John Gillespie & Sons. Limited

Registered number

SC015983

Unaudited Filleted Accounts

31 December 2024

John Gillespie & Sons. Limited
Registered number:		SC015983
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	4		46,298			51,542
Investments	5		13,336			13,336
			59,634			64,878

Current assets
Stocks		33,121			31,182
Debtors	6	42,084			43,216
Cash at bank and in hand		242,526			248,834
		317,731			323,232

Creditors: amounts falling due within one year	7	(107,727)			(82,206)

Net current assets			210,004			241,026

Total assets less current liabilities			269,638			305,904

Creditors: amounts falling due after more than one year	8		-			(3,114)

Provisions for liabilities			(8,895)			(8,895)


Net assets			260,743			293,895

Capital and reserves
Called up share capital			14,600			14,600
Other reserves			665			665
Profit and loss account			245,478			278,630

Shareholders' funds			260,743			293,895

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

Mr Iain Alexander William Gillespie
Director
Approved by the board on 3 September 2025

John Gillespie & Sons. Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			Reducing balance at 1%
	Motor vehicles			Reducing balance at 25%
	Plant and machinery			Reducing balance at 25%
	Fixtures, fittings, and equipment			Reducing balance at 25%

	Investments
	Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					19		19


3	Taxation					2024		2023
£							£
	The tax charge on the profit for the year was as follows:
	Corporation tax					-		(875)
	Deferred tax					-		1,251

						-		376


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2024	39,327		171,675		109,072		320,074
	At 31 December 2024	39,327		171,675		109,072		320,074

	Depreciation
	At 1 January 2024	7,483		169,104		91,945		268,532
	Charge for the year	319		643		4,282		5,244
	At 31 December 2024	7,802		169,747		96,227		273,776

	Net book value
	At 31 December 2024	31,525		1,928		12,845		46,298
	At 31 December 2023	31,844		2,571		17,127		51,542


5	Investments

Other
investments
£
	Cost
	At 1 January 2024							13,336

	At 31 December 2024							13,336



6	Debtors					2024		2023
£							£

	Trade debtors					26,240		31,528
	Other debtors					15,844		11,688
						42,084		43,216


7	Creditors: amounts falling due within one year					2024		2023
£							£

	Obligations under finance lease and hire purchase contracts					3,114		9,207
	Trade creditors					32,668		35,374
	Taxation and social security costs					8,808		5,074
	Other creditors					63,137		32,551
						107,727		82,206


8	Creditors: amounts falling due after one year					2024		2023
£							£

	Obligations under finance lease and hire purchase contracts					-		3,114


9	Related party transactions					2024		2023
£							£
	Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
	Mr Iain Alexander William Gillespie					48,652		21,770

	The maximum balance outstanding during the year amounted to					£48,652
	The directors current accounts are repayable on demand.





10	Other information

	John Gillespie & Sons. Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	14 Castle Street
	Stranraer
	DG9 7RT