REGISTERED NUMBER: SC290782 (Scotland)

Goodbrand & Ross Limited

Financial Statements For The Year Ended 30 September 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mrs T Ross

A Ross

SECRETARY:

Mrs T Ross

REGISTERED OFFICE:

Goodbrand Shop

Corgarff

Strathdon

Aberdeenshire

AB36 8YL

REGISTERED NUMBER:

SC290782 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Tangible assets

4

301,664

304,030

CURRENT ASSETS

Stocks

23,453

39,745

Cash at bank and in hand

64,007

8,686

87,460

48,431

CREDITORS

Amounts falling due within one year

5

154,536

105,893

NET CURRENT LIABILITIES

(67,076

)

(57,462

)

TOTAL ASSETS LESS CURRENT LIABILITIES

234,588

246,568

CREDITORS

Amounts falling due after more than one year

6

(264,350

)

(298,369

)

PROVISIONS FOR LIABILITIES

8

(1,103

)

(1,465

)

NET LIABILITIES

(30,865

)

(53,266

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

(31,865

)

(54,266

)

SHAREHOLDERS' FUNDS

(30,865

)

(53,266

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 26 March 2025 and were signed on its behalf by:

A Ross - Director

Mrs T Ross - Director

1.	STATUTORY INFORMATION

Goodbrand & Ross 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.

The accounts have been prepared on the going concern basis because the directors have agreed not to seek repayment of their loan of £256,850 (included in other creditors due over one year) until all third party creditors have been paid.

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.

Equipment

-

25% on cost and 4% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 12 (2023 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

Equipment

Totals

£

£

£

COST

At 1 October 2023

289,205

43,830

333,035

Additions

-

479

479

At 30 September 2024

289,205

44,309

333,514

DEPRECIATION

At 1 October 2023

-

29,005

29,005

Charge for year

-

2,845

2,845

At 30 September 2024

-

31,850

31,850

NET BOOK VALUE

At 30 September 2024

289,205

12,459

301,664

At 30 September 2023

289,205

14,825

304,030

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans and overdrafts

71,871

31,285

Trade creditors

36,807

40,038

Taxation and social security

35,254

25,343

Other creditors

10,604

9,227

154,536

105,893

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans

7,500

16,667

Other creditors

256,850

281,702

264,350

298,369

7.	SECURED DEBTS

A floating charge was created on 29 June 2007 over the whole assets of the company and a floating charge was created on 1 August 2007 over the liabilities undertaken by the company both of which are to the Bank of Scotland.

8.	PROVISIONS FOR LIABILITIES

30.9.24

30.9.23

£

£

Deferred tax

1,103

1,465

Deferred

tax

£

Balance at 1 October 2023

1,465

Provided during year

(362

)

Balance at 30 September 2024

1,103

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 October 2023

(54,266

)

Profit for the year

22,401

At 30 September 2024

(31,865

)

11.	RELATED PARTY DISCLOSURES

Mr A and Mrs T Ross

directors in the company

A interest free loan has been given to the company from the directors. No repayment terms have been agreed.

30.9.24

30.9.23

£

£

Amount due to related party at the balance sheet date

256,850

281,702

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Goodbrand & Ross Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Goodbrand & Ross Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Goodbrand & Ross Limited and state those matters that we have agreed to state to the Board of Directors of Goodbrand & Ross Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goodbrand & Ross Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Goodbrand & Ross Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Goodbrand & Ross Limited. You consider that Goodbrand & Ross 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 financial statements of Goodbrand & Ross 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 financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

26 March 2025