Company No:
Contents
DIRECTOR | D J Gliddon |
SECRETARY | W R Gliddon |
REGISTERED OFFICE | Bank Street |
Williton | |
Taunton | |
TA4 4NH | |
United Kingdom |
COMPANY NUMBER | 00537228 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
Note | 29.10.2022 | 31.10.2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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5,491,387 | 3,440,832 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | ||||
- due within one year | 7 |
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- due after more than one year | 7 |
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Investments | 8 |
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Cash at bank and in hand |
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1,765,649 | 1,429,548 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current assets/(liabilities) | 658,728 | (286,471) | ||
Total assets less current liabilities | 6,150,115 | 3,154,361 | ||
Creditors: amounts falling due after more than one year | 10 | (
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Provision for liabilities | 11, 12 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of J Gliddon & Sons Limited (registered number:
D J Gliddon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
J Gliddon & Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bank Street, Williton, Taunton, TA4 4NH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Land and buildings | depreciated over the life of the lease |
Plant and machinery |
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Vehicles |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Period from 01.11.2021 to 29.10.2022 |
Year ended 31.10.2021 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Land and buildings | Plant and machinery | Vehicles | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 November 2021 |
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At 29 October 2022 |
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Accumulated depreciation | |||||||
At 01 November 2021 |
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Charge for the financial period |
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At 29 October 2022 |
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Net book value | |||||||
At 29 October 2022 |
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At 31 October 2021 |
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Investment property | |
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Valuation | |
As at 01 November 2021 |
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Additions | 12,945 |
Fair value movement | 2,499,999 |
Disposals | (462,255) |
As at 29 October 2022 |
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Valuation
The investment properties class of fixed assets was valued at £5,490,986 by the director. The basis of this valuation was current market value.
There has been no valuation of investment property by an independent valuer.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
29.10.2022 | 31.10.2021 | ||
£ | £ | ||
Historic cost | 2,735,987 | 2,974,647 |
Investments in subsidiaries
29.10.2022 | |
£ | |
Cost | |
At 01 November 2021 |
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At 29 October 2022 |
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Carrying value at 29 October 2022 |
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Carrying value at 31 October 2021 |
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29.10.2022 | 31.10.2021 | ||
£ | £ | ||
Stocks |
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29.10.2022 | 31.10.2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other debtors |
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29.10.2022 | 31.10.2021 | ||
£ | £ | ||
At 1 November |
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Fair Value Adjustment | (
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16,481 | 20,458 |
29.10.2022 | 31.10.2021 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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29.10.2022 | 31.10.2021 | ||
£ | £ | ||
Bank loans (secured) |
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29.10.2022 | 31.10.2021 | ||
£ | £ | ||
Deferred tax |
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29.10.2022 | 31.10.2021 | ||
£ | £ | ||
At the beginning of financial period/year |
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Charged to the Profit and Loss Account | (
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At the end of financial period/year | (
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Transactions with the entity's director
The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 November 2021, the balance owed by the director was £407,993. During the period, £72,952 was advanced to the director, and £269,184 was repaid by the director. At 29 October 2022, the balance owed by the director was £211,761.
At 1 November 2020, the balance owed by the director was £6,183. During the year, £654,747 was advanced to the director, and £252,937 was repaid by the director. At 31 October 2021, the balance owed by the director was £407,993.
J Gliddon Associated Bare Trust
There is a loan account with a trust of which the participators are beneficiaries. It is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 November 2021, the balance owed by the trust was £271,512. During the period £32,552 was advanced to the trust, and £67,591 was repaid by the trust. At 29 October 2022, the balance owed by the trust was £236,473.
At 1 November 2020, the balance owed by the trust was £259,207. During the year, £12,422 was advanced to the trust, and £117 was repaid by the trust. At 31 October 2021, the balance owed by the trust was £271,512.