George M Bolton Limited SC195231 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is the provision of building and joinery services. Digita Accounts Production Advanced 6.30.9574.0 true SC195231 2023-08-01 2024-07-31 SC195231 2024-07-31 SC195231 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 SC195231 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 SC195231 core:CurrentFinancialInstruments 2024-07-31 SC195231 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC195231 core:Non-currentFinancialInstruments 2024-07-31 SC195231 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 SC195231 core:Goodwill 2024-07-31 SC195231 core:FurnitureFittingsToolsEquipment 2024-07-31 SC195231 core:MotorVehicles 2024-07-31 SC195231 core:OtherPropertyPlantEquipment 2024-07-31 SC195231 1 2024-07-31 SC195231 bus:SmallEntities 2023-08-01 2024-07-31 SC195231 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC195231 bus:FilletedAccounts 2023-08-01 2024-07-31 SC195231 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC195231 bus:RegisteredOffice 2023-08-01 2024-07-31 SC195231 bus:Director1 2023-08-01 2024-07-31 SC195231 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC195231 bus:Agent1 2023-08-01 2024-07-31 SC195231 core:Goodwill 2023-08-01 2024-07-31 SC195231 core:FurnitureFittings 2023-08-01 2024-07-31 SC195231 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 SC195231 core:MotorVehicles 2023-08-01 2024-07-31 SC195231 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 SC195231 core:PlantMachinery 2023-08-01 2024-07-31 SC195231 1 2023-08-01 2024-07-31 SC195231 countries:Scotland 2023-08-01 2024-07-31 SC195231 1 2023-08-01 2024-07-31 SC195231 2023-07-31 SC195231 core:Goodwill 2023-07-31 SC195231 core:FurnitureFittingsToolsEquipment 2023-07-31 SC195231 core:MotorVehicles 2023-07-31 SC195231 core:OtherPropertyPlantEquipment 2023-07-31 SC195231 1 2023-07-31 SC195231 2022-08-01 2023-07-31 SC195231 2023-07-31 SC195231 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 SC195231 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 SC195231 core:CurrentFinancialInstruments 2023-07-31 SC195231 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC195231 core:Non-currentFinancialInstruments 2023-07-31 SC195231 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 SC195231 core:FurnitureFittingsToolsEquipment 2023-07-31 SC195231 core:MotorVehicles 2023-07-31 SC195231 core:OtherPropertyPlantEquipment 2023-07-31 SC195231 1 2023-07-31 SC195231 1 2022-08-01 2023-07-31 SC195231 1 2022-07-31 iso4217:GBP xbrli:pure

Registration number: SC195231

George M Bolton Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

George M Bolton Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

George M Bolton Limited

Company Information

Director

G M Bolton

Registered office

Unit 4 Harrison Lane
Edinburgh
EH11 1HG

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
George M Bolton Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of George M Bolton Limited for the year ended 31 July 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, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of George M Bolton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of George M Bolton Limited and state those matters that we have agreed to state to the Board of Directors of George M Bolton Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George M Bolton Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that George M Bolton Limited 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 George M Bolton Limited. You consider that George M Bolton Limited 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 George M Bolton Limited. 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.

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

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

6 November 2024

 

George M Bolton Limited

(Registration number: SC195231)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

111,355

56,050

Current assets

 

Stocks

6

85,500

8,500

Debtors

7

105,349

300,594

Cash at bank and in hand

 

481

24,838

 

191,330

333,932

Creditors: Amounts falling due within one year

8

(173,475)

(261,450)

Net current assets

 

17,855

72,482

Total assets less current liabilities

 

129,210

128,532

Creditors: Amounts falling due after more than one year

8

(8,992)

(63,653)

Net assets

 

120,218

64,879

Capital and reserves

 

Called up share capital

100

100

Retained earnings

120,118

64,779

Shareholders' funds

 

120,218

64,879

 

George M Bolton Limited

(Registration number: SC195231)
Balance Sheet as at 31 July 2024

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

Director's 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 director acknowledges his 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.

As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 November 2024
 

.........................................
G M Bolton
Director

   
     
 

George M Bolton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Unit 4 Harrison Lane
Edinburgh
EH11 1HG

These financial statements were authorised for issue by the director on 6 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.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
the amount of revenue can be reliably measured;
services have been delivered to the customer;
and collectability of the related receivables is fairly assured.

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

Plant and machinery

15% on cost

Fixtures and fittings

20% on cost

Motor vehicles

20% on cost

 

George M Bolton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. Net realisable value is the price at which stock can be realised in the normal course of business, less further costs to completion of sale.

Cost of raw materials is determined on the first in first out basis and is based on suppliers' invoice price.

Work in progress and finished goods includes all direct expenditure and production overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate.

Provisions

Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

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.

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 an employee benefit expense when they are due.

 

George M Bolton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.


 Impairment

Trade 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 in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 10).

 

George M Bolton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

80,000

80,000

At 31 July 2024

80,000

80,000

Amortisation

At 1 August 2023

80,000

80,000

At 31 July 2024

80,000

80,000

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

7,618

98,531

25,077

131,226

Additions

-

74,187

-

74,187

Disposals

-

(13,233)

-

(13,233)

At 31 July 2024

7,618

159,485

25,077

192,180

Depreciation

At 1 August 2023

3,698

50,010

21,468

75,176

Charge for the year

942

16,972

968

18,882

Eliminated on disposal

-

(13,233)

-

(13,233)

At 31 July 2024

4,640

53,749

22,436

80,825

Carrying amount

At 31 July 2024

2,978

105,736

2,641

111,355

At 31 July 2023

3,920

48,521

3,609

56,050

 

George M Bolton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

85,500

8,500

7

Debtors

Current

2024
£

2023
£

Trade debtors

7,158

200,545

Prepayments

5,149

4,922

Other debtors

93,042

95,127

 

105,349

300,594

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

79,653

18,858

Trade creditors

 

43,135

122,733

Taxation and social security

 

39,622

112,183

Accruals and deferred income

 

2,090

2,522

Other creditors

 

8,975

5,154

 

173,475

261,450

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

8,992

63,653


Creditors include net obligations under hire purchase contracts which are secured of £3,750 (2023 - £7,500).

 

George M Bolton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Interest free loan from/(to) director

60

(45,943)

46,000

117

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Interest free loan from/(to) director

(4,545)

(19,403)

24,008

60

 

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,012

15,047

Bank overdrafts

65,774

-

Hire purchase contracts

3,750

3,750

Other borrowings

117

61

79,653

18,858

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,992

59,904

Hire purchase contracts

-

3,749

8,992

63,653

Bank borrowings

The bank overdraft is secured by a bond and floating charge over the assets of the company. The director has also provided a guarantee for the full balance.

The bank loans are unsecured and due for repayment by December 2026.