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REGISTERED NUMBER: SC268649 (Scotland)




















J. Gilmour & Co. Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






J. Gilmour & Co. Limited (Registered number: SC268649)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J. Gilmour & Co. Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs T F Gilmour
Mr D Gilmour



SECRETARY: Mrs T F Gilmour



REGISTERED OFFICE: The Industrial Building Penston
Macmerry
Tranent
East Lothian
EH33 2AJ



REGISTERED NUMBER: SC268649 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: HSBC
76 Hanover Street
Edinburgh
EH2 1EL

J. Gilmour & Co. Limited (Registered number: SC268649)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,337 51,017
Tangible assets 5 1,569,863 384,106
1,579,200 435,123

CURRENT ASSETS
Stocks 698,918 526,912
Debtors 6 2,938,981 2,078,450
Cash at bank and in hand 13,222 868,501
3,651,121 3,473,863
CREDITORS
Amounts falling due within one year 7 2,496,290 1,923,443
NET CURRENT ASSETS 1,154,831 1,550,420
TOTAL ASSETS LESS CURRENT LIABILITIES 2,734,031 1,985,543

CREDITORS
Amounts falling due after more than one
year

8

(685,132

)

(280,000

)

PROVISIONS FOR LIABILITIES (97,099 ) (34,669 )
NET ASSETS 1,951,800 1,670,874

J. Gilmour & Co. Limited (Registered number: SC268649)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,135 1,135
Retained earnings 1,950,665 1,669,739
SHAREHOLDERS' FUNDS 1,951,800 1,670,874

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:




Mr D Gilmour - Director



Mrs T F Gilmour - Director


J. Gilmour & Co. Limited (Registered number: SC268649)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

J. Gilmour & Co. 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 and revenue recognition
Turnover represents the invoiced value of wholesale meat products supplied by the company, net of Value Added Tax and trade discount. Revenue is recognised at the point of sale of goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are
measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property- NIL
Plant & machinery and office equipment- 10% on cost
Fixtures and fittings- 10% on cost
Computer equipment- 13% reducing balance
Motor vehicles- 16% on cost

The directors have revised the rate of depreciation on freehold property from 5% on cost to NIL. This is based on their estimate that freehold property will appreciate going forward.

Grants
Grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

J. Gilmour & Co. Limited (Registered number: SC268649)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 48 (2023 - 42 ) .

J. Gilmour & Co. Limited (Registered number: SC268649)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 754,400 39,605 794,005
AMORTISATION
At 1 April 2023 716,680 26,308 742,988
Charge for year 37,720 3,960 41,680
At 31 March 2024 754,400 30,268 784,668
NET BOOK VALUE
At 31 March 2024 - 9,337 9,337
At 31 March 2023 37,720 13,297 51,017

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 215,782 791,254 1,007,036
Additions 580,905 507,920 1,088,825
Disposals - (13,175 ) (13,175 )
At 31 March 2024 796,687 1,285,999 2,082,686
DEPRECIATION
At 1 April 2023 177,457 445,473 622,930
Charge for year - 74,848 74,848
Eliminated on disposal - (7,498 ) (7,498 )
Charge written back (177,457 ) - (177,457 )
At 31 March 2024 - 512,823 512,823
NET BOOK VALUE
At 31 March 2024 796,687 773,176 1,569,863
At 31 March 2023 38,325 345,781 384,106

J. Gilmour & Co. Limited (Registered number: SC268649)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

During the year, the depreciation rate for freehold properties was changed from 5% on cost to NIL. Accumulated depreciation on these properties was written back to align with the new depreciation rate.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 395,759
At 31 March 2024 395,759
DEPRECIATION
Charge for year 11,726
At 31 March 2024 11,726
NET BOOK VALUE
At 31 March 2024 384,033

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,187,940 938,891
Other debtors 1,751,041 1,139,559
2,938,981 2,078,450

Included in other debtors at 31 March 2024 is £110,862 (2023: £107,633), being amounts due on loans advanced to members of the directors' family less repayments made to date. Interest has been charged at 3% per annum and S455 deposits have been provided on the amounts.

J. Gilmour & Co. Limited (Registered number: SC268649)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,096,528 1,023,750
Hire purchase contracts (see note 9) 89,000 -
Trade creditors 1,192,870 731,868
Taxation and social security 44,321 38,920
Other creditors 73,571 128,905
2,496,290 1,923,443

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 439,115 280,000
Hire purchase contracts (see note 9) 246,017 -
685,132 280,000

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 89,000 -
Between one and five years 246,017 -
335,017 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 100,415 72,903
Between one and five years 26,713 92,128
127,128 165,031

J. Gilmour & Co. Limited (Registered number: SC268649)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 848,528 627,824
Bank loans 687,115 675,926
1,535,643 1,303,750

The bank borrowings are secured by a standard security, a bond and floating charge, and a security over the book debts. During the year and post year end the securities were updated to reflect the change in the company's bankers.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mrs T F Gilmour
Balance outstanding at start of year 159,145 277,098
Amounts advanced 160,120 176,994
Amounts repaid (27,812 ) (294,947 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 291,453 159,145

Mr S C Gilmour
Balance outstanding at start of year 51,310 64,148
Amounts advanced 157,465 113,680
Amounts repaid (65,365 ) (126,518 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 143,410 51,310

The balance due from Mrs T F Gilmour is unsecured and repayable on demand. A S455 deposit has been provided for. Interest has been charged at 2.25% pa.

The balance due from Mr S C Gilmour is unsecured and repayable on demand. A S455 deposit has been provided for. Interest has been charged at 2.25% pa.