BrightAccountsProduction v1.0.0 v1.0.0 2022-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is operating a public bar (prior year: renting a public bar). 5 February 2024 NI031112 2023-10-31 NI031112 2022-10-31 NI031112 2021-10-31 NI031112 2022-11-01 2023-10-31 NI031112 2021-11-01 2022-10-31 NI031112 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI031112 uk-curr:PoundSterling 2022-11-01 2023-10-31 NI031112 uk-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI031112 uk-bus:FullAccounts 2022-11-01 2023-10-31 NI031112 uk-bus:Director1 2022-11-01 2023-10-31 NI031112 uk-bus:Director2 2022-11-01 2023-10-31 NI031112 uk-bus:RegisteredOffice 2022-11-01 2023-10-31 NI031112 uk-bus:Agent1 2022-11-01 2023-10-31 NI031112 uk-core:ShareCapital 2023-10-31 NI031112 uk-core:ShareCapital 2022-10-31 NI031112 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI031112 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 NI031112 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI031112 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 NI031112 uk-bus:FRS102 2022-11-01 2023-10-31 NI031112 uk-core:PlantMachinery 2022-11-01 2023-10-31 NI031112 uk-core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI031112 uk-core:MotorVehicles 2022-11-01 2023-10-31 NI031112 uk-core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 NI031112 uk-core:CurrentFinancialInstruments 2023-10-31 NI031112 uk-core:CurrentFinancialInstruments 2022-10-31 NI031112 uk-core:WithinOneYear 2023-10-31 NI031112 uk-core:WithinOneYear 2022-10-31 NI031112 uk-core:WithinOneYear 2023-10-31 NI031112 uk-core:WithinOneYear 2022-10-31 NI031112 uk-core:AfterOneYear 2023-10-31 NI031112 uk-core:AfterOneYear 2022-10-31 NI031112 uk-core:AfterOneYear 2023-10-31 NI031112 uk-core:AfterOneYear 2022-10-31 NI031112 uk-core:BetweenOneTwoYears 2023-10-31 NI031112 uk-core:BetweenOneTwoYears 2022-10-31 NI031112 uk-core:BetweenTwoFiveYears 2023-10-31 NI031112 uk-core:BetweenTwoFiveYears 2022-10-31 NI031112 uk-core:EmployeeBenefits 2022-10-31 NI031112 uk-core:EmployeeBenefits 2022-11-01 2023-10-31 NI031112 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI031112 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI031112 uk-core:OtherDeferredTax 2023-10-31 NI031112 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-10-31 NI031112 uk-core:EmployeeBenefits 2023-10-31 NI031112 2022-11-01 2023-10-31 NI031112 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: NI031112
 
 
Gilta Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 October 2023
Gilta Limited
Directors and Other Information

 
Directors Mr. Michael Anthony Simpson
Mr. Samuel David Stranaghan
 
 
Company Registration Number NI031112
 
 
Registered Office AVA House
14 Prince Regent Road
Belfast
Co. Antrim
BT5 6QR
 
 
Business Address First Floor, Cityside Mall
100-150 York Road
Belfast
Co. Antrim
BT15 1WA
 
 
Accountants HCA Chartered Accountants Ltd
Chartered Accountants
12 Cromac Place
Belfast
Co. Antrim
BT7 2JB
Northern Ireland
 
 
Bankers Bank of Ireland
  82A Main Street
  Bangor
  BT20 4AG
  Northern Ireland



Gilta Limited
Company Registration Number: NI031112
Balance Sheet
as at 31 October 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 5 58,039 59,274
Tangible assets 6 135,764 149,513
───────── ─────────
193,803 208,787
───────── ─────────
 
Current Assets
Stocks 7 13,119 12,902
Debtors 8 4,638 3,173
Cash and cash equivalents 116,195 82,018
───────── ─────────
133,952 98,093
───────── ─────────
Creditors: amounts falling due within one year 9 (110,099) (125,434)
───────── ─────────
Net Current Assets/(Liabilities) 23,853 (27,341)
───────── ─────────
Total Assets less Current Liabilities 217,656 181,446
 
Creditors:
amounts falling due after more than one year 10 (156,701) (221,787)
 
Provisions for liabilities 12 (10,797) 10,996
───────── ─────────
Net Assets/(Liabilities) 50,158 (29,345)
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 50,058 (29,445)
───────── ─────────
Equity attributable to owners of the company 50,158 (29,345)
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 5 February 2024 and signed on its behalf by
           
           
________________________________          
Mr. Samuel David Stranaghan          
Director          
           



Gilta Limited
Notes to the Financial Statements
for the financial year ended 31 October 2023

   
1. General Information
 
Gilta Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is AVA House, 14 Prince Regent Road, Belfast, Co. Antrim, BT5 6QR. The  principal place of business of the company is at Yorkgate Shopping Cente, Belfast, BT15 1WA. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 October 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Intangible assets
Intangible assets are valued at cost less accumulated amortisation.
 
