1 December 2020 false Taxfiler 2022.8.3 09309187business:PrivateLimitedCompanyLtd2020-12-012021-11-30 093091872020-11-30 093091872020-12-012021-11-30 09309187business:AuditExempt-NoAccountantsReport2020-12-012021-11-30 09309187business:AbridgedAccounts2020-12-012021-11-30 093091872021-11-30 093091872020-11-30 09309187core:WithinOneYear2021-11-30 09309187core:WithinOneYear2020-11-30 09309187core:ShareCapital2021-11-30 09309187core:ShareCapital2020-11-30 09309187core:RetainedEarningsAccumulatedLosses2021-11-30 09309187core:RetainedEarningsAccumulatedLosses2020-11-30 09309187business:SmallEntities2020-12-012021-11-30 09309187business:Director12020-12-012021-11-30 09309187countries:EnglandWales2020-12-012021-11-30 09309187business:RegisteredOffice2020-12-012021-11-30 09309187core:PlantMachinery2020-12-012021-11-30 09309187core:FurnitureFittings2020-12-012021-11-30 09309187core:ComputerEquipment2020-12-012021-11-30 09309187core:AcceleratedTaxDepreciationDeferredTax2021-11-30 09309187core:AcceleratedTaxDepreciationDeferredTax2020-11-30 093091872019-11-30 093091872019-12-012020-11-30 09309187business:OrdinaryShareClass12020-12-012021-11-30 09309187business:OrdinaryShareClass12019-12-012020-11-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 09309187 (England and Wales)
GILL HK LTD Unaudited accounts for the year ended 30 November 2021
GILL HK LTD Statement of financial position as at 30 November 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
17,240 
13,042 
Current assets
Inventories
168,675 
273,825 
Debtors
206,540 
51,084 
Cash at bank and in hand
882,752 
251,481 
1,257,967 
576,390 
Creditors: amounts falling due within one year
(1,134,558)
(500,416)
Net current assets
123,409 
75,974 
Total assets less current liabilities
140,649 
89,016 
Provisions for liabilities
Deferred tax
(1,152)
(138)
Net assets
139,497 
88,878 
Capital and reserves
Called up share capital
100 
1 
Profit and loss account
139,397 
88,877 
Shareholders' funds
139,497 
88,878 
For the year ending 30 November 2021 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 January 2022 and were signed on its behalf by
Baljit Singh Director Company Registration No. 09309187
- 2 -
GILL HK LTD Notes to the Accounts for the year ended 30 November 2021
1
Statutory information
GILL HK LTD is a private company, limited by shares, registered in England and Wales, registration number 09309187. The registered office is UNIT 38 BUSINESS HEADWAY CENTRE, KNOWLES LANE, BRADFORD, WEST YORKSHIRE, BD4 9SW, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Fixtures & fittings
20% on reducing balance
Computer equipment
25% on reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
- 3 -
GILL HK LTD Notes to the Accounts for the year ended 30 November 2021
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 December 2020
27,719 
Additions
9,120 
At 30 November 2021
36,839 
Depreciation
At 1 December 2020
14,677 
Charge for the year
4,922 
At 30 November 2021
19,599 
Net book value
At 30 November 2021
17,240 
At 30 November 2020
13,042 
5
Deferred taxation
2021 
2020 
£ 
£ 
Accelerated capital allowances
1,152 
138 
2021 
2020 
£ 
£ 
Provision at start of year
138 
275 
Charged/(credited) to the profit and loss account
1,014 
(137)
Provision at end of year
1,152 
138 
6
Share capital
2021 
2020 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
1 
Shares issued during the period:
99 Ordinary shares of £1 each
99 
7
Average number of employees
During the year the average number of employees was 9 (2020: 8).
- 4 -