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REGISTERED NUMBER: 00482950 (England and Wales)















GILFIN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






GILFIN LIMITED (REGISTERED NUMBER: 00482950)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


GILFIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: G W F Gilman
Mrs Y M Gilman





REGISTERED OFFICE: Windrush
Main Street
Belmesthorpe
Stamford
Lincolnshire
PE9 4JQ





REGISTERED NUMBER: 00482950 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

GILFIN LIMITED (REGISTERED NUMBER: 00482950)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,945 1,122
Investment property 5 1,300,000 1,300,000
1,301,945 1,301,122

CURRENT ASSETS
Cash at bank and in hand 71,377 40,314

CREDITORS
Amounts falling due within one year 6 64,597 41,339
NET CURRENT ASSETS/(LIABILITIES) 6,780 (1,025 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,308,725 1,300,097

PROVISIONS FOR LIABILITIES 163,250 163,250
NET ASSETS 1,145,475 1,136,847

CAPITAL AND RESERVES
Called up share capital 7 1,900 1,900
Share premium 8 209,888 209,888
Capital redemption reserve 8 1,877 1,877
Fair value reserve 8 769,479 769,479
Capital reserve 8 22,577 22,577
Retained earnings 8 139,754 131,126
SHAREHOLDERS' FUNDS 1,145,475 1,136,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





G W F Gilman - Director


GILFIN LIMITED (REGISTERED NUMBER: 00482950)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Gilfin Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are held at cost less depreciation.

Investment property
Investment property is stated at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


GILFIN LIMITED (REGISTERED NUMBER: 00482950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 July 2023 31,448 3,638 35,086
Additions - 1,646 1,646
Disposals - (2,098 ) (2,098 )
At 30 June 2024 31,448 3,186 34,634
DEPRECIATION
At 1 July 2023 30,326 3,638 33,964
Charge for year 280 543 823
Eliminated on disposal - (2,098 ) (2,098 )
At 30 June 2024 30,606 2,083 32,689
NET BOOK VALUE
At 30 June 2024 842 1,103 1,945
At 30 June 2023 1,122 - 1,122

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 1,300,000
NET BOOK VALUE
At 30 June 2024 1,300,000
At 30 June 2023 1,300,000

GILFIN LIMITED (REGISTERED NUMBER: 00482950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. INVESTMENT PROPERTY - continued

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2023 150,000
Valuation in 2018 704,877
Cost 445,123
1,300,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 445,123 445,123
Aggregate depreciation (77,852 ) (77,852 )

At 30 June 2024, the director believes that the property valuation is not materially different from the professional valuation obtained at 30 June 2023.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,952 989
Amounts owed to group undertakings 1,764 1,662
Corporation tax 18,228 -
Other taxes and social security 1,493 518
Other creditors 22,500 22,500
Accruals and deferred income 17,660 15,670
64,597 41,339

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,900 Ordinary £1 1,900 1,900

8. RESERVES


Fair value
reserve
£

Balance at 1 July 2023769,479
Revaluation of investment property-
Deferred tax movement on investment property-
Balance at 30 June 2024769,479