Registration number:
P C Gill & Sons (Property) Limited
for the Year Ended 31 December 2022
P C Gill & Sons (Property) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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P C Gill & Sons (Property) Limited
(Registration number: 01029323)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
1,300 |
1,300 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
557,085 |
484,185 |
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Retained earnings |
150,308 |
135,703 |
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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:
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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
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P C Gill & Sons (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
P C Gill & Sons (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant and Machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Revaluations |
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- |
- |
- |
- |
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Additions |
- |
- |
- |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
- |
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Charge for the year |
- |
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At 31 December 2022 |
- |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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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
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
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Surplus/deficit on property, plant and equipment revaluation |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
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Surplus/deficit on property, plant and equipment revaluation |
( |
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P C Gill & Sons (Property) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Related party transactions |
Loans from related parties
2022 |
Directors/shareholders |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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2021 |
Directors/shareholders |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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