G & T Whitehills Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC439497 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

G & T Whitehills Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

Mrs M M Maitland

Mr C Robb

REGISTERED OFFICE:

The Galley

Harbour Place

Whitehills

BANFF

AB45 2NQ

REGISTERED NUMBER:

SC439497 (Scotland)

ACCOUNTANTS:

Atholl Scott

16 Castle Street

BANFF

AB45 1DL

FIXED ASSETS

Tangible assets

4

14,081

16,589

Investment property

5

273,104

305,494

287,185

322,083

CURRENT ASSETS

Stocks

5,742

11,700

Debtors

6

8,383

8,959

Cash at bank and in hand

65,560

15,083

79,685

35,742

CREDITORS

Amounts falling due within one year

7

(108,060

)

(126,293

)

NET CURRENT LIABILITIES

(28,375

)

(90,551

)

TOTAL ASSETS LESS CURRENT LIABILITIES

258,810

231,532

CREDITORS

Amounts falling due after more than one year

8

(80,990

)

(43,602

)

PROVISIONS FOR LIABILITIES

11

(2,675

)

(3,152

)

NET ASSETS

175,145

184,778

CAPITAL AND RESERVES

Called up share capital

7,500

7,500

Capital redemption reserve

2,500

2,500

Fair value reserve

12

(34,320

)

-

Retained earnings

199,465

174,778

SHAREHOLDERS' FUNDS

175,145

184,778

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 27 August 2021 and were signed on its behalf by:

Mrs M M Maitland - Director

Mr C Robb - Director

1.	STATUTORY INFORMATION

G & T Whitehills 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.

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 as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 December 2020 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 January 2019.

Turnover

Turnover represents amounts receivable for goods sold during the year, exclusive of value added tax.

Tangible fixed assets

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

Equipment

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2019 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Computer

Equipment

equipment

Totals

£

£

£

COST

At 1 January 2020

35,407

3,595

39,002

Additions

216

-

216

At 31 December 2020

35,623

3,595

39,218

DEPRECIATION

At 1 January 2020

19,528

2,885

22,413

Charge for year

2,490

234

2,724

At 31 December 2020

22,018

3,119

25,137

NET BOOK VALUE

At 31 December 2020

13,605

476

14,081

At 31 December 2019

15,879

710

16,589

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

305,494

Additions

1,930

Revaluations

(34,320

)

At 31 December 2020

273,104

NET BOOK VALUE

At 31 December 2020

273,104

At 31 December 2019

305,494

Fair value at 31 December 2020 is represented by:

£

Valuation in 2020

(34,320

)

Cost

307,424

273,104

A valuation of the property given by the property agent in Spain who handles the letting of it, confirms a current market value of £273,104.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

4,059

-

Tax recoverable

-

3,758

Prepayments

4,324

5,201

8,383

8,959

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

17,088

5,556

Trade creditors

6,852

8,838

Tax

8,023

9,528

PAYE

528

809

VAT

342

11,709

Directors' loan accounts

67,770

82,643

Prepaid income

1,957

1,375

Accrued expenses

5,500

5,835

108,060

126,293

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 1-2 years

23,372

11,111

Bank loans - 2-5 years

26,667

27,778

Bank loans more 5 yr by instal

30,951

4,713

80,990

43,602

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

30,951

4,713

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.20

31.12.19

£

£

Between one and five years

44,563

61,813

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

98,078

49,158

The Royal Bank of Scotland plc has a floating charge, created on 21 October 2019, over all the company assets.

11.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

2,675

3,152

Deferred

tax

£

Balance at 1 January 2020

3,152

Accelerated capital allowances

(477

)

Balance at 31 December 2020

2,675

12.

RESERVES

Fair

value

reserve

£

Investment property

revaluation

(34,320

)

At 31 December 2020

(34,320

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

31.12.20

31.12.19

£

£

Mr C Robb

Balance outstanding at start of year

-

11,493

Amounts repaid

-

(11,493

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Advances and repayments during the year have been summarised. The above loans are unsecured, interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,700 were paid to the directors .

Loans from directors

During the year M Maitland (Director) decreased the amount loaned to the company by £7,589 leaving a balance of £40,016 (2019 £47,605 ). This loan is unsecured, interest free and repayable on demand.

During the year C Robb (Director) decreased the amount loaned to the company by £7,284 leaving a balance of £27,754 (2019 £35,038). This loan is unsecured, interest free and repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2020 set out on pages three to fourteen and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

This report is made solely to the Board of Directors of the company, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Board of Directors of the company, as a body, in this report in accordance with the requirements of the Institute of Financial Accountants. 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 the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities and financial position of the company. You consider that the company 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 the company. 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.

Atholl Scott

16 Castle Street

BANFF

AB45 1DL

16 September 2021