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Registration number: 01029323

P C Gill & Sons (Property) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

P C Gill & Sons (Property) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

P C Gill & Sons (Property) Limited

Company Information

Directors

L Gauntlett

P C Gill

C A Kania

A Kania

Company secretary

L Gauntlett

Registered office

36 Burrowfield
Welwyn Garden City
Hertfordshire
AL7 4SR

Accountants

Holmes Peat Thorpe
Chartered Accountants
Basepoint Business Centre
110 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

 

P C Gill & Sons (Property) Limited

(Registration number: 01029323)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,141,418

2,055,755

Other financial assets

1,300

1,300

 

2,142,718

2,057,055

Current assets

 

Stocks

70,677

15,093

Debtors

68,232

52,559

Cash at bank and in hand

 

429,574

559,978

 

568,483

627,630

Creditors: Amounts falling due within one year

(881,199)

(832,910)

Net current liabilities

 

(312,716)

(205,280)

Total assets less current liabilities

 

1,830,002

1,851,775

Creditors: Amounts falling due after more than one year

(984,491)

(1,110,869)

Provisions for liabilities

(138,018)

(120,918)

Net assets

 

707,493

619,988

Capital and reserves

 

Called up share capital

5

100

100

Revaluation reserve

557,085

484,185

Retained earnings

150,308

135,703

Shareholders' funds

 

707,493

619,988

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

P C Gill & Sons (Property) Limited

(Registration number: 01029323)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:

.........................................
C A Kania
Director

.........................................
A Kania
Director

 
 

P C Gill & Sons (Property) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
36 Burrowfield
Welwyn Garden City
Hertfordshire
AL7 4SR

These financial statements were authorised for issue by the Board on 29 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements were prepared in accordance with Financial Reporting Standard 102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Going concern

The financial statements have been prepared on a going concern basis.

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. 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, specific criteria have been met for each of the company's activities and legal title has passed.

Government grants

Government grants shall be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in profit or loss of the period in which it becomes receivable.

Finance income and costs policy

Rental income

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

 

P C Gill & Sons (Property) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting date.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

25% on reducing balance

Plant and machinery

25% on reducing balance

Investment property

Investment properties are defined by FRS102 as “property held by the owner or by the lessee under a finance lease to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods or services or for administrative purposes or sale in the ordinary course of business.” Each investment property is initially measured at cost and is subsequently remeasured to fair value at the end of each reporting period. Any gains or losses are recorded in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

P C Gill & Sons (Property) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2021:6).

 

P C Gill & Sons (Property) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and Machinery
 £

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

2,010,150

28,474

54,190

36,855

22,167

2,151,836

Revaluations

90,000

-

-

-

-

90,000

Additions

-

-

-

5,405

2,318

7,723

At 31 December 2022

2,100,150

28,474

54,190

42,260

24,485

2,249,559

Depreciation

At 1 January 2022

-

14,497

46,078

29,011

6,495

96,081

Charge for the year

-

3,495

2,029

2,187

4,349

12,060

At 31 December 2022

-

17,992

48,107

31,198

10,844

108,141

Carrying amount

At 31 December 2022

2,100,150

10,482

6,083

11,062

13,641

2,141,418

At 31 December 2021

2,010,150

13,977

8,112

7,844

15,672

2,055,755

Included within the net book value of land and buildings above is £2,100,150 (2021 - £2,010,150) in respect of freehold land and buildings.
 

 

P C Gill & Sons (Property) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Revaluation

The fair value of the company's land and buildings was revalued on 22 December 2022. An independent valuer was not involved, however a local Estate Agent estimated the sales value of each property at open market value based on similar properties.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,412,391 (2021 - £1,412,391).

5

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Surplus/deficit on property, plant and equipment revaluation

72,900

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Surplus/deficit on property, plant and equipment revaluation

(58,574)

 

P C Gill & Sons (Property) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Related party transactions

Loans from related parties

2022

Directors/shareholders
£

At start of period

510,914

Advanced

24,404

Repaid

(64,315)

At end of period

471,003

2021

Directors/shareholders
£

At start of period

476,696

Advanced

79,488

Repaid

(45,270)

At end of period

510,914