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Company registration number: 01895184
Geoff Gilbert International Limited
Unaudited filleted financial statements
30 June 2023
Geoff Gilbert International Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Geoff Gilbert International Limited
Directors and other information
Directors Mrs Louise Holmes
Mr Richard Geoffrey Gilbert
Mr Joseph Jeffrey Gilbert
Secretary Louise Holmes
Company number 01895184
Registered office C/o Mrs L Holmes
Steep House
1 Sawyers Yard
Mill Road, Brancaster
PE31 8FW
Business address C/o Mrs L Holmes
Steep House
1 Sawyers Yard
Mill Road, Brancaster
PE31 8FW
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Geoff Gilbert International Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Geoff Gilbert International Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Geoff Gilbert International Limited for the year ended 30 June 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Geoff Gilbert International Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Geoff Gilbert International Limited and state those matters that we have agreed to state to the board of directors of Geoff Gilbert International Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Geoff Gilbert International Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Geoff Gilbert International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Geoff Gilbert International Limited. You consider that Geoff Gilbert International Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Geoff Gilbert International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
15 November 2023
Geoff Gilbert International Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,435,101 3,439,665
Investments 6 598,050 551,428
_______ _______
4,033,151 3,991,093
Current assets
Debtors 7 262,171 275,955
Cash at bank and in hand 916,574 637,633
_______ _______
1,178,745 913,588
Creditors: amounts falling due
within one year 8 ( 671,359) ( 412,127)
_______ _______
Net current assets 507,386 501,461
_______ _______
Total assets less current liabilities 4,540,537 4,492,554
Provisions for liabilities ( 56,219) ( 43,604)
_______ _______
Net assets 4,484,318 4,448,950
_______ _______
Capital and reserves
Called up share capital 9 362,000 362,000
Fair value reserve 748,193 744,858
Profit and loss account 3,374,125 3,342,092
_______ _______
Shareholders funds 4,484,318 4,448,950
_______ _______
For the year ending 30 June 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
Mrs Louise Holmes
Director
Company registration number: 01895184
Geoff Gilbert International Limited
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 July 2021 362,000 870,912 3,192,881 4,425,793
Profit for the year 149,211 149,211
Other comprehensive income for the year:
User defined other comprehensive income movement 1 - ( 126,054) - ( 126,054)
_______ _______ _______ _______
Total comprehensive income for the year - ( 126,054) 149,211 23,157
_______ _______ _______ _______
At 30 June 2022 and 1 July 2022 362,000 744,858 3,342,092 4,448,950
Profit for the year 92,033 92,033
Other comprehensive income for the year:
User defined other comprehensive income movement 1 - 3,335 - 3,335
_______ _______ _______ _______
Total comprehensive income for the year - 3,335 92,033 95,368
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 60,000) ( 60,000)
_______ _______ _______ _______
At 30 June 2023 362,000 748,193 3,374,125 4,484,318
_______ _______ _______ _______
Geoff Gilbert International Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Geoff Gilbert International Limited, C/o Mrs L Holmes, Steep House, 1 Sawyers Yard, Mill Road, Brancaster, PE31 8FW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is derived from the rental of commercial and residential properties. Income is recognised on an accruals basis. In addition income is generated from solar panels installed on industrial buildings and other services charged to tenants relating to each accounting period on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% Reducing balance/4% straight line
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 July 2022 3,282,500 332,125 4,875 19,335 3,638,835
Additions - 12,500 573 - 13,073
Disposals - ( 6,285) ( 542) - ( 6,827)
_______ _______ _______ _______ _______
At 30 June 2023 3,282,500 338,340 4,906 19,335 3,645,081
_______ _______ _______ _______ _______
Depreciation
At 1 July 2022 - 182,304 2,028 14,838 199,170
Charge for the year - 15,064 804 1,128 16,996
Disposals - ( 5,846) ( 340) - ( 6,186)
_______ _______ _______ _______ _______
At 30 June 2023 - 191,522 2,492 15,966 209,980
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2023 3,282,500 146,818 2,414 3,369 3,435,101
_______ _______ _______ _______ _______
At 30 June 2022 3,282,500 149,821 2,847 4,497 3,439,665
_______ _______ _______ _______ _______
Investment property
All freehold property is held for investment purposes. The investment properties were revalued in 2020 by local independent valuers, who hold recognised and relevant professional qualifications.
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 July 2022 551,428 551,428
Additions 224,918 224,918
Disposals ( 181,631) ( 181,631)
Fair value adjustment 3,335 3,335
_______ _______
At 30 June 2023 598,050 598,050
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 598,050 598,050
_______ _______
At 30 June 2022 551,428 551,428
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 40,297 47,843
Prepayments and accrued income 10,924 17,162
Other debtors 210,950 210,950
_______ _______
262,171 275,955
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 4,830 10,442
Accruals and deferred income 35,518 31,815
Social security and other taxes 29,540 45,718
Director loan accounts 321,058 324,152
Other creditors 280,413 -
_______ _______
671,359 412,127
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
A Ordinary shares of £ 1.00 each 282,000 282,000 362,000 362,000
B Ordinary shares of £ 1.00 each 40,000 40,000 - -
C Ordinary shares of £ 1.00 each 40,000 40,000 - -
_______ _______ _______ _______
362,000 362,000 362,000 362,000
_______ _______ _______ _______