REGISTERED NUMBER: SC404800 (Scotland)

Gilbert McClung (Kelso) Limited

Unaudited Financial Statements

for the Year Ended 31st August 2025

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Director:

T F McClung

Registered office:

The Cranagh

Ancrum

Jedburgh

Roxburghshire

TD8 6XA

Registered number:

SC404800 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

346,973

348,923

Current assets

Debtors

5

1,331,245

1,303,681

Investments

6

130,605

125,052

Cash at bank

283,990

361,374

1,745,840

1,790,107

Creditors

Amounts falling due within one year

7

14,171

24,215

Net current assets

1,731,669

1,765,892

Total assets less current liabilities

2,078,642

2,114,815

Provisions for liabilities

2,498

-

Net assets

2,076,144

2,114,815

Capital and reserves

Called up share capital

406

406

Share premium

1,608,148

1,608,148

Capital redemption reserve

294

294

Retained earnings

467,296

505,967

Shareholders' funds

2,076,144

2,114,815

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

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

The director acknowledges his responsibilities for:

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

(b)

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

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th May 2026 and were signed by:

T F McClung - Director

1.	Statutory information

Gilbert McClung (Kelso) 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Office equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Despite being in contravention of FRS102 (Section 1A), the director considers that the property is maintained in such a state of repair that its residual value is at least equal to its net book value and as a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account under the true and fair override rules.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade creditors, accruals, receivable loans and directors' loans.

Directors' loans (being repayable on demand), trade creditors, accruals and receivable loans are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern

The director has considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements.

Current asset investments

At the end of the reporting period the current asset investments are measured at fair value with changes being recorded through the profit and loss account.

3.	Employees and directors

The average number of employees during the year was 1 (2024 - 1 ) .

4.	Tangible fixed assets

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Cost

At 1st September 2024

and 31st August 2025

339,210

3,377

2,099

Depreciation

At 1st September 2024

-

3,377

1,960

Charge for year

-

-

35

At 31st August 2025

-

3,377

1,995

Net book value

At 31st August 2025

339,210

-

104

At 31st August 2024

339,210

-

139

Motor

Office

vehicles

equipment

Totals

£

£

£

Cost

At 1st September 2024

and 31st August 2025

18,699

520

363,905

Depreciation

At 1st September 2024

9,125

520

14,982

Charge for year

1,915

-

1,950

At 31st August 2025

11,040

520

16,932

Net book value

At 31st August 2025

7,659

-

346,973

At 31st August 2024

9,574

-

348,923

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Other debtors

1,331,245

1,303,681

6.	Current asset investments

2025

2024

£

£

Listed investments

130,605

125,052

7.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

272

1,541

Taxation and social security

7,989

18,914

Other creditors

5,910

3,760

14,171

24,215

8.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31st August 2025 and 31st August 2024:

2025

2024

£

£

T F McClung

Balance outstanding at start of year

969,877

924,561

Amounts advanced

83,445

105,162

Amounts repaid

(60,059

)

(59,846

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

993,263

969,877

This loan is unsecured, repayable on demand and interest has been charged at the official rates published by HMRC.