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REGISTERED NUMBER: SC304394 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

G and S Souter Limited

G and S Souter Limited (Registered number: SC304394)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

G and S Souter Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: G R Souter
S C Souter





REGISTERED OFFICE: The Kiosk
South Road
INSCH
AB52 6XF





REGISTERED NUMBER: SC304394 (Scotland)





ACCOUNTANTS: Atholl Scott
55-57 West High Street
INVERURIE
AB51 3QQ

G and S Souter Limited (Registered number: SC304394)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 303,340 301,452

CURRENT ASSETS
Debtors 5 30,963 30,019
Cash at bank and in hand 27,175 19,055
58,138 49,074
CREDITORS
Amounts falling due within one
year

6

(95,589

)

(109,998

)
NET CURRENT LIABILITIES (37,451 ) (60,924 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,889

240,528

CREDITORS
Amounts falling due after more
than one year

7

(167,251

)

(174,282

)

PROVISIONS FOR LIABILITIES 9 (22,627 ) (20,611 )
NET ASSETS 76,011 45,635

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 76,001 45,625
SHAREHOLDERS' FUNDS 76,011 45,635

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

G and S Souter Limited (Registered number: SC304394)

Balance Sheet - continued
31 August 2024


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 15 April 2025 and were signed on its behalf by:




G R Souter - Director



S C Souter - Director


G and S Souter Limited (Registered number: SC304394)

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

1. STATUTORY INFORMATION

G and S Souter 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
Turnover represents amounts receivable for goods sold and services rendered during the year, exclusive of value added tax.

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 - 4% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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.

G and S Souter Limited (Registered number: SC304394)

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

2. ACCOUNTING POLICIES - continued

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 14 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 187,182 14,342 2,628
Additions - 2,000 -
Disposals - - -
At 31 August 2024 187,182 16,342 2,628
DEPRECIATION
At 1 September 2023 - 10,024 1,786
Charge for year 7,487 947 126
Eliminated on disposal - - -
At 31 August 2024 7,487 10,971 1,912
NET BOOK VALUE
At 31 August 2024 179,695 5,371 716
At 31 August 2023 187,182 4,318 842

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 213,458 1,356 418,966
Additions 62,909 - 64,909
Disposals (20,345 ) - (20,345 )
At 31 August 2024 256,022 1,356 463,530
DEPRECIATION
At 1 September 2023 104,437 1,267 117,514
Charge for year 39,172 30 47,762
Eliminated on disposal (5,086 ) - (5,086 )
At 31 August 2024 138,523 1,297 160,190
NET BOOK VALUE
At 31 August 2024 117,499 59 303,340
At 31 August 2023 109,021 89 301,452

G and S Souter Limited (Registered number: SC304394)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 120,493
Additions 62,909
Disposals (20,345 )
At 31 August 2024 163,057
DEPRECIATION
At 1 September 2023 37,940
Charge for year 32,552
Eliminated on disposal (5,086 )
At 31 August 2024 65,406
NET BOOK VALUE
At 31 August 2024 97,651
At 31 August 2023 82,553

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 30,963 26,273
Other debtors - 460
Tax recoverable - 3,286
30,963 30,019

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 19,206 17,831
Hire purchase contracts 35,807 26,826
Trade creditors 2,620 2,567
PAYE 4,912 6,726
VAT 22,697 19,712
Other creditors 3,375 4,420
Net salary clearing account 4,268 3,907
Directors' loan accounts 54 25,609
Accrued expenses 2,650 2,400
95,589 109,998

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans > 1 year 95,591 110,579
Hire purchase contracts 71,660 63,703
167,251 174,282

G and S Souter Limited (Registered number: SC304394)

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

8. SECURED DEBTS

The bank loan is secured by a standard security created on 2nd February 2018. In addition there is a bond and floating charge over the assets of the company (created 13th September 2017). All are in favour of the Clydesdale Bank plc.

9. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 22,627 20,611

Deferred
tax
£   
Balance at 1 September 2023 20,611
Accelerated capital allowances 2,016
Balance at 31 August 2024 22,627

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £7,000 were paid to the directors .

During the year G R Souter (director) decreased the amount loaned to the company by £18,635 leaving a balance of £27 (2023 £18,662). This loan is unsecured, interest free and repayable on demand.

During the year S C Souter (director) decreased the amount loaned to the company by £6,920 leaving a balance of £27 (2023 £6,947). This loan is unsecured, interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
G and S Souter Limited

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 G and S Souter Limited for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 G and S Souter 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 G and S Souter Limited and state those matters that we have agreed to state to the Board of Directors of G and S Souter Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that G and S Souter 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 G and S Souter Limited. You consider that G and S Souter 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 G and S Souter 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.

As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.






Atholl Scott
55-57 West High Street
INVERURIE
AB51 3QQ


16 April 2025