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Registration number: SC404236

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JSD (The Thistle) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

JSD (The Thistle) Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

5 to 9

 

JSD (The Thistle) Ltd

Company Information

Directors

John Sinclair

John Douglas

Registered office

1 Junction Place
Alloa
FK10 1JW

Bankers

Royal Bank of Scotland plc
19 High Street
Alloa
FK10 1JF

Accountants

RGA Scotland Limited Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

JSD (The Thistle) Ltd

Directors' Report for the Year Ended 30 November 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Directors of the company

The directors who held office during the year were as follows:

John Sinclair

John Douglas

Principal activity

The principal activity of the company has been operating licensed premises

Directors' responsibilities

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 Section 1A - Small Entities, the applicable Financial Reporting Standard. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

make judgements and accounting estimates that are reasonable and prudent;

select suitable accounting policies and apply them consistently;

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

.........................................
John Douglas
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
JSD (The Thistle) Ltd
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of JSD (The Thistle) Ltd for the year ended 30 November 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of JSD (The Thistle) Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of JSD (The Thistle) Ltd and state those matters that we have agreed to state to the Board of Directors of JSD (The Thistle) Ltd, as a body, in this report.

This is in accordance with the requirements of the ACCA and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JSD (The Thistle) Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that JSD (The Thistle) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of JSD (The Thistle) Ltd. You consider that JSD (The Thistle) Ltd 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 accounts of JSD (The Thistle) Ltd. 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 accounts.

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....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

9 April 2025

 

JSD (The Thistle) Ltd

(Registration number: SC404236)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

293,805

280,550

Current assets

 

Stocks

6

23,500

25,985

Debtors

7

7,656

1,700

Cash at bank and in hand

 

(13,153)

3,112

 

18,003

30,797

Creditors: Amounts falling due within one year

8

(115,972)

(137,079)

Net current liabilities

 

(97,969)

(106,282)

Total assets less current liabilities

 

195,836

174,268

Creditors: Amounts falling due after more than one year

8

(24,889)

(15,174)

Provisions for liabilities

(5,747)

(2,012)

Net assets

 

165,200

157,082

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

165,100

156,982

Shareholders' funds

 

165,200

157,082

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

.........................................
John Douglas
Director

 

JSD (The Thistle) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 Junction Place
Alloa
FK10 1JW

These financial statements were authorised for issue by the Board on 9 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

JSD (The Thistle) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Vehicles

based on year end market value

Freehold and leasehold premises

10% pa leasehold writedown

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

JSD (The Thistle) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of full-time-equivalent persons employed by the company (including directors) during the year, was 13 (2023 - 14).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,006

2,049

 

JSD (The Thistle) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

289,900

69,073

15,858

374,831

Additions

-

2,407

23,995

26,402

Disposals

-

-

(4,740)

(4,740)

At 30 November 2024

289,900

71,480

35,113

396,493

Depreciation

At 1 December 2023

19,940

63,223

11,118

94,281

Charge for the year

-

2,007

-

2,007

Impairment

6,400

-

-

6,400

At 30 November 2024

26,340

65,230

11,118

102,688

Carrying amount

At 30 November 2024

263,560

6,250

23,995

293,805

At 30 November 2023

269,960

5,850

4,740

280,550

Included within the net book value of land and buildings above is £226,170 (2023 - £226,170) in respect of freehold land and buildings, £43,790 (2023 - £50,190) in respect of short leasehold land and buildings and £(6,400) (2023 - £(6,400)) in respect of impairment of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Stock for sale and business use

23,500

25,985

7

Debtors

Current

2024
£

2023
£

Other debtors

7,656

1,700

 

7,656

1,700

 

JSD (The Thistle) Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

73,111

74,099

Trade creditors

 

25,609

41,530

Taxation and social security

 

14,209

18,439

Accruals and deferred income

 

2,750

2,750

Other creditors

 

293

261

 

115,972

137,079

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,591

15,174

Hire purchase contracts

19,298

-

24,889

15,174

Current loans and borrowings

2024
£

2023
£

Bank borrowings

67,983

72,584

Hire purchase contracts

4,826

1,314

Director current account

302

201

73,111

74,099