Company registration number SC502073 (Scotland)
T. & N. GILMARTIN TRADING LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
T. & N. GILMARTIN TRADING LTD.
COMPANY INFORMATION
Directors
Mr P J McElhinney
Mr P J Reilly
(Appointed 15 May 2024)
Secretary
Mrs D M McElhinney
Company number
SC502073
Registered office
Mont-View House
Hangmans Lane
Cupar
Fife
United Kingdom
KY15 4PG
Auditor
Azets Audit Services
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
T. & N. GILMARTIN TRADING LTD.
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
T. & N. GILMARTIN TRADING LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the business

The company is a holding company. The principal activity of the group is the provision of contracting services through its subsidiary company T & N Gilmartin (Contractors) Limited.

The subsidiary turnover has decreased by 10.16% when compared to the previous year. This decrease in turnover is mainly attributable to decreases within the maintenance, lighting and road surfacing divisions.The gross profit margin has increased by 7.83%. The company has continued to trade profitably.

The directors are pleased with the results generated in the year. In order to ensure sustained profitability, the company has continued its focus on controlling and reducing costs where possible.

Financial risk management objectives and policies

The group's principal financial instruments comprise directors loans and bank deposits. The main purpose of these financial instruments is to raise finance for the group's operations. The group has various other financial instruments such as trade debtors and trade creditors, which arise directly from operations. The main risks arising from the group's financial instruments relate to credit. The board reviews and agrees policies for managing these risks which are summarised below.

Credit risk

The group trades with only recognised, creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis with the result that the group's exposure to bad debts is not significant.

Principal risks and uncertainties

The group has exposure to a number of risks and uncertainties including government regulation and the tender process for contracts. The group monitors developments in these areas on an ongoing basis to ensure that the effects of any changes can be mitigated.

By order of the board

Mrs D M McElhinney
Secretary
21 January 2026
T. & N. GILMARTIN TRADING LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company and group continued to be that of landscaping, civil engineering, grounds maintenance, street lighting and surfacing.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs D M McElhinney
(Resigned 15 May 2024)
Mr P J McElhinney
Mr P J Reilly
(Appointed 15 May 2024)
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

T. & N. GILMARTIN TRADING LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
By order of the board
Mrs D M McElhinney
Mr P J McElhinney
Secretary
Director
21 January 2026
T. & N. GILMARTIN TRADING LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T. & N. GILMARTIN TRADING LTD.
- 4 -
Opinion

We have audited the financial statements of T & N Gilmartin Trading Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

T. & N. GILMARTIN TRADING LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T. & N. GILMARTIN TRADING LTD.
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

T. & N. GILMARTIN TRADING LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T. & N. GILMARTIN TRADING LTD.
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

T. & N. GILMARTIN TRADING LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T. & N. GILMARTIN TRADING LTD.
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally Cheeney (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
22 January 2026
Chartered Accountants
Statutory Auditor
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
T. & N. GILMARTIN TRADING LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
8,222,225
9,151,707
Cost of sales
(6,140,083)
(7,551,412)
Gross profit
2,082,142
1,600,295
Administrative expenses
(596,586)
(488,904)
Other operating income
9,828
9,269
Operating profit
3
1,495,384
1,120,660
Interest receivable and similar income
7
34,587
90,656
Interest payable and similar expenses
6
(8,117)
(3,523)
Profit before taxation
1,521,854
1,207,793
Tax on profit
8
(388,090)
(306,225)
Profit for the financial year
21
1,133,764
901,568
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
T. & N. GILMARTIN TRADING LTD.
GROUP BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
10
1,708,339
1,773,794
Investments
11
8,175
8,175
1,716,514
1,781,969
Current assets
Stocks
13
235,270
118,296
Debtors
14
982,579
1,261,637
Cash at bank and in hand
2,195,885
5,113,565
3,413,734
6,493,498
Creditors: amounts falling due within one year
15
(1,387,546)
(1,177,777)
Net current assets
2,026,188
5,315,721
Total assets less current liabilities
3,742,702
7,097,690
Creditors: amounts falling due after more than one year
16
(37,024)
(89,496)
Provisions for liabilities
Deferred tax liability
18
236,503
250,839
(236,503)
(250,839)
Net assets
3,469,175
6,757,355
Capital and reserves
Called up share capital
20
454
454
Capital redemption reserve
350
350
Profit and loss reserves
21
3,468,371
6,756,551
Total equity
3,469,175
6,757,355
The financial statements were approved by the board of directors and authorised for issue on 21 January 2026 and are signed on its behalf by:
21 January 2026
Mr P J McElhinney
Director
Company registration number SC502073 (Scotland)
T. & N. GILMARTIN TRADING LTD.
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
904
904
Total assets less current liabilities
904
904
Capital and reserves
Called up share capital
20
454
454
Capital redemption reserve
450
450
Total equity
904
904

