IRIS Accounts Production v23.3.1.45 10106235 director 1.1.22 31.12.22 31.12.22 0 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure101062352021-12-31101062352022-12-31101062352022-01-012022-12-31101062352020-12-31101062352021-01-012021-12-31101062352021-12-3110106235ns16:EnglandWales2022-01-012022-12-3110106235ns15:PoundSterling2022-01-012022-12-3110106235ns11:Director12022-01-012022-12-3110106235ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3110106235ns11:SmallEntities2022-01-012022-12-3110106235ns11:AuditExempt-NoAccountantsReport2022-01-012022-12-3110106235ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3110106235ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3110106235ns11:AbridgedAccounts2022-01-012022-12-311010623512022-01-012022-12-3110106235ns11:RegisteredOffice2022-01-012022-12-3110106235ns6:CurrentFinancialInstruments2022-12-3110106235ns6:CurrentFinancialInstruments2021-12-3110106235ns6:Non-currentFinancialInstruments2022-12-3110106235ns6:Non-currentFinancialInstruments2021-12-3110106235ns6:ShareCapital2022-12-3110106235ns6:ShareCapital2021-12-3110106235ns6:RevaluationReserve2022-12-3110106235ns6:RevaluationReserve2021-12-3110106235ns6:RetainedEarningsAccumulatedLosses2022-12-3110106235ns6:RetainedEarningsAccumulatedLosses2021-12-3110106235ns6:NetGoodwill2022-01-012022-12-3110106235ns6:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110106235ns6:LandBuildings2022-01-012022-12-3110106235ns6:PlantMachinery2022-01-012022-12-3110106235ns6:Secured2022-12-3110106235ns6:Secured2021-12-3110106235ns6:RevaluationReserve2021-12-31
REGISTERED NUMBER: 10106235 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Gilpin Lake House Limited

Gilpin Lake House Limited (Registered number: 10106235)

Contents of the Financial Statements
for the Year Ended 31 December 2022










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Gilpin Lake House Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: B Cunliffe





REGISTERED OFFICE: The Lake House
Crook
Kendal
Cumbria
LA8 8LN





REGISTERED NUMBER: 10106235 (England and Wales)





ACCOUNTANTS: Hardy & Company (Hyde) Ltd
Chartered Certified Accountants
Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH

Gilpin Lake House Limited (Registered number: 10106235)

Abridged Statement of Financial Position
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,775,379 3,247,876
3,775,379 3,247,876

CURRENT ASSETS
Stocks 16,202 8,743
Debtors 38,236 307,119
54,438 315,862
CREDITORS
Amounts falling due within one year 1,149,504 1,117,293
NET CURRENT LIABILITIES (1,095,066 ) (801,431 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,680,313

2,446,445

CREDITORS
Amounts falling due after more than one
year

(1,225,360

)

(1,049,902

)

PROVISIONS FOR LIABILITIES (211,995 ) (213,641 )
NET ASSETS 1,242,958 1,182,902

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 760,224 760,224
Retained earnings 482,634 422,578
1,242,958 1,182,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gilpin Lake House Limited (Registered number: 10106235)

Abridged Statement of Financial Position - continued
31 December 2022


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2024 and were signed by:





B Cunliffe - Director


Gilpin Lake House Limited (Registered number: 10106235)

Notes to the Financial Statements
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

Gilpin Lake House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - at varying rates on cost

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.

Gilpin Lake House Limited (Registered number: 10106235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Gilpin Lake House Limited (Registered number: 10106235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 3 ).

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2022
and 31 December 2022 8
AMORTISATION
At 1 January 2022
and 31 December 2022 8
NET BOOK VALUE

At 31 December 2022 -
At 31 December 2021 -

Gilpin Lake House Limited (Registered number: 10106235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2022 3,414,109
Additions 556,509
At 31 December 2022 3,970,618
DEPRECIATION
At 1 January 2022 166,233
Charge for year 29,006
At 31 December 2022 195,239
NET BOOK VALUE
At 31 December 2022 3,775,379
At 31 December 2021 3,247,876

Included in cost or valuation of land and buildings is freehold land of £ 225,000 (2021 - £ 225,000 ) which is not depreciated.

Cost or valuation at 31 December 2022 is represented by:

Totals
£   
Valuation in 2021 1,991,452
Cost 1,979,166
3,970,618

If freehold property had not been revalued it would have been included at the following historical cost:

31.12.22 31.12.21
£    £   
Cost 1,891,452 1,891,452

Value of land in freehold land and buildings 225,000 225,000

Freehold land and buildings were valued on an open market basis on 31 December 2021 by the Board of Directors .

Gilpin Lake House Limited (Registered number: 10106235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


6. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank overdrafts 86,398 83,286
Bank loans 1,266,810 1,058,258
1,353,208 1,141,544

7. RESERVES
Revaluation
reserve
£   
At 1 January 2022
and 31 December 2022 760,224