Company registration number 01392941 (England and Wales)
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
COMPANY INFORMATION
- 1 -
Directors
Mr G J Coates
Mr J Eccles
Secretary
Mrs K Batter
Company number
01392941
Registered office
Unit 12 Kingfisher Park
Collingwood Road
West Moors
Dorset
BH21 6US
Accountants
Azets
37 Commercial Road
Poole
Dorset
BH14 0HU
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,662
27,823
Tangible assets
4
194,990
200,250
211,652
228,073
Current assets
Stocks
32,643
37,426
Debtors
5
691,180
508,824
Cash at bank and in hand
369,107
501,713
1,092,930
1,047,963
Creditors: amounts falling due within one year
6
(309,717)
(356,050)
Net current assets
783,213
691,913
Total assets less current liabilities
994,865
919,986
Creditors: amounts falling due after more than one year
7
(2,866)
(13,029)
Provisions for liabilities
(21,245)
(29,516)
Net assets
970,754
877,441
Capital and reserves
Called up share capital
8
5,213
5,519
Revaluation reserve
148,348
150,457
Capital redemption reserve
919
613
Profit and loss reserves
816,274
720,852
Total equity
970,754
877,441
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2025
31 May 2025
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 6 February 2026 and are signed on its behalf by:
Mr G J Coates
Director
Company Registration No. 01392941
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 4 -
1
Accounting policies
Company information

Gary Duncan Limited (Formerly known as Gary Duncan Merchanting Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12 Kingfisher Park, Collingwood Road, West Moors, Dorset, BH21 6US.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
5 years straight line

Amortisation 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:

The company is currently developing software for future use. It will therefore start amortising the software when it is fully constructed.

GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.4
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.

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:

Freehold land and buildings
2% straight line
Fixtures and fittings
15% reducing balance
Computers
5 years straight line
Bikes
4 years straight line

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

1.6
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.

GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

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 company 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 company after deducting all of its liabilities.

GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 7 -
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. A m ounts 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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

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

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 company’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 when the company has 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.

GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 8 -
1.11
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.

1.12
Retirement benefits

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

1.13
Leases

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 s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2025
2024
Number
Number
Total
13
16
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 June 2024 and 31 May 2025
3,500
55,805
59,305
Amortisation and impairment
At 1 June 2024
3,500
27,982
31,482
Amortisation charged for the year
-
0
11,161
11,161
At 31 May 2025
3,500
39,143
42,643
Carrying amount
At 31 May 2025
-
0
16,662
16,662
At 31 May 2024
-
0
27,823
27,823
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Bikes
Total
£
£
£
£
£
Cost or valuation
At 1 June 2024
195,000
13,227
34,253
817
243,297
Additions
-
0
2,154
945
-
0
3,099
Disposals
-
0
(626)
(10,090)
-
0
(10,716)
At 31 May 2025
195,000
14,755
25,108
817
235,680
Depreciation and impairment
At 1 June 2024
7,800
10,497
23,933
817
43,047
Depreciation charged in the year
3,900
598
3,603
-
0
8,101
Eliminated in respect of disposals
-
0
(454)
(10,004)
-
0
(10,458)
At 31 May 2025
11,700
10,641
17,532
817
40,690
Carrying amount
At 31 May 2025
183,300
4,114
7,576
-
0
194,990
At 31 May 2024
187,200
2,730
10,320
-
0
200,250

In 2022 the freehold land and buildings were revalued by Goadsby and Harding Limited (an independent valuer not connected with the company) on the basis of market value at an amount of £195,000. The directors have considered the value of the property and are satisfied that this reflects a true and fair view.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
4
Tangible fixed assets
(Continued)
- 10 -
2025
2024
£
£
Cost
91,262
91,262
Accumulated depreciation
(51,349)
(47,259)
Carrying value
39,913
44,003
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
467,724
504,113
Other debtors
48,000
128
Prepayments and accrued income
7,456
4,583
523,180
508,824
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
168,000
-
0
Total debtors
691,180
508,824
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,467
10,304
Trade creditors
136,733
170,922
Taxation and social security
133,525
113,948
Other creditors
28,992
60,876
309,717
356,050
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,866
13,029
GARY DUNCAN LIMITED (FORMERLY KNOWN AS GARY DUNCAN MERCHANTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
7
Creditors: amounts falling due after more than one year
(Continued)
- 11 -

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,213
5,519
5,213
5,519

During the year the company repurchased 306 £1 Ordinary shares for a total consideration of £24,355. These shares were subsequently cancelled.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
53,226
50,321
10
Related party transactions

During the year, a total of £240,000 (2024: £nil) was advanced to and a total of £24,000 (2024: £nil) was credited by a company with directors in common in respect of their intercompany account. At the balance sheet date the amount due from the connected company was £216,000 (2024: £nil).

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