Baxter & Gillespie (Painting Contractors ) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC059110

Baxter & Gillespie (Painting Contractors ) Limited

Filleted Unaudited Financial Statements

31 January 2025

Baxter & Gillespie (Painting Contractors ) Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Baxter & Gillespie (Painting Contractors ) Limited

Year ended 31 January 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Baxter & Gillespie (Painting Contractors ) Limited for the year ended 31 January 2025, 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 Baxter & Gillespie (Painting Contractors ) Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Baxter & Gillespie (Painting Contractors ) 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 Baxter & Gillespie (Painting Contractors ) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Baxter & Gillespie (Painting Contractors ) 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 Baxter & Gillespie (Painting Contractors ) Limited. You consider that Baxter & Gillespie (Painting Contractors ) 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 Baxter & Gillespie (Painting Contractors ) 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

18 September 2025

Baxter & Gillespie (Painting Contractors ) Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		107,954	132,370

Current assets

Stocks		22,300	57,454
Debtors	6	856,533	963,336
Cash at bank and in hand		398,196	479,520
		------------	------------
		1,277,029	1,500,310

Creditors: amounts falling due within one year	7	344,974		516,289
		------------		------------
Net current assets			932,055	984,021
			------------	------------
Total assets less current liabilities			1,040,009	1,116,391

Provisions

Taxation including deferred tax	26,989	39,883
	------------	------------
Net assets	1,013,020	1,076,508
	------------	------------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	1,003,020	1,066,508
	------------	------------
Shareholders funds	1,013,020	1,076,508
	------------	------------

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 31 January 2025 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 .

Baxter & Gillespie (Painting Contractors ) Limited

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 18 September 2025 , and are signed on behalf of the board by:

Mr P Baxter	Mr D Gillespie
Director	Director

Company registration number: SC059110

Baxter & Gillespie (Painting Contractors ) Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Auld Street, Dalmuir, Clydebank.

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.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

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:

Leasehold property	-	2% straight line
Property improvements	-	10% straight line
Plant & machinery	-	15% straight line
Motor vehicles	-	25% reducing balance
Computer equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 74 (2024: 78 ).

5. Tangible assets

	Leasehold Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 February 2024	101,616	110,741	475,150	23,637	711,144
Disposals	–	–	( 46,108)	–	( 46,108)
	---------	---------	---------	--------	---------
At 31 January 2025	101,616	110,741	429,042	23,637	665,036
	---------	---------	---------	--------	---------
Depreciation
At 1 February 2024	49,983	107,542	398,163	23,086	578,774
Charge for the year	1,224	639	18,961	421	21,245
Disposals	–	–	( 42,937)	–	( 42,937)
	---------	---------	---------	--------	---------
At 31 January 2025	51,207	108,181	374,187	23,507	557,082
	---------	---------	---------	--------	---------
Carrying amount
At 31 January 2025	50,409	2,560	54,855	130	107,954
	---------	---------	---------	--------	---------
At 31 January 2024	51,633	3,199	76,987	551	132,370
	---------	---------	---------	--------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	820,613	927,193
Other debtors	35,920	36,143
	---------	---------
	856,533	963,336
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	–	30,000
Trade creditors	147,678	202,936
Corporation tax	46,528	51,848
Social security and other taxes	48,627	62,967
Other creditors	102,141	168,538
	---------	---------
	344,974	516,289
	---------	---------

The company's overdraft with The Royal Bank of Scotland plc is secured by a standard security over the company's premises at 1 Auld Street, Dalmuir, Clydebank. The Royal Bank of Scotland also holds a bond and floating charge over the assets of the company for all sums due.

8. Directors' advances, credits and guarantees

The company was owed £4,901 from the directors as at the 31st January 2025. Interest has charged on this loan at 2.25%

9. Related party transactions

The company rents premises from Baxter & Gillespie Self Administered Pension Scheme, operated for the benefit of its members, Mr P Baxter , Mr D Gillespie and Mr P Doyle, the directors of the company. Rental payments made in the year amounted to £19,800 (2024: £19,800).

10. Controlling party

The company was not under the control of any one individual during the current or previous year.