Company registration number 00664388 (England and Wales)
Gesco Limited
Unaudited financial statements
For the year ended 29 September 2023
Gesco Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Gesco Limited
Balance sheet
As at 29 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
624
832
Investments
4
657,153
613,545
657,777
614,377
Current assets
Cash at bank and in hand
79,002
100,431
Creditors: amounts falling due within one year
5
(58,556)
(46,915)
Net current assets
20,446
53,516
Net assets
678,223
667,893
Capital and reserves
Called up share capital
2,750
2,750
Capital redemption reserve
2,250
2,250
Fair value reserve
6
84,746
24,276
Distributable profit and loss reserves
588,477
638,617
Total equity
678,223
667,893
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
Mr G Sweeney
Director
Company registration number 00664388 (England and Wales)
Gesco Limited
Notes to the financial statements
For the year ended 29 September 2023
- 2 -
1
Accounting policies
Company information
Gesco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chester House, Lloyd Drive, Cheshire Oaks Business Park, Ellesmere Port, Cheshire, England, CH65 9HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Fixed asset investments
Interests in quoted investments classed as fixed asset investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Gesco Limited
Notes to the financial statements (continued)
For the year ended 29 September 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets classified as receivable within one year, they are not amortised but carried forward at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors without service contracts) employed by the company during the year was:
2023
2022
Number
Number
Directors
3
3
Gesco Limited
Notes to the financial statements (continued)
For the year ended 29 September 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 September 2022 and 29 September 2023
4,965
Depreciation and impairment
At 30 September 2022
4,133
Depreciation charged in the year
208
At 29 September 2023
4,341
Carrying amount
At 29 September 2023
624
At 29 September 2022
832
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
657,153
613,545
Fixed asset investments revalued
Fixed asset investments comprise :
Listed investments of £450,763 valued at fair value based upon quoted market values as at the 29th September 2023 with a historical cost of £366,017.
LLP Partnership investment of £206,390 valued in line with the LLP partnership capital investment and distributed profits.
Gesco Limited
Notes to the financial statements (continued)
For the year ended 29 September 2023
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 30 September 2022
613,545
Additions
97,489
Valuation changes
9,953
Profit on disposals
(5,148)
Fair value adjustment
33,751
Disposals
(92,437)
At 29 September 2023
657,153
Carrying amount
At 29 September 2023
657,153
At 29 September 2022
613,545
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
58,556
46,915
6
Fair value reserve
2023
2022
£
£
At the beginning of the year
24,276
141,021
Fair value adjustments in the year
60,470
(116,745)
At the end of the year
84,746
24,276
7
Related party transactions
Mr G & Mrs L Sweeney
Directors & Shareholders
The Directors who are also shareholders of the company have advanced funds to the company on an interest free and repayable on demand basis. As at the 29 September 2023 the amount due to the Directors was £53,492 (2022 £41,852).