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Registration number: 00395670

Gillson Bros Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Gillson Bros Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Gillson Bros Limited

(Registration number: 00395670)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

47,281

49,178

Investment property

5

2,824,250

2,824,250

 

2,871,531

2,873,428

Current assets

 

Debtors

6

4,868

4,362

Cash at bank and in hand

 

166,233

211,262

 

171,101

215,624

Creditors: Amounts falling due within one year

7

(76,599)

(80,657)

Net current assets

 

94,502

134,967

Total assets less current liabilities

 

2,966,033

3,008,395

Creditors: Amounts falling due after more than one year

7

(74,335)

(90,551)

Provisions for liabilities

(288,046)

(288,138)

Net assets

 

2,603,652

2,629,706

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

12,188

12,530

Profit and loss account

2,581,464

2,607,176

Shareholders' funds

 

2,603,652

2,629,706

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Gillson Bros Limited

(Registration number: 00395670)
Statement of Financial Position as at 31 May 2023 (continued)

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 


Mr William Tottle
Director

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 4
East Quay
Bridgwater
Somerset
TA6 4DB

Principal activity

The principal activity of the company is rental of industrial premises within the UK.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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 amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

1% straight line

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

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.

Investment property

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenses.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of financial position 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 as a finance cost in profit or loss in the period it arises.

Leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

49,645

26,977

47,615

124,237

Additions

-

1,681

-

1,681

At 31 May 2023

49,645

28,658

47,615

125,918

Depreciation

At 1 June 2022

11,905

23,802

39,352

75,059

Charge for the year

993

519

2,066

3,578

At 31 May 2023

12,898

24,321

41,418

78,637

Carrying amount

At 31 May 2023

36,747

4,337

6,197

47,281

At 31 May 2022

37,740

3,175

8,263

49,178

Included within the net book value of land and buildings above is £36,747 (2022 - £37,740) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 June

2,824,250

At 31 May

2,824,250

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Investment properties (continued)

Investment properties are revalued by the directors at the end of each financial year in line with current market conditions.

Investment property is held at its current fair value with changes in the fair value posted through the profit and loss account each year.

Investment property has not been revalued this year as the movement is immaterial.

All properties held by the company were revalued by Tamlyn and Son, Chartered Surveyors in July 1999 on an open market value basis. The property includes 7 units, of which one is used by the company, and the remaining units are rented. The rented units are shown as investment property, and the unit used by the company as freehold property.

Included within Land and Buildings, is Investment Property valued at £2,824,250 (original cost £591,202).

6

Debtors

2023
£

2022
£

Trade debtors

2,437

1,457

Prepayments

2,431

2,905

4,868

4,362

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

15,976

15,727

Trade creditors

 

228

2,203

Taxation and social security

 

10,517

29,499

Accruals and deferred income

 

25,700

4,000

Other creditors

 

24,178

29,228

 

76,599

80,657

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

74,335

90,551

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

342

342

Surplus/deficit on revaluation of other assets

(342)

-

(342)

(342)

342

-

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Reserves (continued)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

342

342

Surplus/deficit on revaluation of other assets

(342)

-

(342)

(342)

342

-

Profit and loss account:

This reserve records retained earnings and accumulated losses and are made up of £660,142 (2022: £616,037) of distributable reserves and £1,947,034 (2022: £2,015,677) of un-distributable reserves.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

74,335

90,551

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,976

15,727

Bank borrowings

The bank borrowings of the company are secured by first legal mortgage over industrial units, East Quay, Bridgwater, first legal mortgage over 0.5 acres of land, East Quay, Bridgwater, and an unscheduled mortgage debenture, incorporating fixed and floating charge over all current and future assets of the company.

 

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

118,520

212,270

Later than one year and not later than five years

164,000

205,000

282,520

417,270