REGISTERED NUMBER:
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GILCHRIST STEELS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
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REGISTERED NUMBER:
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GILCHRIST STEELS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
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GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522) |
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BALANCE SHEET |
31 OCTOBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Fair value reserve |
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Retained earnings |
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GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522) |
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BALANCE SHEET - continued |
31 OCTOBER 2019 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. | STATUTORY INFORMATION |
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Gilchrist Steels Limited is a private company, limited by shares, registered in Scotland. The registered office is |
Riverbank Works, 28 Field Road, Busby, Glasgow, G76 8SE. |
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The financial statements are presented in Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial |
statements have been prepared under the historical cost convention. |
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Going concern |
The financial statements have been prepared on a going concern basis. The validity of this is dependent on the |
financial performance of the company following the restrictions and other conditions placed throughout the UK |
due to the Covid 19 pandemic, including the recoverability of trade debtors. After due consideration on the |
potential impact and future commitments, the directors consider it appropriate to prepare the financial statements |
on a going concern basis. |
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Judgements |
The company considers on an annual basis the judgements that are made by management when applying its |
significant accounting policies that would have the most significant effect on amounts that are recognised in the |
financial statements. The directors consider there are no such significant judgements. |
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Turnover |
Turnover comprises the invoiced cost of goods sold during the year, excluding value added tax and net of trade |
discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in connection |
with the goods have been passed to the buyer. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value like plant, property and equipment are |
reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of |
possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to |
sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying |
amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in |
profit and loss. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable and loans from other third parties. |
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Debt instruments like loans and other accounts receivable and payable are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method. Debt instruments |
that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially |
and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
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Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence |
of impairment and if found, an impairment loss is recognised in profit or loss. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid |
investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when |
applicable, are shown within borrowings in current liabilities. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax. 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. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
deferred tax assets are recognised only to the extent that the directors consider it to be more likely than not that |
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates which would apply |
when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the |
balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the |
transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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Hire purchase and leasing commitments |
Assets purchased under finance leases and hire purchase agreements are capitalised and disclosed under tangible |
fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest |
is charged to the profit and loss account over the relevant period. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a |
result of a past event, it is probable that the company will be required to settle the obligation and the amount of |
the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to |
settle the obligation at the reporting date. |
GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 November 2018 |
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Additions |
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Disposals |
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( |
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At 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
Additions |
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At 31 October 2019 |
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DEPRECIATION |
Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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GILCHRIST STEELS LIMITED (REGISTERED NUMBER: SC059522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 16,708 | - |
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Clydesdale Bank plc holds a standard security over the property and floating charge over all of the assets of the |
company in respect of borrowings against the parent company. |
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Hire purchase liabilities are secured over the assets to which they relate. |
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9. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Bute Blacksmiths Limited, incorporated in Scotland. The registered office is 88 |
High Street, Rothesay, Isle of Bute, PA20 9BB. |