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Registered number: 01296246 GRANT MACDONALD (SILVERSMITHS) LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
GRANT MACDONALD (SILVERSMITHS) LIMITED REGISTERED NUMBER: 01296246 STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets |  |  | 5,523,661 |  | 5,478,492
Current assets |  |  |  |  |
Stocks |  | 1,500,359 |  | 514,446 |
Debtors: amounts falling due within one year | 5 | 616,782 |  | 494,812 |
Cash at bank and in hand |  | 846,976 |  | 1,149,713 |
|  | 2,964,117 |  | 2,158,971 |
Creditors: amounts falling due within one year | 6 | (1,823,814) |  | (1,150,243) |
Net current assets |  |  | 1,140,303 |  | 1,008,728
Total assets less current liabilities |  |  | 6,663,964 |  | 6,487,220
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (857,639) |  | (844,954) |
|  |  | (857,639) |  | (844,954)
Net assets |  |  | 5,806,325 |  | 5,642,266
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 4,500 |  | 4,500
Capital redemption reserve |  |  | 500 |  | 500
Profit and loss account |  |  | 5,801,325 |  | 5,637,266
|  |  | 5,806,325 |  | 5,642,266
Page 1
GRANT MACDONALD (SILVERSMITHS) LIMITED REGISTERED NUMBER: 01296246 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 NOVEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G G Macdonald BA
Director
Date: 20 August 2026
Page 2
GRANT MACDONALD (SILVERSMITHS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | General information
Grant Macdonald (Silversmiths) Limited is a limited liability company limited by share capital. It is registered and domiciled in England and Wales, registered number 01296246. The company's functional and presentational currency is GBP. Its registered office and principal place of business is 64 Great Suffolk Street, London, SE1 0BL. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
GRANT MACDONALD (SILVERSMITHS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Long-term leasehold property | - | 2% straight line
|  |  |  | Plant and machinery | - | 10% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures and fittings | - | 10% straight line
|  |  |  | Office equipment | - | 10% straight line
|  |  |  | Computer equipment | - | 25% straight line
|  |  |  | Leasehold improvements | - | 2% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Page 4
GRANT MACDONALD (SILVERSMITHS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.12 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.13 | Leased assets
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.14 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 5
GRANT MACDONALD (SILVERSMITHS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 20 (2024 - 17).
Page 6
GRANT MACDONALD (SILVERSMITHS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
4. | Tangible fixed assets
|  | Long-term leasehold property | Other fixed assets | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 December 2024 | 5,287,927 | 1,145,287 | 6,433,214
| Additions | 92,291 | 12,800 | 105,091
| At 30 November 2025 | 5,380,218 | 1,158,087 | 6,538,305
| Depreciation |  |  |
| At 1 December 2024 | 61,302 | 893,421 | 954,723
| Charge for the year on owned assets | 10,661 | 49,261 | 59,922
| At 30 November 2025 | 71,963 | 942,682 | 1,014,645
| Net book value |  |  |
| At 30 November 2025 | 5,308,255 | 215,405 | 5,523,660
| At 30 November 2024 | 5,226,626 | 251,866 | 5,478,492
Page 7
GRANT MACDONALD (SILVERSMITHS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 449,558 | 336,483
| Other debtors | 140,070 | 129,200
| Prepayments | 27,154 | 29,129
|  | 616,782 | 494,812
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 135,148 | 189,078
| Corporation tax | 61,123 | 264,738
| Other taxation and social security | 31,931 | 49,820
| Other creditors | 7,959 | 7,438
| Accruals and deferred income | 1,587,653 | 639,169
|  | 1,823,814 | 1,150,243
7. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (844,954)
| Charged to profit or loss | (12,685)
| At end of year | (857,639)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (159,382) | (146,697)
| Capital gains | (698,257) | (698,257)
|  | (857,639) | (844,954)
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