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COMPANY REGISTRATION NUMBER: SC365221
Bill's Tool Store Limited
Filleted Unaudited Financial Statements
30 September 2024
Bill's Tool Store Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Bill's Tool Store Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Bill's Tool Store Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bill's Tool Store Limited for the year ended 30 September 2024, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Bill's Tool Store Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Bill's Tool Store Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bill's Tool Store Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Bill's Tool Store 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 Bill's Tool Store Limited. You consider that Bill's Tool Store 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 Bill's Tool Store 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
25 June 2025
Bill's Tool Store Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
20,000
Tangible assets
6
169,588
178,479
---------
---------
169,588
198,479
Current assets
Stocks
280,100
273,625
Debtors
7
8,005
12,154
Cash at bank and in hand
92,949
93,370
---------
---------
381,054
379,149
Creditors: amounts falling due within one year
8
216,342
208,563
---------
---------
Net current assets
164,712
170,586
---------
---------
Total assets less current liabilities
334,300
369,065
Creditors: amounts falling due after more than one year
9
2,574
42,911
---------
---------
Net assets
331,726
326,154
---------
---------
Capital and reserves
Called up share capital
70
70
Capital redemption reserve
( 92,970)
( 92,970)
Profit and loss account
424,626
419,054
---------
---------
Shareholders funds
331,726
326,154
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bill's Tool Store Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
Mr AD Duff
Director
Company registration number: SC365221
Bill's Tool Store Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 15 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
10% reducing balance
Fixtures & fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Land and buildings are depreciated at 0%.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
300,000
---------
Amortisation
At 1 October 2023
280,000
Charge for the year
20,000
---------
At 30 September 2024
300,000
---------
Carrying amount
At 30 September 2024
---------
At 30 September 2023
20,000
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
132,781
21,554
6,228
87,923
248,486
Additions
850
850
---------
--------
-------
--------
---------
At 30 September 2024
132,781
21,554
7,078
87,923
249,336
---------
--------
-------
--------
---------
Depreciation
At 1 October 2023
12,397
3,594
54,016
70,007
Charge for the year
916
348
8,477
9,741
---------
--------
-------
--------
---------
At 30 September 2024
13,313
3,942
62,493
79,748
---------
--------
-------
--------
---------
Carrying amount
At 30 September 2024
132,781
8,241
3,136
25,430
169,588
---------
--------
-------
--------
---------
At 30 September 2023
132,781
9,157
2,634
33,907
178,479
---------
--------
-------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
7,505
12,154
Other debtors
500
-------
--------
8,005
12,154
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,175
3,569
Trade creditors
106,002
86,382
Accruals and deferred income
3,369
2,525
Corporation tax
49,195
28,714
Social security and other taxes
27,092
41,656
Obligations under finance leases and hire purchase contracts
8,564
12,627
Director loan accounts
438
20,684
Other creditors
7,507
12,406
---------
---------
216,342
208,563
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,773
Obligations under finance leases and hire purchase contracts
2,574
11,138
-------
--------
2,574
42,911
-------
--------
Clydesdale Bank PLC hold floating charges over the undertakings and property and assets of the company.
10. Directors' advances, credits and guarantees
As at the 30th September 2024, WP Pearson was owed £431 from the company (2023: £12,914) and Mr AD Duff was owed £6 (2023: £7,770) from the company.
11. Controlling party
The company was under the control of Mr WP Pearson and Mr AD Duff throughout the current and previous periods .