2023-02-012024-01-312024-01-31false11621628GILHORNES 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GILHORNES LIMITED

Registered Number
11621628
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

GILHORNES LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

Mr Elliot Kenneth Horne

Registered Address

Lytchett House 13 Freeland Park
Lytchett Matravers
Poole
BH16 6FA

Registered Number

11621628 (England and Wales)
GILHORNES LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3416832
416832
Current assets
Stocks416,9493,307
Debtors56,96925,084
Cash at bank and on hand1474,666
24,06533,057
Creditors amounts falling due within one year6(39,218)(25,430)
Net current assets (liabilities)(15,153)7,627
Total assets less current liabilities(14,737)8,459
Creditors amounts falling due after one year7(21,591)(17,602)
Provisions for liabilities8-(158)
Net assets(36,328)(9,301)
Capital and reserves
Called up share capital100100
Profit and loss account(36,428)(9,401)
Shareholders' funds(36,328)(9,301)
The financial statements were approved and authorised for issue by the Director on 2 August 2024, and are signed on its behalf by:
Mr Elliot Kenneth Horne
Director
Registered Company No. 11621628
GILHORNES LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 February 231,2481,248
At 31 January 241,2481,248
Depreciation and impairment
At 01 February 23416416
Charge for year416416
At 31 January 24832832
Net book value
At 31 January 24416416
At 31 January 23832832
4.Stocks

2024

2023

££
Finished goods16,9493,307
Total16,9493,307
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables500-
Other debtors6,01925,084
Prepayments and accrued income450-
Total6,96925,084
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables3,775248
Bank borrowings and overdrafts724,592
Taxation and social security3,251-
Other creditors32,185590
Total39,21825,430
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts21,59117,602
Total21,59117,602
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-158
Total-158