Company No:
Contents
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) |
Note | 31.12.2023 | 31.12.2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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23,872 | 163,293 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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1,049,206 | 184,400 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 206,429 | 81,224 | ||
Total assets less current liabilities | 230,301 | 244,517 | ||
Net assets |
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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' funds |
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Directors' responsibilities:
The financial statements of Gilo Holdings Ltd (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 period, unless otherwise stated.
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 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 from contracts to provide management services to group companies is recognised in the period in which the services are provided.
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.
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.
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 |
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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 |
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Vehicles |
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Office equipment |
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reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are recognised at their initial cost less any impairment losses.
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.
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.
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 |
Year ended 31.12.2023 |
Period from 11.03.2022 to 31.12.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated amortisation | |||
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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Plant and machinery | Vehicles | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2023 |
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Disposals | (
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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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Disposals | (
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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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Investments in subsidiaries
31.12.2023 | |
£ | |
Cost | |
At 01 January 2023 |
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Disposals | (
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Investments in associates | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Amounts owed by Group undertakings (note 9) |
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Prepayments |
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VAT recoverable |
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Other debtors |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings (note 9) |
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Amounts owed to directors (note 9) |
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Accruals |
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Other taxation and social security |
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Other creditors |
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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).