Silverfin false false 31/08/2024 01/09/2023 31/08/2024 Mrs M Traynor 31/07/2012 Mr S Traynor 21/07/2004 19 March 2025 The principal activity of the company continued to be that of the sale of ironmongery to trade and general public. 05186413 2024-08-31 05186413 bus:Director1 2024-08-31 05186413 bus:Director2 2024-08-31 05186413 2023-08-31 05186413 core:CurrentFinancialInstruments 2024-08-31 05186413 core:CurrentFinancialInstruments 2023-08-31 05186413 core:Non-currentFinancialInstruments 2024-08-31 05186413 core:Non-currentFinancialInstruments 2023-08-31 05186413 core:ShareCapital 2024-08-31 05186413 core:ShareCapital 2023-08-31 05186413 core:RevaluationReserve 2024-08-31 05186413 core:RevaluationReserve 2023-08-31 05186413 core:RetainedEarningsAccumulatedLosses 2024-08-31 05186413 core:RetainedEarningsAccumulatedLosses 2023-08-31 05186413 core:PlantMachinery 2023-08-31 05186413 core:Vehicles 2023-08-31 05186413 core:FurnitureFittings 2023-08-31 05186413 core:PlantMachinery 2024-08-31 05186413 core:Vehicles 2024-08-31 05186413 core:FurnitureFittings 2024-08-31 05186413 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-08-31 05186413 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-08-31 05186413 2022-08-31 05186413 bus:OrdinaryShareClass1 2024-08-31 05186413 2023-09-01 2024-08-31 05186413 bus:FilletedAccounts 2023-09-01 2024-08-31 05186413 bus:SmallEntities 2023-09-01 2024-08-31 05186413 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 05186413 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05186413 bus:Director1 2023-09-01 2024-08-31 05186413 bus:Director2 2023-09-01 2024-08-31 05186413 core:PlantMachinery core:TopRangeValue 2023-09-01 2024-08-31 05186413 core:Vehicles 2023-09-01 2024-08-31 05186413 core:FurnitureFittings core:TopRangeValue 2023-09-01 2024-08-31 05186413 2022-09-01 2023-08-31 05186413 core:PlantMachinery 2023-09-01 2024-08-31 05186413 core:FurnitureFittings 2023-09-01 2024-08-31 05186413 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 05186413 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 05186413 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 05186413 1 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05186413 (England and Wales)

TRAYNOR WILLIAMS IRONMONGERY (GLASGOW) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

TRAYNOR WILLIAMS IRONMONGERY (GLASGOW) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

TRAYNOR WILLIAMS IRONMONGERY (GLASGOW) LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2024
TRAYNOR WILLIAMS IRONMONGERY (GLASGOW) LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 96,111 168,260
Investment property 4 1,700,000 1,700,000
Investments 5 41,100 41,100
1,837,211 1,909,360
Current assets
Stocks 162,322 162,269
Debtors 6 2,589,571 2,266,702
Cash at bank and in hand 568,896 737,388
3,320,789 3,166,359
Creditors: amounts falling due within one year 7 ( 1,330,370) ( 1,418,734)
Net current assets 1,990,419 1,747,625
Total assets less current liabilities 3,827,630 3,656,985
Creditors: amounts falling due after more than one year 8 0 ( 86,303)
Provision for liabilities 9 ( 74,725) ( 50,000)
Net assets 3,752,905 3,520,682
Capital and reserves
Called-up share capital 10 2 2
Revaluation reserve 26,325 26,325
Profit and loss account 3,726,578 3,494,355
Total shareholder's funds 3,752,905 3,520,682

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Traynor Williams Ironmongery (Glasgow) Limited (registered number: 05186413) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

Mr S Traynor
Director
TRAYNOR WILLIAMS IRONMONGERY (GLASGOW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
TRAYNOR WILLIAMS IRONMONGERY (GLASGOW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Traynor Williams Ironmongery (Glasgow) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Acre House, 11/15 William Road, London, NW1 3ER, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. No depreciation is provided in respect of these properties.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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 stock to their present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants
Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 12

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 September 2023 42,586 324,699 57,978 425,263
Additions 0 108,369 3,970 112,339
Disposals 0 ( 310,608) 0 ( 310,608)
At 31 August 2024 42,586 122,460 61,948 226,994
Accumulated depreciation
At 01 September 2023 6,548 195,078 55,377 257,003
Charge for the financial year 0 34,629 1,630 36,259
Disposals 0 ( 162,379) 0 ( 162,379)
At 31 August 2024 6,548 67,328 57,007 130,883
Net book value
At 31 August 2024 36,038 55,132 4,941 96,111
At 31 August 2023 36,038 129,621 2,601 168,260

4. Investment property

Investment property
£
Valuation
As at 01 September 2023 1,700,000
As at 31 August 2024 1,700,000

Investment Property was valued on an open market basis on 31 August 2024 by the directors.

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 41,100 41,100

6. Debtors

2024 2023
£ £
Trade debtors 903,218 956,367
Prepayments 10,370 14,742
Other debtors 1,675,983 1,295,593
2,589,571 2,266,702

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 109,383 53,547
Trade creditors 840,146 908,205
Amounts owed to related parties 57,345 0
Taxation and social security 198,109 269,442
Obligations under finance leases and hire purchase contracts 0 32,947
Other creditors 125,387 154,593
1,330,370 1,418,734

Included within other creditors in 2024 is a loan of £Nil (2023: £19,500) which is secured by a fixed & floating charge over all assets of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 86,303

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 50,000) 0
Charged to the Profit and Loss Account ( 24,725) ( 50,000)
At the end of financial year ( 74,725) ( 50,000)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

11. Related party transactions

Traynor Williams Ironmongery (Glasgow) Limited has guaranteed the lease obligations in respect of the trading premises occupied by Traynor Williams (Aberdeen) Limited.

During the year to 31 August 2024 Traynor Williams Ironmongery (Glasgow) Limited received net intercompany payments from Traynor Williams Door Solutions Limited of £55,100, (paid 2023: £3,450). The balance as at 31 August 2024 due to Traynor Williams Door Solutions Limited from Traynor Williams Ironmongery (Glasgow) Limited is £57,345 (2023: (£2,245)). Traynor Williams Ironmongery (Glasgow) Limited is a shareholder of Traynor William Door Solutions Limited, and Simon Traynor is a director of both companies.

12. Ultimate controlling party

The parent Company of Traynor Williams Ironmongery (Glasgow) Limited is Traynor Williams Ironmongery Limited and its registered office is 3 Harmony Court, Loanbank Place, Glasgow, G51 3HN.