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Registration number: 12278779

Gills Heaton Limited

Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 November 2021 to 31 December 2022

 

Gills Heaton Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Gills Heaton Limited

Company Information

Directors

SS Gill

J Singh

Registered office

76 Front Street
Prudhoe
Northumberland
NE42 5PU

Accountants

Heritage Accountancy Limited
Chartered Certified Accountants
76 Front Street
Prudhoe
Northumberland
NE42 5PU

 

Gills Heaton Limited

(Registration number: 12278779)
Abridged Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

97,884

104,842

Current assets

 

Stocks

5

4,560

4,560

Debtors

6

-

23,620

Cash at bank and in hand

 

2,306

4,273

 

6,866

32,453

Prepayments and accrued income

 

1,077

232

Creditors: Amounts falling due within one year

(134,130)

(114,220)

Net current liabilities

 

(126,187)

(81,535)

Total assets less current liabilities

 

(28,303)

23,307

Creditors: Amounts falling due after more than one year

(35,884)

(38,431)

Accruals and deferred income

 

(1,051)

(1,705)

Net liabilities

 

(65,238)

(16,829)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(65,338)

(16,929)

Shareholders' deficit

 

(65,238)

(16,829)

For the financial period 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 period 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

Approved and authorised by the Board on 30 September 2023 and signed on its behalf by:
 

 

Gills Heaton Limited

(Registration number: 12278779)
Abridged Balance Sheet as at 31 December 2022

.........................................
SS Gill
Director

 

Gills Heaton Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 November 2021 to 31 December 2022

1

General information

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

The address of its registered office is:
76 Front Street
Prudhoe
Northumberland
NE42 5PU
England

These financial statements were authorised for issue by the Board on 30 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.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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;
and specific criteria have been met for each of the company's activities.

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

Office equipment

25% Straight Line Basis

 

Gills Heaton Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 November 2021 to 31 December 2022

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Gills Heaton Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 November 2021 to 31 December 2022

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2021 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 November 2021

34,320

77,333

111,653

At 31 December 2022

34,320

77,333

111,653

Depreciation

At 1 November 2021

6,811

-

6,811

Charge for the period

6,958

-

6,958

At 31 December 2022

13,769

-

13,769

Carrying amount

At 31 December 2022

20,551

77,333

97,884

At 31 October 2021

27,509

77,333

104,842

5

Stocks

2022
£

2021
£

Other inventories

4,560

4,560

6

Debtors

Debtors includes £Nil (2021 - £Nil) due after more than one year.

 

Gills Heaton Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 November 2021 to 31 December 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100