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Company No: 13969974 (England and Wales)

GILO HOLDINGS LTD

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

GILO HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GILO HOLDINGS LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
GILO HOLDINGS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS G B N Cardozo MBE
P S Dunn
A E Head
S A Hill
S C Walker
S S Wedgwood (Resigned 30 June 2024)
REGISTERED OFFICE Unit 9 Chaldicott Barns
Tokes Lane
Semley
SP7 9AW
United Kingdom
COMPANY NUMBER 13969974 (England and Wales)
GILO HOLDINGS LTD

BALANCE SHEET

As at 31 December 2023
GILO HOLDINGS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 15,889 15,494
Tangible assets 5 7,480 147,198
Investments 6 503 601
23,872 163,293
Current assets
Debtors 7 620,561 139,394
Cash at bank and in hand 428,645 45,006
1,049,206 184,400
Creditors: amounts falling due within one year 8 ( 842,777) ( 103,176)
Net current assets 206,429 81,224
Total assets less current liabilities 230,301 244,517
Net assets 230,301 244,517
Capital and reserves
Called-up share capital 467 467
Profit and loss account 229,834 244,050
Total shareholders' funds 230,301 244,517

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.

Directors' responsibilities:

The financial statements of Gilo Holdings Ltd (registered number: 13969974) were approved and authorised for issue by the Board of Directors on 08 August 2024. They were signed on its behalf by:

G B N Cardozo MBE
Director
GILO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GILO HOLDINGS LTD

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 period, unless otherwise stated.

General information and basis of accounting

Gilo Holdings Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 13969974). The registered office address is Unit 9 Chaldicott Barns, Tokes Lane, Semley, Dorset, SP7 9AW.

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 comparative figures are for the period between incorporation on 11 March 2022 - 31 December 2022.

The following principal accounting policies have been applied:

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 contracts to provide management services to group companies is recognised in the period in which the services are provided.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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 all 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 all 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.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost Less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 20 years.

Amortisation is provided on the following basis:

Trademarks, patents and licences 10 - 20 years straight line
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 basis:

Plant and machinery 15 years straight line
Vehicles 4 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.

Fixed asset investments

Investments in subsidiaries are recognised at their initial cost less any impairment losses.

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 hand and at bank, short-term bank deposits with an original maturity of three months or less and 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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 0 224,292 224,292
Capital Redemption reserve 224,292 (224,292) 0

3. Employees

Year ended
31.12.2023
Period from
11.03.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 6

4. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 16,310 16,310
Additions 1,275 1,275
At 31 December 2023 17,585 17,585
Accumulated amortisation
At 01 January 2023 816 816
Charge for the financial year 880 880
At 31 December 2023 1,696 1,696
Net book value
At 31 December 2023 15,889 15,889
At 31 December 2022 15,494 15,494

5. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2023 146,313 990 11,649 158,952
Disposals ( 146,313) 0 0 ( 146,313)
At 31 December 2023 0 990 11,649 12,639
Accumulated depreciation
At 01 January 2023 9,755 248 1,751 11,754
Charge for the financial year 9,652 247 2,913 12,812
Disposals ( 19,407) 0 0 ( 19,407)
At 31 December 2023 0 495 4,664 5,159
Net book value
At 31 December 2023 0 495 6,985 7,480
At 31 December 2022 136,558 742 9,898 147,198

6. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 01 January 2023 601
Disposals ( 100)
At 31 December 2023 501
Carrying value at 31 December 2023 501
Carrying value at 31 December 2022 601

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2023 0 0
Additions 2 2
At 31 December 2023 2 2
Carrying value at 31 December 2023 2 2
Carrying value at 31 December 2022 0 0

7. Debtors

31.12.2023 31.12.2022
£ £
Amounts owed by Group undertakings (note 9) 607,751 77,765
Prepayments 9,716 45,615
VAT recoverable 2,780 0
Other debtors 314 16,014
620,561 139,394

8. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 5,390 51,517
Amounts owed to Group undertakings (note 9) 770,977 3,501
Amounts owed to directors (note 9) 4,217 4,217
Accruals 50,713 34,027
Other taxation and social security 10,732 9,231
Other creditors 748 683
842,777 103,176

9. Related party transactions

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

There were no transactions with directors in the year and at the year end the amount owed to the director was £4,217 (2022: £4,217).