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £4,421,944 (2024 - £220,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 January 2026 and are signed on its behalf by:
21 January 2026
Mr P J McElhinney
Director
Company registration number SC502073 (Scotland)
T. & N. GILMARTIN TRADING LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
454
350
6,074,983
6,075,787
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
901,568
901,568
Dividends
9
-
-
(220,000)
(220,000)
Balance at 30 April 2024
454
350
6,756,551
6,757,355
Year ended 30 April 2025:
Profit and total comprehensive income
-
-
1,133,764
1,133,764
Transfers
-
-
(4,421,944)
(4,421,944)
Balance at 30 April 2025
454
350
3,468,371
3,469,175
T. & N. GILMARTIN TRADING LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
454
450
-
0
904
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
220,000
220,000
Dividends
9
-
-
(220,000)
(220,000)
Balance at 30 April 2024
454
450
-
0
904
Year ended 30 April 2025:
Profit and total comprehensive income
-
-
4,421,944
4,421,944
Transfers
-
-
(4,421,944)
(4,421,944)
Balance at 30 April 2025
454
450
-
0
904
T. & N. GILMARTIN TRADING LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,992,359
1,582,810
Interest paid
(8,117)
(3,523)
Income taxes paid
(250,616)
(215,888)
Net cash inflow from operating activities
1,733,626
1,363,399
Investing activities
Purchase of tangible fixed assets
(263,307)
(398,717)
Proceeds on disposal of tangible fixed assets
48,155
39,219
Repayment of directors loans
-
3,322
Interest received
34,497
90,566
Dividends received
90
90
Net cash used in investing activities
(180,565)
(265,520)
Financing activities
Payment of finance leases obligations
(48,797)
(15,448)
Dividends paid to equity shareholders
-
(220,000)
Transfers from reserves
(4,421,944)
Net cash used in financing activities
(4,470,741)
(235,448)
Net (decrease)/increase in cash and cash equivalents
(2,917,680)
862,431
Cash and cash equivalents at beginning of year
5,113,565
4,251,134
Cash and cash equivalents at end of year
2,195,885
5,113,565
T. & N. GILMARTIN TRADING LTD.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
4,421,944
220,000
Financing activities
Dividends paid to equity shareholders
-
(220,000)
Transfer from reserves
(4,421,944)
Net cash used in financing activities
(4,421,944)
(220,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 15 -
1
Accounting policies
Company information

T & N Gilmartin Trading Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Mont-View House, Hangmans Lane, Cupar, Fife, United Kingdom, KY15 4PG.

The group consists of T & N Gilmartin Trading Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company T & N Gilmartin Trading Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
1% on cost
Plant and equipment
20% on reducing balance
Office equipment
20% on cost and 20% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

No depreciation is charged on land.

1.6
Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

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

T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction contract revenue
8,222,225
9,151,707
2025
2024
£
£
Other revenue
Interest income
34,497
90,566
Dividends received
90
90
3
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
272,885
274,577
Depreciation of tangible fixed assets held under finance leases
31,792
42,389
Profit on disposal of tangible fixed assets
(24,070)
(5,852)
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
4
2
-
-
Administration
2
2
-
-
Direct labour
79
90
-
-
Total
85
94
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,980,580
3,030,192
-
0
-
0
Social security costs
303,725
294,382
-
-
Pension costs
120,477
130,643
-
0
-
0
3,404,782
3,455,217
-
0
-
0
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
258,439
96,701
Company pension contributions to defined contribution schemes
52,678
40,000
311,117
136,701
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
84,783
50,000
Company pension contributions to defined contribution schemes
3,878
1,090

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 2).

6
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
8,117
3,523
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
34,497
89,735
Other interest income
-
831
Total interest revenue
34,497
90,566
Other income from investments
Dividends received
90
90
Total income
34,587
90,656
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
402,426
250,616
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
8
Taxation
2025
2024
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(14,336)
55,609
Total tax charge
388,090
306,225

