REGISTERED NUMBER: SC543716 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2025

for

John Galvin Design Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

J F Galvin

D B Wilson

REGISTERED OFFICE:

12 South Elgin Place

Clydebank

Dunbartonshire

G81 1XP

REGISTERED NUMBER:

SC543716 (Scotland)

ACCOUNTANTS:

Sharles Ltd

Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

770,307

795,002

CURRENT ASSETS

Stocks

709,121

1,277,123

Debtors

6

2,105,232

586,380

Cash at bank and in hand

3,657,402

1,341,383

6,471,755

3,204,886

CREDITORS

Amounts falling due within one year

7

1,461,279

1,041,927

NET CURRENT ASSETS

5,010,476

2,162,959

TOTAL ASSETS LESS CURRENT LIABILITIES

5,780,783

2,957,961

CREDITORS

Amounts falling due after more than one year

8

(212,411

)

(320,181

)

PROVISIONS FOR LIABILITIES

(189,026

)

(195,135

)

NET ASSETS

5,379,346

2,442,645

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

5,379,344

2,442,643

SHAREHOLDERS' FUNDS

5,379,346

2,442,645

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 4 June 2026 and were signed on its behalf by:

J F Galvin - Director

1.	STATUTORY INFORMATION

John Galvin Design Ltd 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.

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

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from manufacture of wood products supplied by the company.

Turnover is measured at the fair value of wood products supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

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.

Plant and machinery etc

-

20% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment loss.

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

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Government grants

Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Work in progress

Stocks, being work in progress, are stated at the lower of cost and net realisable value. Costs comprise direct material and labour costs, plus attributable overheads based on a normal level of activity. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

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.

Research and development

Expenditure on research activities is recognised in profit or loss as incurred.

Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.

Hire purchase and leasing commitments

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

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2024 - 25 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2024

1,015,843

Additions

185,701

At 31 August 2025

1,201,544

DEPRECIATION

At 1 September 2024

220,841

Charge for year

210,396

At 31 August 2025

431,237

NET BOOK VALUE

At 31 August 2025

770,307

At 31 August 2024

795,002

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

Plant and

machinery

etc

£

COST

At 1 September 2024

and 31 August 2025

290,477

DEPRECIATION

At 1 September 2024

49,979

Charge for year

58,096

At 31 August 2025

108,075

NET BOOK VALUE

At 31 August 2025

182,402

At 31 August 2024

240,498

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,802,189

463,760

Other debtors

303,043

122,620

2,105,232

586,380

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,484

9,363

Hire purchase contracts

37,941

37,941

Trade creditors

344,342

280,388

Taxation and social security

652,738

302,289

Other creditors

415,774

411,946

1,461,279

1,041,927

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

883

12,229

Hire purchase contracts

84,101

122,042

Other creditors

127,427

185,910

212,411

320,181

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

11,367

21,592

Hire purchase contracts

122,042

159,983

133,409

181,575

The bank loan is supported by a 100% guarantee from the UK Government.

Hire purchase contracts and finance leases are secured over the assets concerned.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company operates a loan account with the directors, J Galvin and D Wilson.

During the year, the directors advanced £32,551 to the company. At the year end, the balance due to the directors was £323,606 (2024 - £291,055). This loan is unsecured, interest free and has no fixed repayment

11.	RELATED PARTY DISCLOSURES

John Galvin Design

Sole trader business of J Galvin

There was no movement during the year. At the year end, the balance due from John Galvin Design was £27,989 (2024 - £27,989).

Faolchu

Partnership business of J Galvin and D Wilson

There was no movement during the year. At the year end, the balance due to Faolchu was £30,841 (2024 - £30,841).

Faolchu Ltd

A company in which J Galvin and D Wilson are directors and shareholders.

The company advanced £31,261 to Faolchu Ltd. At the year end, the balance from Faolchu Ltd was £6,795 (2024 - the balance due to Faolchu Ltd was £24,466).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Galvin Design Ltd for the year ended 31 August 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of John Galvin Design Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of John Galvin Design Ltd and state those matters that we have agreed to state to the Board of Directors of John Galvin Design Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that John Galvin Design Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John Galvin Design Ltd. You consider that John Galvin Design Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of John Galvin Design Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles Ltd

Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

4 June 2026