Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mrs A D Egglestone 10/12/1997 Mr M A D Egglestone 10/12/1997 Mr T P Gilbert 10/12/1997 Mrs A D Egglestone 24 November 2023 The principal activity of the company is that of property developers and letting of property. 03478950 2023-02-28 03478950 bus:Director1 2023-02-28 03478950 bus:Director2 2023-02-28 03478950 bus:Director3 2023-02-28 03478950 2022-02-28 03478950 core:CurrentFinancialInstruments 2023-02-28 03478950 core:CurrentFinancialInstruments 2022-02-28 03478950 core:Non-currentFinancialInstruments 2023-02-28 03478950 core:Non-currentFinancialInstruments 2022-02-28 03478950 core:ShareCapital 2023-02-28 03478950 core:ShareCapital 2022-02-28 03478950 core:RetainedEarningsAccumulatedLosses 2023-02-28 03478950 core:RetainedEarningsAccumulatedLosses 2022-02-28 03478950 core:CostValuation 2022-02-28 03478950 core:CostValuation 2023-02-28 03478950 core:ProvisionsForImpairmentInvestments 2022-02-28 03478950 core:ImpairmentLossProvisionsForImpairmentInvestments 2023-02-28 03478950 core:ProvisionsForImpairmentInvestments 2023-02-28 03478950 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 03478950 core:ImmediateParent core:CurrentFinancialInstruments 2022-02-28 03478950 core:MoreThanFiveYears 2023-02-28 03478950 core:MoreThanFiveYears 2022-02-28 03478950 bus:OrdinaryShareClass1 2023-02-28 03478950 bus:OrdinaryShareClass2 2023-02-28 03478950 bus:OrdinaryShareClass3 2023-02-28 03478950 bus:OrdinaryShareClass4 2023-02-28 03478950 2022-03-01 2023-02-28 03478950 bus:FullAccounts 2022-03-01 2023-02-28 03478950 bus:SmallEntities 2022-03-01 2023-02-28 03478950 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03478950 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03478950 bus:Director1 2022-03-01 2023-02-28 03478950 bus:Director2 2022-03-01 2023-02-28 03478950 bus:Director3 2022-03-01 2023-02-28 03478950 bus:CompanySecretary1 2022-03-01 2023-02-28 03478950 2021-03-01 2022-02-28 03478950 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 03478950 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass2 2021-03-01 2022-02-28 03478950 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass3 2021-03-01 2022-02-28 03478950 bus:OrdinaryShareClass4 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass4 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03478950 (England and Wales)

THE GILSTONE PARTNERSHIP LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

THE GILSTONE PARTNERSHIP LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

THE GILSTONE PARTNERSHIP LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
THE GILSTONE PARTNERSHIP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTORS Mrs A D Egglestone
Mr M A D Egglestone
Mr T P Gilbert
SECRETARY Mrs A D Egglestone
REGISTERED OFFICE Torbay Rise
Old Mill Road
Chelston Torquay
TQ2 6HL
United Kingdom
COMPANY NUMBER 03478950 (England and Wales)
ACCOUNTANT Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
THE GILSTONE PARTNERSHIP LIMITED

BALANCE SHEET

As at 28 February 2023
THE GILSTONE PARTNERSHIP LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 3,725,000 3,575,000
Investments 4 0 68,000
3,725,000 3,643,000
Current assets
Stocks 5 65,007 35,000
Debtors 6 154,789 153,075
Cash at bank and in hand 4,923 8,391
224,719 196,466
Creditors: amounts falling due within one year 7 ( 2,205,763) ( 2,141,539)
Net current liabilities (1,981,044) (1,945,073)
Total assets less current liabilities 1,743,956 1,697,927
Creditors: amounts falling due after more than one year 8 ( 982,802) ( 1,081,708)
Provision for liabilities ( 2,777) 0
Net assets 758,377 616,219
Capital and reserves
Called-up share capital 9 590,640 590,640
Profit and loss account 167,737 25,579
Total shareholders' funds 758,377 616,219

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Gilstone Partnership Limited (registered number: 03478950) were approved and authorised for issue by the Board of Directors on 24 November 2023. They were signed on its behalf by:

Mr M A D Egglestone
Director
THE GILSTONE PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
THE GILSTONE PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Gilstone Partnership 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 Torbay Rise, Old Mill Road, Chelston Torquay, TQ2 6HL, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts.

The company recognises revenue when the value of goods and services provided to date can be reliably measured.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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.

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.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

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 income over the period in which the related costs are recognised. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

3. Investment property

Investment property
£
Valuation
As at 01 March 2022 3,575,000
Fair value movement 150,000
As at 28 February 2023 3,725,000

Valuation

There has been no valuation of investment property by an independent valuer. The movement this year arose due a formal offer received for one of the properties and a decision was made by the directors to adjust the carrying value of this property to reflect this market value offer.

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 March 2022 68,000 68,000
At 28 February 2023 68,000 68,000
Provisions for impairment
At 01 March 2022 0 0
Impairment 68,000 68,000
At 28 February 2023 68,000 68,000
Carrying value at 28 February 2023 0 0
Carrying value at 28 February 2022 68,000 68,000

5. Stocks

2023 2022
£ £
Work in progress 65,007 35,000

6. Debtors

2023 2022
£ £
Trade debtors 7,917 5,077
Amounts owed by Parent undertakings 0 2,009
Other debtors 146,872 145,989
154,789 153,075

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 112,208 50,808
Trade creditors 1,912 6,863
Amounts owed to Parent undertakings 3,486 0
Other taxation and social security 895 601
Other creditors 2,087,262 2,083,267
2,205,763 2,141,539

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

2023 2022
£ £
Bank loans 982,802 1,081,708

Security is given on the company's bank loans by a fixed and floating charge held over the properties owned by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 543,923 645,974

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
280,000 Ordinary A shares of £ 1.00 each 280,000 280,000
310,000 Ordinary B shares of £ 1.00 each 310,000 310,000
200 Ordinary C shares of £ 1.00 each 200 200
44,000 Ordinary D shares of £ 0.01 each 440 440
590,640 590,640

10. Non-distributable reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £112,500. These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment properties.