Gordon Duncan Limited

	Page
Company Information	1
Balance Sheet	2—3
Statement of Changes in Equity	4
Notes to the Financial Statements	5—8

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Balance Sheet

As At 31 May 2025

Balance Sheet

Registered number: SC358940

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		143,248		154,348

			143,248		154,348
CURRENT ASSETS
Debtors	5	105,982		104,359
Cash at bank and in hand		3,226		3,886

		109,208		108,245
Creditors: Amounts Falling Due Within One Year	6	(122,952 )		(101,099 )

NET CURRENT ASSETS (LIABILITIES)			(13,744 )		7,146

TOTAL ASSETS LESS CURRENT LIABILITIES			129,504		161,494

Creditors: Amounts Falling Due After More Than One Year	7		(74,685 )		(97,749 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(35,812 )		-

NET ASSETS			19,007		63,745

CAPITAL AND RESERVES
Called up share capital			5		5
Profit and Loss Account			19,002		63,740

SHAREHOLDERS' FUNDS			19,007		63,745

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Gordon Duncan Limited

Balance Sheet (continued)

As At 31 May 2025

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 31 August 2026 and were signed on its behalf by:

Mr G Duncan

Director

The notes on pages 5 to 8 form part of these financial statements.

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Gordon Duncan Limited

Statement of Changes in Equity

For The Year Ended 31 May 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 June 2023	5	21	26
Profit for the year and total comprehensive income	-	104,119	104,119

Dividends paid	-	(40,400)	(40,400)

As at 31 May 2024 and 1 June 2024	5	63,740	63,745


Loss for the year and total comprehensive income	-	(10,238 )	(10,238)

Dividends paid	-	(34,500)	(34,500)

As at 31 May 2025	5	19,002	19,007

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Gordon Duncan Limited

Notes to the Financial Statements

For The Year Ended 31 May 2025

Notes to the Financial Statements

1. General Information

Gordon Duncan Limited is a private company, limited by shares, incorporated in Scotland, registered number SC358940 . The registered office is Spey Valley House, Spey Valley Drive, Aberlour, AB38 9NU.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Significant judgements and estimations

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.4. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount 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, if any. 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.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% on reducing balance
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	10% on cost
Computer Equipment	15% on reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

2.5. Leasing and Hire Purchase Contracts

Assets obtained under 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 the 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 outstanding 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 profit and loss account as incurred.

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Gordon Duncan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.6. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

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Gordon Duncan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 June 2024	9,636	294,037	-	4,000	307,673
Additions	1,324	22,593	8,291	-	32,208

As at 31 May 2025	10,960	316,630	8,291	4,000	339,881

Depreciation
As at 1 June 2024	6,426	144,649	-	2,250	153,325
Provided during the period	507	42,054	484	263	43,308

As at 31 May 2025	6,933	186,703	484	2,513	196,633

Net Book Value
As at 31 May 2025	4,027	129,927	7,807	1,487	143,248

As at 1 June 2024	3,210	149,388	-	1,750	154,348

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	112,736	126,466

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	36,711	91,139
Prepayments and accrued income	750	-
Other debtors	26,716	13,220
Directors' loan accounts	41,805	-

	105,982	104,359

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	31,959	30,159
Trade creditors	2,656	13,307
Bank loans and overdrafts	10,022	10,021
Corporation tax	37,127	29,890
Other taxes and social security	25,929	5,897
VAT	10,567	6,694
Other creditors	1,942	1,917
Accruals and deferred income	2,750	1,550
Directors' loan accounts	-	1,664

	122,952	101,099

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Gordon Duncan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	73,013	86,057
Bank loans	1,672	11,692

	74,685	97,749

8. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	31,959	30,159
Later than one year and not later than five years	73,013	86,057

	104,972	116,216

	104,972	116,216

9. Provisions for Liabilities


	Deferred Tax	Total
	£	£
Deferred taxation	35,812	35,812

Balance at 31 May 2025	35,812	35,812

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 June 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 May 2025
	£	£	£	£	£
Mr Gordon Duncan	(1,665 )	84,670	(41,200 )	-	41,805

The above loan is interest free and has no fixed repayment terms.

11. Ultimate Controlling Party

The company's ultimate controlling party is Mr G Duncan.

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Directors	Mr G Duncan
	Mrs J Duncan

Company Number	SC358940

Registered Office	Spey Valley House
	Spey Valley Drive
	Aberlour
	AB38 9NU

Accountants	Nuvo Scotland Limited
	Bankhead Drive
	City South Office Park
	Portlethen
	Aberdeen
	AB12 4XX