Registered number
SC398616
G & S (SCOTLAND) LTD
15 McArthur Street
Glasgow
Filleted Accounts
for the year ended 31 July 2024
Yousaf & Co. Ltd
Chartered Certified Accountants
Registered Auditors
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: G111/TM
G & S (SCOTLAND) LTD
Registered number: SC398616
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 45,116 30,952
55,116 40,952
Current assets
Stocks 36,231 41,845
Debtors 5 18 -
Cash at bank and in hand 13,209 15,828
49,458 57,673
Creditors: amounts falling due within one year 6 (38,026) (33,843)
Net current assets 11,432 23,830
Total assets less current liabilities 66,548 64,782
Creditors: amounts falling due after more than one year 7 (32,777) (30,310)
Net assets 33,771 34,472
Capital and reserves
Called up share capital 100 100
Profit and loss account 33,671 34,372
Shareholders' funds 33,771 34,472
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sajid Mahmood
Director
Approved by the board on 3 February 2025
G & S (SCOTLAND) LTD
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing balance
Motor Vehicle 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 10,000
At 31 July 2024 10,000
Net book value
At 31 July 2024 10,000
At 31 July 2023 10,000
Goodwill is not being written off.
4 Tangible fixed assets
Fixture & Fittings etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 57,303 9,290 66,593
Additions - 23,143 23,143
Disposals - (9,290) (9,290)
At 31 July 2024 57,303 23,143 80,446
Depreciation
At 1 August 2023 30,317 5,324 35,641
Charge for the year 2,699 2,314 5,013
On disposals - (5,324) (5,324)
At 31 July 2024 33,016 2,314 35,330
Net book value
At 31 July 2024 24,287 20,829 45,116
At 31 July 2023 26,986 3,966 30,952
5 Debtors 2024 2023
£ £
Trade debtors 18 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,720 120
Trade creditors 7,877 6,803
Taxation 20,323 19,386
Other creditors 8,106 7,534
38,026 33,843
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce Back loan 19,986 29,466
Director's loan account 109 844
Other creditors 12,682 -
32,777 30,310
G & S (SCOTLAND) LTD SC398616 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Mr Sajid Mahmood No description of principal activity SC398616 2022-08-01 2023-07-31 SC398616 core:WithinOneYear 2023-07-31 SC398616 core:AfterOneYear 2023-07-31 SC398616 core:ShareCapital 2023-07-31 SC398616 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC398616 2023-08-01 2024-07-31 SC398616 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC398616 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC398616 bus:Director40 2023-08-01 2024-07-31 SC398616 1 2023-08-01 2024-07-31 SC398616 2 2023-08-01 2024-07-31 SC398616 core:PlantMachinery 2023-08-01 2024-07-31 SC398616 core:Vehicles 2023-08-01 2024-07-31 SC398616 bus:FRS102 2023-08-01 2024-07-31 SC398616 bus:FilletedAccounts 2023-08-01 2024-07-31 SC398616 2024-07-31 SC398616 core:WithinOneYear 2024-07-31 SC398616 core:AfterOneYear 2024-07-31 SC398616 core:ShareCapital 2024-07-31 SC398616 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC398616 core:Goodwill 2024-07-31 SC398616 core:PlantMachinery 2024-07-31 SC398616 core:Vehicles 2024-07-31 SC398616 2023-07-31 SC398616 core:Goodwill 2023-07-31 SC398616 core:PlantMachinery 2023-07-31 SC398616 core:Vehicles 2023-07-31 iso4217:GBP xbrli:pure