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REGISTERED NUMBER: SC412173 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

GILLIES TIMBER LIMITED

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GILLIES TIMBER LIMITED

COMPANY INFORMATION
For The Year Ended 31 August 2024







DIRECTOR: Robert John Gillies





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC412173 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

BALANCE SHEET
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 271,610 322,472

CURRENT ASSETS
Debtors 5 104,257 62,808
Cash at bank 49,252 51,423
153,509 114,231
CREDITORS
Amounts falling due within one year 6 118,011 115,300
NET CURRENT ASSETS/(LIABILITIES) 35,498 (1,069 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

307,108

321,403

CREDITORS
Amounts falling due after more than one year 7 (12,501 ) (22,501 )

PROVISIONS FOR LIABILITIES (64,389 ) (76,229 )
NET ASSETS 230,218 222,673

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 229,218 221,673
SHAREHOLDERS' FUNDS 230,218 222,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

BALANCE SHEET - continued
31 August 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 director and authorised for issue on 6 March 2025 and were signed by:





Robert John Gillies - Director


GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 August 2024

1. STATUTORY INFORMATION

Gillies Timber 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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 3 (2023 - 3 ) .

GILLIES TIMBER LIMITED (REGISTERED NUMBER: SC412173)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 38,324 688,119 137,951 1,472 865,866
Additions - 38,416 30,555 - 68,971
Disposals - (15,000 ) (49,495 ) - (64,495 )
At 31 August 2024 38,324 711,535 119,011 1,472 870,342
DEPRECIATION
At 1 September 2023 20,438 435,003 86,481 1,472 543,394
Charge for year 3,832 56,915 9,965 - 70,712
Eliminated on disposal - (3,000 ) (12,374 ) - (15,374 )
At 31 August 2024 24,270 488,918 84,072 1,472 598,732
NET BOOK VALUE
At 31 August 2024 14,054 222,617 34,939 - 271,610
At 31 August 2023 17,886 253,116 51,470 - 322,472

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 104,257 57,856
Other debtors - 4,952
104,257 62,808

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 35,245 33,649
Taxation and social security 42,991 48,245
Other creditors 39,775 33,406
118,011 115,300

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 12,501 22,501