REGISTERED NUMBER: SC466081 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

IAN GILMOUR TRANSPORT LTD

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

102,696

134,234

CURRENT ASSETS

Debtors

82,697

60,671

Cash at bank

40

40

82,737

60,711

CREDITORS

Amounts falling due within one year

129,819

108,231

NET CURRENT LIABILITIES

(47,082

)

(47,520

)

TOTAL ASSETS LESS CURRENT LIABILITIES

55,614

86,714

CREDITORS

Amounts falling due after more than one year

(29,952

)

(50,076

)

PROVISIONS FOR LIABILITIES

(24,555

)

(30,431

)

NET ASSETS

1,107

6,207

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

1,104

6,204

SHAREHOLDERS' FUNDS

1,107

6,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2025 and were signed by:

S Gilmour - Director

1.	STATUTORY INFORMATION

Ian Gilmour Transport Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number:

SC466081

Registered office:

22 Backbrae Street

Kilsyth

Glasgow

G65 0NH

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition

Turnover represents net invoiced sales of haulage services excluding VAT. Revenue is recognised when goods and services are provided to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

at varying rates on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Financial instruments

The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their

settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

and 31 December 2024

283,227

DEPRECIATION

At 1 January 2024

148,993

Charge for year

31,538

At 31 December 2024

180,531

NET BOOK VALUE

At 31 December 2024

102,696

At 31 December 2023

134,234

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2024

and 31 December 2024

103,350

DEPRECIATION

At 1 January 2024

37,080

Charge for year

18,192

At 31 December 2024

55,272

NET BOOK VALUE

At 31 December 2024

48,078

At 31 December 2023

66,270

5.	ULTIMATE CONTROLLING PARTY

The controlling party is S Gilmour.