Company registration number 07384487 (England and Wales)
GILGRESCU LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
GILGRESCU LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GILGRESCU LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,185
9,472
Current assets
Debtors
5
898,499
848,510
Cash at bank and in hand
1,750,000
1,693,656
2,648,499
2,542,166
Creditors: amounts falling due within one year
6
(694,838)
(450,436)
Net current assets
1,953,661
2,091,730
Net assets
1,958,846
2,101,202
Capital and reserves
Called up share capital
60
60
Profit and loss reserves
1,958,786
2,101,142
Total equity
1,958,846
2,101,202
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 31 October 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 31 July 2024 and are signed on its behalf by:
Mr AP Scully
Director
Company registration number 07384487 (England and Wales)
GILGRESCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Gilgrescu Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite A, Allied Business Centre, 1 Potter Place, Skelmersdale, Lancashire, United Kingdom, WN8 9PW.
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 £.
1.2
Turnover
Turnover represents net invoiced profit cost, excluding value added tax, derived from the principal activity of the Company. Turnover is recognised on the settlement of a personal injury matter once the entity's profit costs have been met by an indemnifying party.
1.3
Intangible fixed assets - goodwill
Goodwill represents the amount paid in connection with the acquisition of a business in 2014.
Given that a reliable estimate of the useful life of purchased goodwill cannot be made, the directors, having regard for future legislative changes, have presumed the useful life to be five years.
1.4
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 and fittings
15% on reducing balance
Computers
33% on cost
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
GILGRESCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
19
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
3,191,000
Amortisation and impairment
At 1 November 2022 and 31 October 2023
3,191,000
Carrying amount
At 31 October 2023
At 31 October 2022
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 November 2022
9,889
38,177
48,066
Additions
1,358
1,358
At 31 October 2023
9,889
39,535
49,424
Depreciation and impairment
At 1 November 2022
8,311
30,283
38,594
Depreciation charged in the year
237
5,408
5,645
At 31 October 2023
8,548
35,691
44,239
Carrying amount
At 31 October 2023
1,341
3,844
5,185
At 31 October 2022
1,578
7,894
9,472
GILGRESCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
898,434
794,928
Other debtors
65
53,582
898,499
848,510
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
39,633
Corporation tax
164,640
116,918
Other taxation and social security
186,602
511,020
Other creditors
303,963
(177,502)
694,838
450,436