Silverfin false 29/10/2022 01/11/2021 29/10/2022 D J Gliddon 13/07/1970 24 October 2023 The principal activity of the Company during the financial year was agricultural engineering and retailing, horticultural retailing and ironmongery. The company also lets commercial and residential properties. 00537228 2022-10-29 00537228 bus:Director1 2022-10-29 00537228 2021-10-31 00537228 core:CurrentFinancialInstruments 2022-10-29 00537228 core:CurrentFinancialInstruments 2021-10-31 00537228 core:Non-currentFinancialInstruments 2022-10-29 00537228 core:Non-currentFinancialInstruments 2021-10-31 00537228 core:ShareCapital 2022-10-29 00537228 core:ShareCapital 2021-10-31 00537228 core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-29 00537228 core:FurtherSpecificReserve1ComponentTotalEquity 2021-10-31 00537228 core:CapitalRedemptionReserve 2022-10-29 00537228 core:CapitalRedemptionReserve 2021-10-31 00537228 core:RetainedEarningsAccumulatedLosses 2022-10-29 00537228 core:RetainedEarningsAccumulatedLosses 2021-10-31 00537228 core:LandBuildings 2021-10-31 00537228 core:PlantMachinery 2021-10-31 00537228 core:Vehicles 2021-10-31 00537228 core:LandBuildings 2022-10-29 00537228 core:PlantMachinery 2022-10-29 00537228 core:Vehicles 2022-10-29 00537228 core:CostValuation 2021-10-31 00537228 core:CostValuation 2022-10-29 00537228 1 2022-10-29 00537228 1 2021-10-31 00537228 2 2022-10-29 00537228 2 2021-10-31 00537228 core:CurrentFinancialInstruments core:Secured 2022-10-29 00537228 2020-10-31 00537228 2021-11-01 2022-10-29 00537228 bus:FullAccounts 2021-11-01 2022-10-29 00537228 bus:SmallEntities 2021-11-01 2022-10-29 00537228 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-29 00537228 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-29 00537228 bus:Director1 2021-11-01 2022-10-29 00537228 core:PlantMachinery core:BottomRangeValue 2021-11-01 2022-10-29 00537228 core:PlantMachinery core:TopRangeValue 2021-11-01 2022-10-29 00537228 core:Vehicles 2021-11-01 2022-10-29 00537228 2020-11-01 2021-10-31 00537228 core:LandBuildings 2021-11-01 2022-10-29 00537228 core:PlantMachinery 2021-11-01 2022-10-29 00537228 core:CurrentFinancialInstruments 2021-11-01 2022-10-29 00537228 core:Non-currentFinancialInstruments 2021-11-01 2022-10-29 00537228 1 2021-11-01 2022-10-29 iso4217:GBP xbrli:pure

Company No: 00537228 (England and Wales)

J GLIDDON & SONS LIMITED

Unaudited Financial Statements
For the financial period from 01 November 2021 to 29 October 2022
Pages for filing with the registrar

J GLIDDON & SONS LIMITED

Unaudited Financial Statements

For the financial period from 01 November 2021 to 29 October 2022

Contents

J GLIDDON & SONS LIMITED

COMPANY INFORMATION

For the financial period from 01 November 2021 to 29 October 2022
J GLIDDON & SONS LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 November 2021 to 29 October 2022
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
J GLIDDON & SONS LIMITED

BALANCE SHEET

As at 29 October 2022
J GLIDDON & SONS LIMITED

BALANCE SHEET (continued)

As at 29 October 2022
Note 29.10.2022 31.10.2021
£ £
Fixed assets
Tangible assets 3 400 534
Investment property 4 5,490,986 3,440,297
Investments 5 1 1
5,491,387 3,440,832
Current assets
Stocks 6 204,925 187,166
Debtors
- due within one year 7 973,171 1,175,308
- due after more than one year 7 145,676 0
Investments 8 16,481 20,458
Cash at bank and in hand 425,396 46,616
1,765,649 1,429,548
Creditors: amounts falling due within one year 9 ( 1,106,921) ( 1,716,019)
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 ( 17,200) ( 198,667)
Provision for liabilities 11, 12 ( 648,738) 0
Net assets 5,484,177 2,955,694
Capital and reserves
Called-up share capital 109,789 109,789
Fair value reserve 2,112,244 474,731
Capital redemption reserve 300,000 300,000
Profit and loss account 2,962,144 2,071,174
Total shareholders' funds 5,484,177 2,955,694

For the financial period ending 29 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of J Gliddon & Sons Limited (registered number: 00537228) were approved and authorised for issue by the Director on 24 October 2023. They were signed on its behalf by:

D J Gliddon
Director
J GLIDDON & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2021 to 29 October 2022
J GLIDDON & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2021 to 29 October 2022
1. Accounting policies

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.

General information and basis of accounting

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery 3 - 10 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Fixed asset investments

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Government grants

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.11.2021 to
29.10.2022
Year ended
31.10.2021
Number Number
Monthly average number of persons employed by the Company during the period, including the director 15 14

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 November 2021 60,473 385,529 65,546 511,548
At 29 October 2022 60,473 385,529 65,546 511,548
Accumulated depreciation
At 01 November 2021 60,473 385,529 65,012 511,014
Charge for the financial period 0 0 134 134
At 29 October 2022 60,473 385,529 65,146 511,148
Net book value
At 29 October 2022 0 0 400 400
At 31 October 2021 0 0 534 534

4. Investment property

Investment property
£
Valuation
As at 01 November 2021 3,440,297
Additions 12,945
Fair value movement 2,499,999
Disposals (462,255)
As at 29 October 2022 5,490,986

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

5. Fixed asset investments

Investments in subsidiaries

29.10.2022
£
Cost
At 01 November 2021 1
At 29 October 2022 1
Carrying value at 29 October 2022 1
Carrying value at 31 October 2021 1

6. Stocks

29.10.2022 31.10.2021
£ £
Stocks 204,925 187,166

7. Debtors

29.10.2022 31.10.2021
£ £
Debtors: amounts falling due within one year
Trade debtors 81,859 87,654
Amounts owed by Group undertakings 343,307 343,307
Other debtors 548,005 744,347
973,171 1,175,308
Debtors: amounts falling due after more than one year
Other debtors 145,676 0

8. Current asset investments

29.10.2022 31.10.2021
£ £
At 1 November 20,458 16,883
Fair Value Adjustment ( 3,977) 3,575
16,481 20,458

9. Creditors: amounts falling due within one year

29.10.2022 31.10.2021
£ £
Bank loans (secured) 20,000 645,500
Trade creditors 193,185 316,328
Taxation and social security 274,641 107,194
Other creditors 619,095 646,997
1,106,921 1,716,019

Bank loans are secured against the assets of the company.

10. Creditors: amounts falling due after more than one year

29.10.2022 31.10.2021
£ £
Bank loans (secured) 17,200 198,667

Bank loans are secured against the assets of the company.

11. Provision for liabilities

29.10.2022 31.10.2021
£ £
Deferred tax 648,738 0

12. Deferred tax

29.10.2022 31.10.2021
£ £
At the beginning of financial period/year 0 0
Charged to the Profit and Loss Account ( 648,738) 0
At the end of financial period/year ( 648,738) 0

13. Related party transactions

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.

14. Events after the Balance Sheet date

Subsequent to the balance sheet date, the company sold one of its investment properties for gross proceeds of £2.875M. This property is included within investment properties in these 2022 accounts at a valuation of £2.5M, the difference reflecting selling costs.