J. Gilmour & Co. Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC268649 (Scotland)

J. Gilmour & Co. Limited

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs T F Gilmour

Mr D Gilmour

SECRETARY:

Mrs T F Gilmour

REGISTERED OFFICE:

The Industrial Building Penston

Macmerry

Tranent

East Lothian

EH33 2AJ

REGISTERED NUMBER:

SC268649 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

HSBC

76 Hanover Street

Edinburgh

EH2 1EL

FIXED ASSETS

Intangible assets

4

7,729

9,337

Tangible assets

5

1,533,282

1,569,863

1,541,011

1,579,200

CURRENT ASSETS

Stocks

719,822

698,918

Debtors

6

3,292,033

2,938,981

Cash at bank and in hand

187,160

13,222

4,199,015

3,651,121

CREDITORS

Amounts falling due within one year

7

2,512,753

2,496,290

NET CURRENT ASSETS

1,686,262

1,154,831

TOTAL ASSETS LESS CURRENT LIABILITIES

3,227,273

2,734,031

CREDITORS

Amounts falling due after more than one
year

8

(447,169

)

(685,132

)

PROVISIONS FOR LIABILITIES

(180,891

)

(97,099

)

NET ASSETS

2,599,213

1,951,800

CAPITAL AND RESERVES

Called up share capital

1,135

Retained earnings

2,598,078

1,950,665

SHAREHOLDERS' FUNDS

2,599,213

1,951,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mr D Gilmour - Director

Mrs T F Gilmour - Director

1.	STATUTORY INFORMATION

J. Gilmour & Co. Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 the invoiced value of wholesale meat products supplied by the company, net of Value Added Tax and trade discount. Revenue is recognised at the point of sale of goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

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.

Website costs are being amortised evenly over their estimated useful life of ten years.

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

- NIL

Plant & machinery and office equipment

- 10% on cost

Fixtures and fittings

- 10% on cost

Computer equipment

- 13% reducing balance

Motor vehicles

- 16% on cost

Stocks

Inventories have been valued at the lower of cost and estimated selling price less costs to sell.

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 45 (2024 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

COST

At 1 April 2024

and 31 March 2025

754,400

39,605

794,005

AMORTISATION

At 1 April 2024

754,400

30,268

784,668

Charge for year

-

1,608

At 31 March 2025

754,400

31,876

786,276

NET BOOK VALUE

At 31 March 2025

-

7,729

At 31 March 2024

-

9,337

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 April 2024

796,687

1,285,999

2,082,686

Additions

-

41,201

Disposals

-

(60,585

)

(60,585

)

At 31 March 2025

796,687

1,266,615

2,063,302

DEPRECIATION

At 1 April 2024

-

512,823

Charge for year

-

71,151

Eliminated on disposal

-

(53,954

)

(53,954

)

At 31 March 2025

-

530,020

NET BOOK VALUE

At 31 March 2025

796,687

736,595

1,533,282

At 31 March 2024

796,687

773,176

1,569,863

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

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

395,759

DEPRECIATION

At 1 April 2024

11,726

Charge for year

11,725

At 31 March 2025

23,451

NET BOOK VALUE

At 31 March 2025

372,308

At 31 March 2024

384,033

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

1,267,034

1,187,940

Other debtors

2,024,999

1,751,041

3,292,033

2,938,981

Included in other debtors at 31 March 2025 is £114,010 (2024: £110,862), being amounts due on loans advanced to members of the directors' family less repayments made to date. Interest has been charged at 3% per annum and S455 deposits have been provided on the amounts.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

966,456

1,096,528

Hire purchase contracts (see note 9)

89,000

Trade creditors

1,057,915

1,192,870

Taxation and social security

165,488

44,321

Other creditors

233,894

73,571

2,512,753

2,496,290

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans

288,698

439,115

Hire purchase contracts (see note 9)

158,471

246,017

447,169

685,132

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

Net obligations repayable:

Within one year

89,000

Between one and five years

158,471

246,017

247,471

335,017

Non-cancellable

operating leases

2025

2024

£

Within one year

22,789

100,415

Between one and five years

-

26,713

22,789

127,128

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank overdrafts

826,456

848,528

Bank loans

428,698

687,115

1,255,154

1,535,643

The bank borrowings are secured by a standard security, a bond and floating charge, and a security over the book debts. During the year the securities were updated to reflect the change in the company's bankers.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

Mrs T F Gilmour

Balance outstanding at start of year

291,453

159,145

Amounts advanced

243,830

160,120

Amounts repaid

(539,502

)

(27,812

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

(4,219

)

291,453

Mr S C Gilmour

Balance outstanding at start of year

143,410

51,310

Amounts advanced

90,026

157,465

Amounts repaid

-

(65,365

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

233,436

143,410

Mr D Gilmour

Balance outstanding at start of year

-

Amounts advanced

58,397

-

Amounts repaid

(43,611

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

14,786

-

The balance due to Mrs T F Gilmour is unsecured and repayable on demand. Interest has been charged at 2.25% pa.

The balance due from Mr S C Gilmour is unsecured and repayable on demand. A S455 deposit has been provided for. Interest has been charged at 2.25% pa.

The balance due from Mr D Gilmour is unsecured and repayable on demand. A S455 deposit has been provided for. Interest has been charged at 2.25% pa.