Silverfin false false 31/12/2023 01/01/2023 31/12/2023 G B N Cardozo MBE 09/06/2010 08 August 2024 The principal activity of the Company during the financial year was technical testing and analysis. 07278024 2023-12-31 07278024 bus:Director1 2023-12-31 07278024 2022-12-31 07278024 core:CurrentFinancialInstruments 2023-12-31 07278024 core:CurrentFinancialInstruments 2022-12-31 07278024 core:ShareCapital 2023-12-31 07278024 core:ShareCapital 2022-12-31 07278024 core:RetainedEarningsAccumulatedLosses 2023-12-31 07278024 core:RetainedEarningsAccumulatedLosses 2022-12-31 07278024 core:PlantMachinery 2022-12-31 07278024 core:FurnitureFittings 2022-12-31 07278024 core:OfficeEquipment 2022-12-31 07278024 core:PlantMachinery 2023-12-31 07278024 core:FurnitureFittings 2023-12-31 07278024 core:OfficeEquipment 2023-12-31 07278024 2023-01-01 2023-12-31 07278024 bus:FilletedAccounts 2023-01-01 2023-12-31 07278024 bus:SmallEntities 2023-01-01 2023-12-31 07278024 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07278024 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07278024 bus:Director1 2023-01-01 2023-12-31 07278024 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 07278024 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 07278024 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 07278024 2022-01-01 2022-12-31 07278024 core:PlantMachinery 2023-01-01 2023-12-31 07278024 core:FurnitureFittings 2023-01-01 2023-12-31 07278024 core:OfficeEquipment 2023-01-01 2023-12-31 07278024 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 07278024 (England and Wales)

GILO INDUSTRIES RESEARCH LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GILO INDUSTRIES RESEARCH LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GILO INDUSTRIES RESEARCH LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
GILO INDUSTRIES RESEARCH LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR G B N Cardozo MBE
REGISTERED OFFICE Lawn Barn Farms
Shaftesbury Road
Gillingham
SP8 5QP
England
United Kingdom
COMPANY NUMBER 07278024 (England and Wales)
GILO INDUSTRIES RESEARCH LIMITED

BALANCE SHEET

As at 31 December 2023
GILO INDUSTRIES RESEARCH LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 34,740 37,857
34,740 37,857
Current assets
Debtors 5 1,190 1,786
Cash at bank and in hand 5,723 18,664
6,913 20,450
Creditors: amounts falling due within one year 6 ( 974,915) ( 994,556)
Net current liabilities (968,002) (974,106)
Total assets less current liabilities (933,262) (936,249)
Net liabilities ( 933,262) ( 936,249)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 933,362 ) ( 936,349 )
Total shareholders' deficit ( 933,262) ( 936,249)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Gilo Industries Research Limited (registered number: 07278024) were approved and authorised for issue by the Director on 08 August 2024. They were signed on its behalf by:

G B N Cardozo MBE
Director
GILO INDUSTRIES RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GILO INDUSTRIES RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gilo Industries Research Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 07278024). The registered office address is Lawn Barn Farms, Shaftesbury Road, Gillingham, Dorset, SP8 5QP.

The Company's functional and presentational currency is GBP.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

Turnover from a contract to provide services is recognised in the period in which the services are provided.

Taxation

Current tax
Tax is recognised in profit or Loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date, except that:

·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
·Any deferred tax balances are reversed if and when aft conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and Laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery 15 years straight line
Fixtures and fittings 15 years straight line
Office equipment 4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and Losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in bank overdrafts which are an integral part of the Company's cash management.

Financial Liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

2. Prior year adjustment

The amounts classified as capital redemption reserves in the original 2022 accounts have been reclassified as a loan write off.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Connected party loan write off 0 4,163 4,163
Capital Redemption reserve 4,163 (4,163) 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 January 2023 16,152 52,518 8,552 77,222
Additions 1,895 541 0 2,436
At 31 December 2023 18,047 53,059 8,552 79,658
Accumulated depreciation
At 01 January 2023 13,043 22,201 4,121 39,365
Charge for the financial year 471 3,507 1,575 5,553
At 31 December 2023 13,514 25,708 5,696 44,918
Net book value
At 31 December 2023 4,533 27,351 2,856 34,740
At 31 December 2022 3,109 30,317 4,431 37,857

5. Debtors

2023 2022
£ £
Trade debtors 0 131
Amounts owed by Group undertakings (note 7) 151 510
Other debtors 1,039 1,145
1,190 1,786

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 10,326 44,386
Amounts owed to Group undertakings (note 7) 199,646 103,958
Amounts owed to director (note 7) 748,604 837,285
Accruals 16,339 5,110
Taxation and social security 0 3,817
974,915 994,556

7. Related party transactions

The Company has taken advantage of the exemption not to disclose transactions with wholly owned group entities.

The director has provided an interest free loan to the Company. At the year end the Company owed the director £748,604 (2022 - £837,285).

8. Ultimate controlling party

The Company's immediate parent undertaking is Gilo Holdings Limited, a company registered in England and Wales. The registered office of the parent is Unit 9 Chaldicott Barns, Tokes Lane, Semley, Dorset, United Kingdom, SP7 9AW.