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REGISTRAR OF COMPANIES

Registration number: 04161488

Geltsdale Limited

Unaudited Financial Statements

31 March 2023

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Geltsdale Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Geltsdale Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Geltsdale Limited for the year ended 31 March 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Geltsdale Limited, as a body, in accordance with the terms of our engagement letter dated 22 June 2021. Our work has been undertaken solely to prepare for your approval the accounts of Geltsdale Limited and state those matters that we have agreed to state to the Board of Directors of Geltsdale Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Geltsdale Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Geltsdale Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Geltsdale Limited. You consider that Geltsdale Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Geltsdale Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

23 November 2023

 

Geltsdale Limited

(Registration number: 04161488)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

2,295,000

2,295,000

Investments

6

300,000

300,000

 

2,595,000

2,595,000

Current assets

 

Debtors

7

350,817

323,496

Cash at bank and in hand

 

94,369

105,472

 

445,186

428,968

Creditors: Amounts falling due within one year

8

(157,515)

(150,158)

Net current assets

 

287,671

278,810

Total assets less current liabilities

 

2,882,671

2,873,810

Creditors: Amounts falling due after more than one year

8

(396,125)

(473,516)

Provisions for liabilities

(19,412)

(15,232)

Net assets

 

2,467,134

2,385,062

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Non-distributable reserve

 

135,305

135,305

Profit and loss account

2,331,729

2,249,657

Total equity

 

2,467,134

2,385,062

 

Geltsdale Limited

(Registration number: 04161488)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 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 Profit and Loss Account.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

.........................................

L J McKey

Company secretary and director

 

Geltsdale Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Geltsdale Gardens
Wetheral
CARLISLE
CA4 8LG

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 sales/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 current and 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.

 

Geltsdale Limited

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

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 stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Furniture, fittings and office equipment

20% straight line

Investment property

Investment property is carried at fair value as determined by J W Watt and derived from the current market prices for comparable real estate determined annually. Observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset are used. Changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Geltsdale Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

Geltsdale Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Geltsdale Limited

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

4

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

31,449

31,449

At 31 March 2023

31,449

31,449

Depreciation

At 1 April 2022

31,449

31,449

At 31 March 2023

31,449

31,449

Carrying amount

At 31 March 2023

-

-

5

Investment properties

£

At 1 April 2022

2,295,000

At 31 March 2023

2,295,000

The investment properties were valued at open market value by the director J H Watt. There has been no valuation of the investment properties by an independent valuer.

 

Geltsdale Limited

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

300,000

300,000

Subsidiaries

£

Cost or valuation

At 1 April 2022

300,000

At 31 March 2023

300,000

Carrying amount

At 31 March 2023

300,000

At 31 March 2022

300,000

7

Debtors

2023
£

2022
£

Trade debtors

30,855

28,525

Amounts owed by group undertakings and undertakings in which the company has a participating interest

314,494

289,654

Other debtors

5,468

5,317

350,817

323,496

 

Geltsdale Limited

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

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

90,514

86,538

Trade creditors

 

1,380

613

Taxation and social security

 

7,143

6,819

Corporation tax liability

 

27,047

25,917

Other creditors

 

31,431

30,271

 

157,515

150,158

Due after one year

 

Loans and borrowings

9

396,125

473,516

2023
£

2022
£

After more than five years by instalments

60,601

148,545

60,601

148,545

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

77,391

74,895

Other borrowings

13,123

11,643

90,514

86,538

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

77,391

74,895

Bank borrowings are secured by fixed and floating charges over the company's assets

 

 

Geltsdale Limited

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

396,125

473,516

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

396,125

473,516

Bank borrowings are secured by fixed and floating charges over the company's assets.