Port nan Gael Stores Limited SC788236 false 2023-11-06 2024-11-30 2024-11-30 The principal activity of the company is operating a general store Digita Accounts Production Advanced 6.30.9574.0 true true SC788236 2023-11-06 2024-11-30 SC788236 2024-11-30 SC788236 bus:Director2 2024-11-30 SC788236 bus:OrdinaryShareClass1 2024-11-30 SC788236 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC788236 core:ShareCapital 2024-11-30 SC788236 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-11-30 SC788236 core:CurrentFinancialInstruments 2024-11-30 SC788236 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 SC788236 core:OtherPropertyPlantEquipment 2024-11-30 SC788236 bus:SmallEntities 2023-11-06 2024-11-30 SC788236 bus:AuditExemptWithAccountantsReport 2023-11-06 2024-11-30 SC788236 bus:FullAccounts 2023-11-06 2024-11-30 SC788236 bus:SmallCompaniesRegimeForAccounts 2023-11-06 2024-11-30 SC788236 bus:RegisteredOffice 2023-11-06 2024-11-30 SC788236 bus:CompanySecretary1 2023-11-06 2024-11-30 SC788236 bus:Director2 2023-11-06 2024-11-30 SC788236 bus:OrdinaryShareClass1 2023-11-06 2024-11-30 SC788236 bus:PrivateLimitedCompanyLtd 2023-11-06 2024-11-30 SC788236 bus:Agent1 2023-11-06 2024-11-30 SC788236 core:RetainedEarningsAccumulatedLosses 2023-11-06 2024-11-30 SC788236 core:ShareCapital 2023-11-06 2024-11-30 SC788236 core:OtherPropertyPlantEquipment 2023-11-06 2024-11-30 SC788236 core:PlantMachinery 2023-11-06 2024-11-30 SC788236 1 2023-11-06 2024-11-30 SC788236 countries:AllCountries 2023-11-06 2024-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC788236

Port nan Gael Stores Limited

Annual Report and Unaudited Financial Statements

for the Period from 6 November 2023 to 30 November 2024

 

Port nan Gael Stores Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Port nan Gael Stores Limited

Company Information

Director

Ms Fiona Mary Woods

Company secretary

Mrs Sarah Braid

Registered office

Unit 8A Baliscate Industrial Estate
Tobermory
Isle Of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Port nan Gael Stores Limited

Director's Report for the Period from 6 November 2023 to 30 November 2024

The director presents her report and the financial statements for the period from 6 November 2023 to 30 November 2024.

Incorporation

The company was incorporated on 6 November 2023.

Director of the company

The director who held office during the period was as follows:

Ms Fiona Mary Woods (appointed 6 November 2023)

Principal activity

The principal activity of the company is operating a general store

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 director on 17 May 2025
 

.........................................
Ms Fiona Mary Woods
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Port nan Gael Stores Limited
for the Period 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 Port nan Gael Stores Limited for the period ended 30 November 2024 as set out on pages 4 to 12 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Port nan Gael Stores Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Port nan Gael Stores Limited. You consider that Port nan Gael Stores Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Port nan Gael Stores 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 accounts.

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

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

17 May 2025

 

Port nan Gael Stores Limited

Profit and Loss Account for the Period from 6 November 2023 to 30 November 2024

Note

2024
£

Turnover

 

214,325

Cost of sales

 

(149,564)

Gross profit

 

64,761

Administrative expenses

 

(95,908)

Operating loss

 

(31,147)

Loss before tax

3

(31,147)

Loss for the financial period

 

(31,147)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Port nan Gael Stores Limited

Statement of Comprehensive Income for the Period from 6 November 2023 to 30 November 2024

2024
£

Loss for the period

(31,147)

Total comprehensive income for the period

(31,147)

 

Port nan Gael Stores Limited

(Registration number: SC788236)
Balance Sheet as at 30 November 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

13,246

Current assets

 

Stocks

5

45,000

Debtors

6

12,422

Cash at bank and in hand

 

31,123

 

88,545

Creditors: Amounts falling due within one year

7

(132,838)

Net current liabilities

 

(44,293)

Net liabilities

 

(31,047)

Capital and reserves

 

Called up share capital

8

100

Retained earnings

(31,147)

Shareholders' deficit

 

(31,047)

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

Director's responsibilities:

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

The director acknowledges her 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 17 May 2025
 

.........................................
Ms Fiona Mary Woods
Director

 

Port nan Gael Stores Limited

Statement of Changes in Equity for the Period from 6 November 2023 to 30 November 2024

Share capital
£

Retained earnings
£

Total
£

Loss for the period

-

(31,147)

(31,147)

New share capital subscribed

100

-

100

At 30 November 2024

100

(31,147)

(31,047)

 

Port nan Gael Stores Limited

Notes to the Unaudited Financial Statements for the Period from 6 November 2023 to 30 November 2024

1

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.

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

Plant & machinery

20% reducing balance

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.

 

Port nan Gael Stores Limited

Notes to the Unaudited Financial Statements for the Period from 6 November 2023 to 30 November 2024

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.

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.

 

Port nan Gael Stores Limited

Notes to the Unaudited Financial Statements for the Period from 6 November 2023 to 30 November 2024

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4.

3

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

1,500

 

Port nan Gael Stores Limited

Notes to the Unaudited Financial Statements for the Period from 6 November 2023 to 30 November 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

14,746

14,746

At 30 November 2024

14,746

14,746

Depreciation

Charge for the period

1,500

1,500

At 30 November 2024

1,500

1,500

Carrying amount

At 30 November 2024

13,246

13,246

5

Stocks

2024
£

Other inventories

45,000

6

Debtors

Current

2024
£

Other debtors

12,422

 

12,422

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

9

6,784

Trade creditors

 

40,067

Other creditors

 

85,987

 

132,838

8

Share capital

Allotted, called up and fully paid shares

 

Port nan Gael Stores Limited

Notes to the Unaudited Financial Statements for the Period from 6 November 2023 to 30 November 2024

2024

No.

£

Ordinary of £1 each

100

100

   

9

Loans and borrowings

Current loans and borrowings

2024
£

Hire purchase contracts

6,784

10

Parent and ultimate parent undertaking

The company's immediate parent is Mull Hotels Limited, incorporated in Scotland.