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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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Gilmour Sports Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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Gilmour Sports Limited |
Gilmour Sports Limited (Registered number: SC204989) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Gilmour Sports Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Moncrieff House |
10 Moncreiff Street |
Paisley |
PA3 2BE |
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Bankers: |
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Paisley Chief Office |
1 Moncrieff Street |
Paisley |
PA3 2AW |
Gilmour Sports Limited (Registered number: SC204989) |
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Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 | ( |
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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 |
8 |
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Provisions for liabilities | ( |
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Net assets |
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Gilmour Sports Limited (Registered number: SC204989) |
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Balance Sheet - continued |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
Capital and reserves |
Called up share capital |
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Profit and loss account |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Gilmour Sports Limited (Registered number: SC204989) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | Statutory information |
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Gilmour Sports Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Revenue recognition |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision |
of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, |
returns, rebates and discounts. |
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The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
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Goodwill |
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the |
company's interest in the fair value of the identifiable assets, liabilities and contingent liabilities of the entity |
recongnised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently |
measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the |
currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is |
amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be |
made. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Government grants |
Government grants in respect of capital expenditure are credited to a deferred income account and are released |
to profit over the expected useful lives of the relevant assets by equal annual instalments. |
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Grants of a revenue nature are credited to income so as to match them with the expenditure to which they |
relate. |
Gilmour Sports Limited (Registered number: SC204989) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | Accounting policies - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in profit or loss, except to a change |
attributable to an item of income or expense recognised as other comprehensive income is also recognised |
directly in other comprehensive income. |
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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 taxable |
income. |
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Deferred income tax is recognised on temporary differences arising between the tax bases of assets and |
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the |
company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively |
enacted by the reporting date. |
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The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set |
up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than |
not to be recovered based on current or future taxable profit. |
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Foreign currencies |
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of |
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the |
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary |
items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on |
the initial transaction dates. |
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Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated |
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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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3. | Employees and directors |
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The average number of employees during the year was
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Gilmour Sports Limited (Registered number: SC204989) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 January 2017 |
and 31 December 2017 |
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Amortisation |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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5. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost |
At 1 January 2017 |
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Additions |
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Disposals |
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At 31 December 2017 |
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Depreciation |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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Gilmour Sports Limited (Registered number: SC204989) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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6. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Finance leases |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | Creditors: amounts falling due after more than one year |
2017 | 2016 |
£ | £ |
Bank loans (secured) |
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Finance leases |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr (secured) | 62,343 | 82,416 |
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9. | Parent and ultimate parent undertaking |
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The company is the wholly-owned subsidiary of Hockey Specialists Ltd. , a company incorporated in Scotland. |