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,521,854
1,207,793
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
380,464
301,948
Tax effect of expenses that are not deductible in determining taxable profit
6,461
3,406
Dividend income
(22)
(22)
(Profit)/Loss on disposal of fixed assets
(6,018)
(1,463)
Timing differences
(14,336)
55,609
Capital allowances in excess of depreciation
-
0
(53,253)
21,541
-
Taxation charge
388,090
306,225
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
-
220,000
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
10
Tangible fixed assets
Group
Land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2024
734,514
3,459,682
130,633
739,440
5,064,269
Additions
-
0
89,724
4,724
168,859
263,307
Disposals
-
0
(170,623)
-
0
(15,469)
(186,092)
At 30 April 2025
734,514
3,378,783
135,357
892,830
5,141,484
Depreciation and impairment
At 1 May 2024
72,510
2,741,474
115,691
360,800
3,290,475
Depreciation charged in the year
7,251
157,183
3,885
136,358
304,677
Eliminated in respect of disposals
-
0
(148,603)
-
0
(13,404)
(162,007)
At 30 April 2025
79,761
2,750,054
119,576
483,754
3,433,145
Carrying amount
At 30 April 2025
654,753
628,729
15,781
409,076
1,708,339
At 30 April 2024
662,004
718,208
14,942
378,640
1,773,794
The company had no tangible fixed assets at 30 April 2025 or 30 April 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
95,375
127,166
-
0
-
0
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
904
904
Listed investments
8,175
8,175
-
0
-
0
8,175
8,175
904
904
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
11
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2024 and 30 April 2025
8,175
Carrying amount
At 30 April 2025
8,175
At 30 April 2024
8,175
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2024 and 30 April 2025
904
Carrying amount
At 30 April 2025
904
At 30 April 2024
904
12
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
T & N Gilmartin (Contractors) Limited
Scotland
Contractors
Ordinary
100
The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
T & N Gilmartin (Contractors) Limited
1,133,764
3,469,175
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
11,654
32,226
-
-
Work in progress
223,616
86,070
-
-
235,270
118,296
-
-
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
902,283
1,176,318
-
0
-
0
Other debtors
53,714
58,248
-
0
-
0
Prepayments and accrued income
26,582
27,071
-
0
-
0
982,579
1,261,637
-
-
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
52,472
48,797
-
0
-
0
Trade creditors
259,098
265,633
-
0
-
0
Corporation tax payable
402,426
250,616
-
0
-
0
Other taxation and social security
414,892
399,357
-
-
Other creditors
5,851
4,416
-
0
-
0
Accruals and deferred income
252,807
208,958
-
0
-
0
1,387,546
1,177,777
-
0
-
0
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
37,024
89,496
-
0
-
0
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
17
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
52,472
48,797
-
0
-
0
In two to five years
37,024
89,496
-
0
-
0
89,496
138,293
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease team is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
236,503
250,839
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 May 2024
250,839
-
Credit to profit or loss
(14,336)
-
Liability at 30 April 2025
236,503
-
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,477
130,643

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 27 -
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
450
450
450
450
B Ordinary of £1 each
2
2
2
2
C Ordinary of £1 each
2
2
2
2
454
454
454
454
21
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
6,756,551
6,074,983
-
-
Profit for the year
1,133,764
901,568
4,421,944
220,000
Dividends
-
(220,000)
-
(220,000)
Transfer from reserves
(4,421,944)
-
(4,421,944)
-
At the end of the year
3,468,371
6,756,551
-
0
-
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
343,086
150,987
23
Directors' transactions

Dividends totalling £0 (2024 - £220,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors' Loan Account
2.25
(4,038)
(131)
(4,169)
(4,038)
(131)
(4,169)
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 28 -
24
Controlling party

Until 15 May 2024 T & N Gilmartin Trading Limited has been controlled by the McElhinney family.

From 15 May 2024 the ultimate controlling party is T & N Gilmartin (Contractors) Eot Trustee Limited (SC810469), a Private Limited Company with a registered office at Mont-View House, Hangmans Lane, Cupar, Fife, KY15 4PG.

25
Employee Ownership Trust

During the 2025 financial year the ownership of T. & N. Gilmartin Trading Limited changed to T & N Gilmartin (Contractors) EOT Trustee Limited. As shown in the Statement of Changes in Equity a transfer of £4,421,944 from the company Profit and Loss reserves was required to facilitate the change in ownership. The policy of retaining substantial reserves in the company has allowed the board to undertake the transaction without any detrimental impact on the operations and working capital requirement.

26
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,133,764
901,568
Adjustments for:
Taxation charged
388,090
306,225
Finance costs
8,117
3,523
Investment income
(34,587)
(90,656)
Gain on disposal of tangible fixed assets
(24,070)
(5,852)
Depreciation and impairment of tangible fixed assets
304,677
316,966
Movements in working capital:
(Increase)/decrease in stocks
(116,974)
322,115
Decrease/(increase) in debtors
279,058
(115,746)
Increase/(decrease) in creditors
54,284
(55,333)
Cash generated from operations
1,992,359
1,582,810
27
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
4,421,944
220,000
Cash generated from operations
4,421,944
220,000
T. & N. GILMARTIN TRADING LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 29 -
28
Analysis of changes in net funds - group
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
5,113,565
(2,917,680)
2,195,885
Obligations under finance leases
(138,293)
48,797
(89,496)
4,975,272
(2,868,883)
2,106,389
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