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Company No: SC336647 (Scotland)

# TRAYNOR WILLIAMS IRONMONGERY LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

TRAYNOR WILLIAMS IRONMONGERY LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

TRAYNOR WILLIAMS IRONMONGERY LIMITED

## BALANCE SHEET

AS AT 31 AUGUST 2024
TRAYNOR WILLIAMS IRONMONGERY LIMITED

## BALANCE SHEET (continued)

AS AT 31 AUGUST 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 3 | 1,077,574 |  | 1,077,574
|  | 1,077,574 |  | 1,077,574
Current assets |  |  |  |
Debtors | 4 | 1,959,686 |  | 1,634,518
Cash at bank and in hand |  | 24,085 |  | 24,184
|  | 1,983,771 |  | 1,658,702
Creditors: amounts falling due within one year | 5 | ( 2,454,316) |  | ( 2,123,454)
Net current liabilities |  | (470,545) |  | (464,752)
Total assets less current liabilities |  | 607,029 |  | 612,822
Net assets |  | 607,029 |  | 612,822
Capital and reserves |  |  |  |
Called-up share capital | 6 | 470,001 |  | 470,001
Profit and loss account |  | 137,028 |  | 142,821
Total shareholders' funds |  | 607,029 |  | 612,822

For the financial year ending 31 August 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Traynor Williams Ironmongery Limited (registered number: SC336647) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

Simon James Traynor Director |

TRAYNOR WILLIAMS IRONMONGERY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
TRAYNOR WILLIAMS IRONMONGERY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Traynor Williams Ironmongery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 3 Harmony Court, Loanbank Place, Glasgow, G51 3HN, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Fixed asset investments

Investments in subsidiaries

| 2024
| £
Cost |
At 01 September 2023 | 1,077,574
At 31 August 2024 | 1,077,574
Carrying value at 31 August 2024 | 1,077,574
Carrying value at 31 August 2023 | 1,077,574

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Corporation tax | 489,189 |  | 280,969
Other debtors | 1,470,497 |  | 1,353,549
| 1,959,686 |  | 1,634,518

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Amounts owed to Group undertakings | 2,184,470 |  | 2,022,629
Taxation and social security | 265,546 |  | 96,275
Other creditors | 4,300 |  | 4,550
| 2,454,316 |  | 2,123,454

#### 6. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
470,001 Ordinary shares of £ 1.00 each | 470,001 |  | 470,001

#### 7. Related party transactions

Other related party transactions

| 2024 |  | 2023
| £ |  | £
Amounts due to fellow group undertakings | 2,184,470 |  | 2,022,629

These loans are interest free and have no fixed repayment terms