Liquor Licence
Liquor Licence are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 10 years.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Bar equipment - 20% Straight line
  Fixtures, fittings and equipment - 20% Straight line
  Office equipment - 20% Straight line
  Property Improvements - 4% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
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.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
The company has a deficiency of net assets caused, in the main, from loans advanced to it from directors and another company. These loans will only be repaid when the company is in a position to do so.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 17, (2022 - 17).
 
  2023 2022
  Number Number
 
Employee 14 15
Directors 2 2
  ───────── ─────────
  16 17
  ═════════ ═════════
       
5. Intangible assets
  Liquor  
  Licence Total
  £ £
Cost
At 1 November 2022 61,532 61,532
  ───────── ─────────
 
At 31 October 2023 61,532 61,532
  ───────── ─────────
Amortisation
At 1 November 2022 2,258 2,258
Charge for financial year 1,235 1,235
  ───────── ─────────
At 31 October 2023 3,493 3,493
  ───────── ─────────
Net book value
At 31 October 2023 58,039 58,039
  ═════════ ═════════
At 31 October 2022 59,274 59,274
  ═════════ ═════════
             
6. Tangible assets
  Bar Fixtures, Office Property Total
  equipment fittings and equipment Improvements  
    equipment      
  £ £ £ £ £
Cost
At 1 November 2022 36,789 48,350 1,349 81,500 167,988
Additions 693 3,943 - 8,500 13,136
Disposals (12,269) - - - (12,269)
  ───────── ───────── ───────── ───────── ─────────
At 31 October 2023 25,213 52,293 1,349 90,000 168,855
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 November 2022 8,313 5,965 937 3,260 18,475
Charge for the financial year 5,201 10,043 179 3,514 18,937
On disposals (4,321) - - - (4,321)
  ───────── ───────── ───────── ───────── ─────────
At 31 October 2023 9,193 16,008 1,116 6,774 33,091
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 October 2023 16,020 36,285 233 83,226 135,764
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 October 2022 28,476 42,385 412 78,240 149,513
  ═════════ ═════════ ═════════ ═════════ ═════════
       
7. Stocks 2023 2022
  £ £
 
Consumables 13,119 12,902
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
8. Debtors 2023 2022
  £ £
 
Other debtors - 925
Prepayments and accrued income 4,638 2,248
  ───────── ─────────
  4,638 3,173
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank loan 5,102 4,976
Trade creditors 8,184 14,753
Taxation and social security costs (Note 11) 17,035 16,648
Other creditors 2,482 3,421
Accruals:
Pension accrual 292 364
Other accruals 77,004 85,272
  ───────── ─────────
  110,099 125,434
  ═════════ ═════════
 
The company's Bounce Back Loan is secured by a BBL guarantee covering 100% of the outstanding balance of the facility.
       
10. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 14,647 19,733
Advance from a former related party 52,054 52,054
Directors' loan accounts 90,000 150,000
  ───────── ─────────
  156,701 221,787
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 9) 5,102 4,976
Repayable between one and two years 5,231 5,102
Repayable between two and five years 61,470 66,685
  ───────── ─────────
  71,803 76,763
  ═════════ ═════════
 
 
The loan from the former related party is unsecured and interest free. That loan will only be repaid when the company is in a position to do so.
       
11. Taxation and social security 2023 2022
  £ £
 
Creditors:
VAT 13,906 12,622
PAYE / NI 1,090 2,719
User-defined taxation creditor 2,039 1,307
  ───────── ─────────
  17,035 16,648
  ═════════ ═════════
             
12. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Other Total Total
  allowances   differences    
           
        2023 2022
  £ £ £ £ £
 
At financial year start 13,491 (24,469) (18) (10,996) (4,192)
Charged to profit and loss (356) 22,204 (55) 21,793 (6,804)
  ───────── ───────── ───────── ───────── ─────────
At financial year end 13,135 (2,265) (73) 10,797 (10,996)
  ═════════ ═════════ ═════════ ═════════ ═════════
       
13. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 October 2023.
           
14. Related party transactions
 
In previous years Yorkgate Bingo Limited was a related party by virtue of common control. This company is no longer a related party whereby amounts due to it (that are unsecured and interest free) have been disclosed as other loans. These loans will only be repaid when the company is in a position to do so.
   
15. Directors' advances, credits and guarantees
 
At the year end, the company owed the directors £90,000 (2022: £150,000). These loans are unsecured, interest free and repayable on demand.
   
16. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.