G & T Whitehills Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC439497 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2023

for

G & T Whitehills Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

Mrs M M Maitland

Mr C Robb

REGISTERED OFFICE:

15 Knock Street

Whitehills

BANFF

AB45 2NW

REGISTERED NUMBER:

SC439497 (Scotland)

ACCOUNTANTS:

Atholl Scott

16 Castle Street

BANFF

AB45 1DL

FIXED ASSETS

Tangible assets

4

1,746

21,702

Investment property

5

307,424

273,104

309,170

294,806

CURRENT ASSETS

Stocks

-

7,025

Debtors

6

2,549

22,783

Cash at bank and in hand

2,070

2,613

4,619

32,421

CREDITORS

Amounts falling due within one year

7

(54,102

)

(69,046

)

NET CURRENT LIABILITIES

(49,483

)

(36,625

)

TOTAL ASSETS LESS CURRENT LIABILITIES

259,687

258,181

CREDITORS

Amounts falling due after more than one year

8

(5,400

)

(17,877

)

PROVISIONS FOR LIABILITIES

11

(130

)

(3,886

)

NET ASSETS

254,157

236,418

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

244,157

260,738

SHAREHOLDERS' FUNDS

254,157

236,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 29 May 2024 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.

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

Fixtures and fittings

-

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 7 (2022 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

Equipment

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2023

856

48,772

1,731

3,903

55,262

Disposals

-

(48,772

)

-

(3,903

)

(52,675

)

At 31 December 2023

856

-

1,731

-

2,587

DEPRECIATION

At 1 January 2023

86

29,442

481

3,551

33,560

Charge for year

86

-

188

-

274

Eliminated on disposal

-

(29,442

)

-

(3,551

)

(32,993

)

At 31 December 2023

172

-

669

-

841

NET BOOK VALUE

At 31 December 2023

684

-

1,062

-

1,746

At 31 December 2022

770

19,330

1,250

352

21,702

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2023

273,104

Revaluations

34,320

At 31 December 2023

307,424

NET BOOK VALUE

At 31 December 2023

307,424

At 31 December 2022

273,104

Fair value at 31 December 2023 is represented by:

£

Valuation in 2020

(34,320

)

Valuation in 2023

34,320

Cost

307,424

307,424

A valuation of the property given by the client based on property values in the area, confirms a current market value of £307,424.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Other debtors

7

15,225

PAYE

-

100

VAT

708

-

Prepayments

1,834

7,458

2,549

22,783

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans and overdrafts

7,000

6,647

Trade creditors

-

3,065

Tax

(36

)

5,453

PAYE

31

-

VAT

-

5,461

Directors' loan accounts

38,956

35,100

Prepaid income

-

895

Accrued expenses

8,151

12,425

54,102

69,046

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans - 1-2 years

5,400

6,500

Bank loans - 2-5 years

-

11,377

5,400

17,877

9.	LEASING AGREEMENTS

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

31.12.23

31.12.22

£

£

Within one year

5,785

13,499

Between one and five years

-

5,785

5,785

19,284

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.23

31.12.22

£

£

Bank loans

12,400

24,377

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

11.	PROVISIONS FOR LIABILITIES

31.12.23

31.12.22

£

£

Deferred tax

130

3,886

Deferred

tax

£

Balance at 1 January 2023

3,886

Accelerated capital allowances

(3,756

)

Balance at 31 December 2023

130

12.

RESERVES

Fair

value

reserve

£

At 1 January 2023

(34,320

)

Investment property

revaluation

34,320

At 31 December 2023

-

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 (2022 - £4,000) were paid to the directors .

Loans from directors

During the year M Maitland (Director) increased the amount loaned to the company by £1,928 leaving a balance of £19,478 (2022 £17,550 ). This loan is unsecured, interest free and repayable on demand.

During the year C Robb (Director) increased the amount loaned to the company by £1,928 leaving a balance of £19,478 (2022 £17,550). This loan is unsecured, interest free and repayable on demand.

14.	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 2023 set out on pages three to eleven 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

30 May 2024