Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-314No description of principal activity2022-04-01false4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02795002 2022-04-01 2023-03-31 02795002 2021-04-01 2022-03-31 02795002 2023-03-31 02795002 2022-03-31 02795002 c:Director1 2022-04-01 2023-03-31 02795002 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 02795002 d:Buildings d:ShortLeaseholdAssets 2023-03-31 02795002 d:Buildings d:ShortLeaseholdAssets 2022-03-31 02795002 d:PlantMachinery 2022-04-01 2023-03-31 02795002 d:PlantMachinery 2023-03-31 02795002 d:PlantMachinery 2022-03-31 02795002 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02795002 d:MotorVehicles 2022-04-01 2023-03-31 02795002 d:MotorVehicles 2023-03-31 02795002 d:MotorVehicles 2022-03-31 02795002 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02795002 d:FurnitureFittings 2022-04-01 2023-03-31 02795002 d:FurnitureFittings 2023-03-31 02795002 d:FurnitureFittings 2022-03-31 02795002 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02795002 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02795002 d:FreeholdInvestmentProperty 2023-03-31 02795002 d:FreeholdInvestmentProperty 2022-03-31 02795002 d:CurrentFinancialInstruments 2023-03-31 02795002 d:CurrentFinancialInstruments 2022-03-31 02795002 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02795002 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02795002 d:ShareCapital 2023-03-31 02795002 d:ShareCapital 2022-03-31 02795002 d:CapitalRedemptionReserve 2023-03-31 02795002 d:CapitalRedemptionReserve 2022-03-31 02795002 d:RetainedEarningsAccumulatedLosses 2023-03-31 02795002 d:RetainedEarningsAccumulatedLosses 2022-03-31 02795002 c:FRS102 2022-04-01 2023-03-31 02795002 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02795002 c:FullAccounts 2022-04-01 2023-03-31 02795002 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02795002 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02795002 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 02795002 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02795002 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 02795002 2 2022-04-01 2023-03-31 02795002 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 02795002









GILBERT MOTORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
GILBERT MOTORS LIMITED
REGISTERED NUMBER: 02795002

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,220
17,407

Investments
 5 
1,326,241
1,421,141

Investment property
 6 
1,362,854
1,362,854

  
2,702,315
2,801,402

Current assets
  

Stocks
 7 
3,566
3,461

Debtors: amounts falling due within one year
 8 
20,681
16,443

Cash at bank and in hand
 9 
1,573,093
1,518,379

  
1,597,340
1,538,283

Creditors: amounts falling due within one year
 10 
(17,478)
(16,837)

Net current assets
  
 
 
1,579,862
 
 
1,521,446

Total assets less current liabilities
  
4,282,177
4,322,848

Provisions for liabilities
  

Deferred tax
 11 
-
(4,352)

  
 
 
-
 
 
(4,352)

Net assets
  
4,282,177
4,318,496


Capital and reserves
  

Called up share capital 
  
50
50

Capital redemption reserve
  
50
50

Profit and loss account
  
4,282,077
4,318,396

  
4,282,177
4,318,496


Page 1

 
GILBERT MOTORS LIMITED
REGISTERED NUMBER: 02795002
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S J Gilbert
Director

Date: 21 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Gilbert Motors Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is First Floor, Radius House, 51 Clarendon Road,
Watford, WD17 1HP.
The company's principal activity is that of vehicle repairers.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Page 3

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
reducing balance
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 6

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 7

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
15,201
49,642
65,920
6,399
137,162


Disposals
-
-
(39,420)
-
(39,420)



At 31 March 2023

15,201
49,642
26,500
6,399
97,742



Depreciation


At 1 April 2022
15,171
49,127
50,837
4,620
119,755


Charge for the year on owned assets
6
100
3,727
177
4,010


Disposals
-
-
(39,243)
-
(39,243)



At 31 March 2023

15,177
49,227
15,321
4,797
84,522



Net book value



At 31 March 2023
24
415
11,179
1,602
13,220



At 31 March 2022
30
515
15,083
1,779
17,407


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 April 2022
1,421,141


Revaluations
(94,900)



At 31 March 2023
1,326,241




Page 8

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,362,854



At 31 March 2023
1,362,854


Comprising


Cost
1,362,854

At 31 March 2023
1,362,854

The 2023 valuations were made by the directors, on an open market value for existing use basis.








7.


Stocks

2023
2022
£
£

Raw materials and consumables
3,566
3,461

3,566
3,461



8.


Debtors

2023
2022
£
£


Trade debtors
7,783
5,745

Other debtors
4,324
9,431

Prepayments and accrued income
1,257
1,267

Deferred taxation
7,317
-

20,681
16,443


Page 9

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,573,093
1,518,379

1,573,093
1,518,379



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,659
5,940

Other taxation and social security
5,519
5,597

Accruals and deferred income
5,300
5,300

17,478
16,837



11.


Deferred taxation




2023


£






At beginning of year
(4,352)


Charged to profit or loss
11,669



At end of year
7,317

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,305)
(4,352)

Tax losses carried forward
10,622
-

7,317
(4,352)

Page 10

 
GILBERT MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £185,742 (2022 - £191,784).

 
Page 11