Gill Engineering Limited Filleted Accounts Cover
Gill Engineering Limited
Company No. 01866004
Information for Filing with The Registrar
31 December 2023
Gill Engineering Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the year under review was precision engineering .
Directors
The Directors who served at any time during the year were as follows:
Janet Gill
Ronald Gill
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Janet Gill
Company Secretary
18 March 2024
Gill Engineering Limited Balance Sheet Registrar
at
31 December 2023
Company No.
01866004
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
625,000638,557
625,000638,557
Current assets
Debtors
5
-65
Cash at bank and in hand
-67,273
-67,338
Creditors: Amount falling due within one year
6
-
(9,617)
Net current assets
-57,721
Total assets less current liabilities
625,000696,278
Provisions for liabilities
Deferred taxation
-
(2,576)
Net assets
625,000693,702
Capital and reserves
Called up share capital
10,00010,000
Share premium account
8
82,73082,730
Revaluation reserve
8
369,205369,205
Profit and loss account
8
163,065231,767
Total equity
625,000693,702
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 18 March 2024 and signed on its behalf by:
Janet Gill
Director
18 March 2024
Gill Engineering Limited Notes to the Accounts Registrar
for the year ended 31 December 2023
1
General information
Gill Engineering Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 01866004
Its registered office is:
Its trading address is:
Oakwood
111 Wickham Road
Chilling Lane, Warsash
Fareham
Southampton
Hampshire
SO31 9HF
PO16 7HZ
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Freehold buildings
0% Not provided
Plant and machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Furniture, fittings and equipment
25% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
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.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
00
4
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 January 2023
625,000149,76115,0014,838794,600
Disposals
-
(149,761)
-
(4,838)
(154,599)
At 31 December 2023
625,000-15,001-640,001
Depreciation
At 1 January 2023
-142,64610,2553,142156,043
Disposals
-
(142,646)
4,746
(3,142)
(141,042)
At 31 December 2023
--15,001-15,001
Net book values
At 31 December 2023
625,000---625,000
At 31 December 2022
625,000
7,115
4,746
1,696
638,557
5
Debtors
2023
2022
£
£
VAT recoverable
-65
-65
6
Creditors:
amounts falling due within one year
2023
2022
£
£
Taxes and social security
-
3,371
Loans from directors
-5,747
Accruals and deferred income
-499
-9,617
7
Share Capital
10,000 Ordinary £1 shares issued and fully paid.
8
Reserves
Revaluation Reserve
Total other reserves
£
£
At 1 January 2022
164,205
164,205
Movement on revaluation reserve
205,000
205,000
At 31 December 2022 and 1 January 2023
369,205
369,205
At 31 December 2023
369,205369,205
Revaluation reserve - reflects the revaluation of property other than investment properties.
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
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