Caseware UK (AP4) 2021.0.152 2021.0.152 2021-07-312021-07-312020-08-01falseDevelopment of building projects22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03231313 2020-08-01 2021-07-31 03231313 2019-08-01 2020-07-31 03231313 2021-07-31 03231313 2020-07-31 03231313 c:Director1 2020-08-01 2021-07-31 03231313 d:PlantMachinery 2020-08-01 2021-07-31 03231313 d:PlantMachinery 2021-07-31 03231313 d:PlantMachinery 2020-07-31 03231313 d:PlantMachinery d:OwnedOrFreeholdAssets 2020-08-01 2021-07-31 03231313 d:MotorVehicles 2020-08-01 2021-07-31 03231313 d:MotorVehicles 2021-07-31 03231313 d:MotorVehicles 2020-07-31 03231313 d:MotorVehicles d:OwnedOrFreeholdAssets 2020-08-01 2021-07-31 03231313 d:OfficeEquipment 2020-08-01 2021-07-31 03231313 d:OfficeEquipment 2021-07-31 03231313 d:OfficeEquipment 2020-07-31 03231313 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-08-01 2021-07-31 03231313 d:OwnedOrFreeholdAssets 2020-08-01 2021-07-31 03231313 d:CurrentFinancialInstruments 2021-07-31 03231313 d:CurrentFinancialInstruments 2020-07-31 03231313 d:Non-currentFinancialInstruments 2021-07-31 03231313 d:Non-currentFinancialInstruments 2020-07-31 03231313 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 03231313 d:CurrentFinancialInstruments d:WithinOneYear 2020-07-31 03231313 d:Non-currentFinancialInstruments d:AfterOneYear 2021-07-31 03231313 d:Non-currentFinancialInstruments d:AfterOneYear 2020-07-31 03231313 d:ShareCapital 2021-07-31 03231313 d:ShareCapital 2020-07-31 03231313 d:RetainedEarningsAccumulatedLosses 2021-07-31 03231313 d:RetainedEarningsAccumulatedLosses 2020-07-31 03231313 c:OrdinaryShareClass1 2020-08-01 2021-07-31 03231313 c:OrdinaryShareClass1 2021-07-31 03231313 c:OrdinaryShareClass1 2020-07-31 03231313 c:OrdinaryShareClass2 2020-08-01 2021-07-31 03231313 c:OrdinaryShareClass2 2021-07-31 03231313 c:OrdinaryShareClass2 2020-07-31 03231313 c:OrdinaryShareClass3 2020-08-01 2021-07-31 03231313 c:OrdinaryShareClass3 2021-07-31 03231313 c:OrdinaryShareClass3 2020-07-31 03231313 c:OrdinaryShareClass4 2020-08-01 2021-07-31 03231313 c:OrdinaryShareClass4 2021-07-31 03231313 c:OrdinaryShareClass4 2020-07-31 03231313 c:FRS102 2020-08-01 2021-07-31 03231313 c:AuditExempt-NoAccountantsReport 2020-08-01 2021-07-31 03231313 c:FullAccounts 2020-08-01 2021-07-31 03231313 c:PrivateLimitedCompanyLtd 2020-08-01 2021-07-31 03231313 2 2020-08-01 2021-07-31 03231313 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-07-31 03231313 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2020-07-31 03231313 d:LeasedAssetsHeldAsLessee 2021-07-31 03231313 d:LeasedAssetsHeldAsLessee 2020-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03231313









C.E. GILBERT & SON (DEVELOPMENTS) LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
REGISTERED NUMBER: 03231313

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
103,644
67,012

  
103,644
67,012

Current assets
  

Stocks
  
2,883,548
2,282,121

Debtors: amounts falling due within one year
 5 
292,291
249,414

Cash at bank and in hand
  
290,510
262,285

  
3,466,349
2,793,820

Creditors: amounts falling due within one year
 6 
(988,979)
(846,591)

Net current assets
  
 
 
2,477,370
 
 
1,947,229

Total assets less current liabilities
  
2,581,014
2,014,241

Creditors: amounts falling due after more than one year
 7 
(1,751,858)
(1,218,900)

Provisions for liabilities
  

Deferred tax
  
(19,690)
(12,450)

  
 
 
(19,690)
 
 
(12,450)

Net assets
  
809,466
782,891


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
809,366
782,791

  
809,466
782,891


Page 1

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
REGISTERED NUMBER: 03231313
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 August 2022.




Clifton Earl Gilbert
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

1.


General information

The company is registered in England and Wales. The companys's registered office is Stanley House, 27 Wellington Road, Bilston, England, WV14 6AH. The principle activity of the company continues to be that of the Development of building projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Reducing Balance
Motor vehicles
-
25%
Reducing Balance
Office equipment
-
20%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Page 6

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2020
125,879
30,375
3,409
159,663


Additions
-
57,584
-
57,584


Disposals
-
(28,868)
-
(28,868)



At 31 July 2021

125,879
59,091
3,409
188,379



Depreciation


At 1 August 2020
71,295
20,127
1,228
92,650


Charge for the year on owned assets
8,188
4,099
485
12,772


Disposals
-
(20,687)
-
(20,687)



At 31 July 2021

79,483
3,539
1,713
84,735



Net book value



At 31 July 2021
46,396
55,552
1,696
103,644



At 31 July 2020
54,584
10,248
2,180
67,012

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Motor vehicles
44,802
-

44,802
-


5.


Debtors

2021
2020
£
£


Other debtors
291,166
248,186

Prepayments and accrued income
1,125
1,228
Page 7

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

5.Debtors (continued)


292,291
249,414



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
6,283
-

Other loans
201,540
201,540

Trade creditors
228,203
132,181

Corporation tax
262,798
218,921

Other taxation and social security
14,333
33,162

Obligations under finance lease and hire purchase contracts
8,560
-

Other creditors
76,212
69,737

Accruals and deferred income
191,050
191,050

988,979
846,591




Page 8

 
C.E. GILBERT & SON (DEVELOPMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
1,717,617
1,218,900

Net obligations under finance leases and hire purchase contracts
34,241
-

1,751,858
1,218,900




The following liabilities were secured:

2021
2020
£
£



Bank loans
1,723,900
1,218,900

<-- Enter description -->
42,801
-

1,766,701
1,218,900

Details of security provided:

The bank loans are secured over all current and future assets of the company. The hire purchase liabilities are secured over the assets they relate to as per note 4 of the financial statements.


8.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



70 (2020 - 70) A ordinary shares of £1.00 each
70
70
10 (2020 - 10) B ordinary shares of £1.00 each
10
10
10 (2020 - 10) C ordinary shares of £1.00 each
10
10
10 (2020 - 10) D ordinary shares of £1.00 each
10
10

100

100



9.


Controlling party

The controlling interest in the company is held jointly by the directors.

 
Page 9