Company No:
Contents
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) |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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34,740 | 37,857 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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6,913 | 20,450 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (968,002) | (974,106) | ||
Total assets less current liabilities | (933,262) | (936,249) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Gilo Industries Research Limited (registered number:
G B N Cardozo MBE
Director |
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.
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 from a contract to provide services is recognised in the period in which the services are provided.
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.
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 |
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Fixtures and fittings |
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Office equipment |
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Gains and Losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
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 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||||||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||||||
At 31 December 2023 |
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At 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings (note 7) |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings (note 7) |
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Amounts owed to director (note 7) |
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Accruals |
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Taxation and social security |
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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).