Gordon Duncan Limited

	Page
Company Information	1
Balance Sheet	2—3
Statement of Changes in Equity	4
Notes to the Financial Statements	5—7

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Balance Sheet

As At 31 May 2024

Balance Sheet

Registered number: SC358940

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		154,348		79,294

			154,348		79,294
CURRENT ASSETS
Debtors	5	104,359		45,437
Cash at bank and in hand		3,886		9,370

		108,245		54,807
Creditors: Amounts Falling Due Within One Year	6	(101,099 )		(78,164 )

NET CURRENT ASSETS (LIABILITIES)			7,146		(23,357 )

TOTAL ASSETS LESS CURRENT LIABILITIES			161,494		55,937

Creditors: Amounts Falling Due After More Than One Year	7		(97,749 )		(55,911 )

NET ASSETS			63,745		26

CAPITAL AND RESERVES
Called up share capital			5		5
Profit and Loss Account			63,740		21

SHAREHOLDERS' FUNDS			63,745		26

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Gordon Duncan Limited

Balance Sheet (continued)

As At 31 May 2024

For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr G Duncan

Director

26 September 2025

The notes on pages 5 to 7 form part of these financial statements.

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Gordon Duncan Limited

Statement of Changes in Equity

For The Year Ended 31 May 2024

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 June 2022	5	(9,429 )	(9,424)
Profit for the year and total comprehensive income	-	49,850	49,850

Dividends paid	-	(40,400)	(40,400)

As at 31 May 2023 and 1 June 2023	5	21	26


Profit for the year and total comprehensive income	-	104,119	104,119

Dividends paid	-	(40,400)	(40,400)

As at 31 May 2024	5	63,740	63,745

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Gordon Duncan Limited

Notes to the Financial Statements

For The Year Ended 31 May 2024

Notes to the Financial Statements

1. General Information

Gordon Duncan Limited is a private company, limited by shares, incorporated in Scotland, registered number SC358940 . The registered office is Spey Valley House, Spey Valley Drive, Aberlour, AB38 9NU.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% on reducing balance
Motor Vehicles	25% on reducing balance
Computer Equipment	15% on reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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Gordon Duncan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2024

2.5. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2023: 5)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 June 2023	7,787	193,645	4,000	205,432
Additions	1,849	100,392	-	102,241

As at 31 May 2024	9,636	294,037	4,000	307,673

Depreciation
As at 1 June 2023	5,996	118,201	1,941	126,138
Provided during the period	430	26,448	309	27,187

As at 31 May 2024	6,426	144,649	2,250	153,325

Net Book Value
As at 31 May 2024	3,210	149,388	1,750	154,348

As at 1 June 2023	1,791	75,444	2,059	79,294

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Gordon Duncan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2024

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	91,139	31,369
Other debtors	13,220	12,607
Directors' loan accounts	-	1,461

	104,359	45,437

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	30,159	19,547
Trade creditors	13,307	5,536
Bank loans and overdrafts	10,021	10,000
Corporation tax	29,890	19,481
Other taxes and social security	5,897	6,033
VAT	6,694	15,677
Other creditors	1,917	340
Accruals and deferred income	1,550	1,550
Directors' loan accounts	1,664	-

	101,099	78,164

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	86,057	33,341
Bank loans	11,692	22,570

	97,749	55,911

8. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	30,159	19,547
Later than one year and not later than five years	86,057	33,341

	116,216	52,888

	116,216	52,888

9. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 June 2023	Amounts advanced	Amounts repaid	Amounts written off	As at 31 May 2024
	£	£	£	£	£
Mr Gordon Duncan	1,461	51,524	(54,650 )	-	(1,665 )

The above loan is interest free and has no fixed repayment terms.

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Directors	Mr G Duncan
	Mrs J Duncan

Company Number	SC358940

Registered Office	Spey Valley House
	Spey Valley Drive
	Aberlour
	AB38 9NU

Accountants	Nuvo Scotland Limited
	Bankhead Drive
	City South Office Park
	Portlethen
	Aberdeen
	AB12 4XX