027

Accruals and deferred income

 

27,858

33,800

Other creditors

 

84,867

45,357

 

580,471

590,279

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

57,169

113,807

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

57,169

113,807

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,971

-

Other borrowings

56,639

127,142

78,610

127,142

 

Gordon Nicolson Kiltmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr GB Nicolson

Loans are undated, unsecured and have no fixed repayment terms. Interest is charged on overdrawn loans at 2.25% per annum.

8,392

37,380

(83,890)

(38,118)

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr GB Nicolson

Loans are undated, unsecured and have no fixed repayment terms. Interest is charged on overdrawn loans at 2.25% per annum.

30,018

96,972

(118,598)

8,392

Summary of transactions with entities with joint control or significant interest

GB Nicolson (a director)

During the year the company advanced loans to the Kilberry Bagpipes Ltd of £110,528 (2023 - £83,296). There are no specific repayment terms. Kilberry Bagpipes Limited is under the control of Mr G Nicolson.