Registered number
08176741
Simon Gillespie Limited
Filleted Accounts
31 December 2023
Simon Gillespie Limited
Registered number: 08176741
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 15,952 15,445
Current assets
Stocks 8,132 8,132
Debtors 4 182,178 111,055
Investments held as current assets 148,368 148,368
Cash at bank and in hand 859,573 800,037
1,198,251 1,067,592
Creditors: amounts falling due within one year 6 (173,573) (167,672)
Net current assets 1,024,678 899,920
Total assets less current liabilities 1,040,630 915,365
Creditors: amounts falling due after more than one year 7 (35,647) (40,653)
Provisions for liabilities (3,191) (2,935)
Net assets 1,001,792 871,777
Capital and reserves
Called up share capital 2 2
Revaluation reserve 9 116,800 116,800
Profit and loss account 884,990 754,975
Shareholders' funds 1,001,792 871,777
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Gillespie
Director
Approved by the board on 17 September 2024
Simon Gillespie Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, office equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Amending accounts for 2022
The comparatives for the prior year accounts for the year ended 31 December 2022 have been adjusted to amend declared expenses in the company's Profit & Loss Statement for the 2022 year. These expenses had previously been debited to Mr Simon Gillespie's loan account. In addition in the 2022 accounting year, the company invested a further £2,300 in a painting and this expense had originally been treated as cost of goods sold. These adjustments have resulted in a net decrease in after tax Retained Profits for the 2022 year of £4,104.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 11
3 Tangible fixed assets
Office equipment Plant and machinery etc Fixtures & fittings Total
£ £ £ £
Cost
At 1 January 2023 30,348 110,348 8,672 149,368
Additions 5,824 - - 5,824
At 31 December 2023 36,172 110,348 8,672 155,192
Depreciation
At 1 January 2023 22,964 103,188 7,771 133,923
Charge for the year 3,302 1,790 225 5,317
At 31 December 2023 26,266 104,978 7,996 139,240
Net book value
At 31 December 2023 9,906 5,370 676 15,952
At 31 December 2022 7,384 7,160 901 15,445
4 Debtors 2023 2022
£ £
Trade debtors 135,057 76,132
Other debtors 47,121 34,923
182,178 111,055
Amounts due after more than one year included above. 7,265 47,000
5 Fine Art Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 148,368 148,368
Investment in fine art was revalued from the original acquistion cost of £18,200 to £135,000 in 2015 in line with then current market valuations of fine art. The company subsequently acquired £10,000 worth of paintings from Simon Gillespie, a director of the company.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,565 18,709
Taxation and social security costs 157,871 137,467
Other creditors 12,137 11,496
173,573 167,672
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,647 40,653
In 2020 the company took out a UK Government guaranteed Covid Bounce Back Loan of £50,000 for 5 years at an interest rate of 2.5%. The outstanding balance is now £35,647 (2022: £40,653).
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 35,647 40,653
See Note 7 above.
9 Revaluation reserve 2023 2022
£ £
At 1 January 2023 116,800 116,800
At 31 December 2023 116,800 116,800
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 118,050 212,490
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Simon Gillespie
Short term loan - 76,902 (76,902) -
Ms Philippa Found
Short term loan - 33,699 (33,699) -
- 110,601 (110,601) -
12 Controlling party
Mr Simon Gillespie, director of the company, is the company's controlling party.
12 Other information
Simon Gillespie Limited is a private company limited by shares and incorporated in England. Its registered office is:
104 New Bond Street, London, S1S 1SU
Simon Gillespie Limited 08176741 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts July 2024 Mr S Gillespie No description of principal activity 08176741 2022-01-01 2022-12-31 08176741 core:WithinOneYear 2022-12-31 08176741 core:AfterOneYear 2022-12-31 08176741 core:ShareCapital 2022-12-31 08176741 core:OtherReservesSubtotal 2022-12-31 08176741 core:RetainedEarningsAccumulatedLosses 2022-12-31 08176741 core:AllPeriods 2022-12-31 08176741 core:RevaluationReserve 2021-12-31 08176741 2023-01-01 2023-12-31 08176741 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08176741 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08176741 bus:Director40 2023-01-01 2023-12-31 08176741 1 2023-01-01 2023-12-31 08176741 2 2023-01-01 2023-12-31 08176741 core:LandBuildings 2023-01-01 2023-12-31 08176741 core:PlantMachinery 2023-01-01 2023-12-31 08176741 core:Vehicles 2023-01-01 2023-12-31 08176741 bus:Director1 2023-01-01 2023-12-31 08176741 bus:Director1 1 2023-01-01 2023-12-31 08176741 bus:Director2 2023-01-01 2023-12-31 08176741 bus:Director2 1 2023-01-01 2023-12-31 08176741 countries:England 2023-01-01 2023-12-31 08176741 bus:FRS102 2023-01-01 2023-12-31 08176741 bus:FilletedAccounts 2023-01-01 2023-12-31 08176741 2023-12-31 08176741 core:WithinOneYear 2023-12-31 08176741 core:AfterOneYear 2023-12-31 08176741 core:ShareCapital 2023-12-31 08176741 core:OtherReservesSubtotal 2023-12-31 08176741 core:RetainedEarningsAccumulatedLosses 2023-12-31 08176741 core:LandBuildings 2023-12-31 08176741 core:PlantMachinery 2023-12-31 08176741 core:Vehicles 2023-12-31 08176741 core:RevaluationReserve 2023-12-31 08176741 core:AllPeriods 2023-12-31 08176741 bus:Director1 1 2023-12-31 08176741 bus:Director2 1 2023-12-31 08176741 2022-12-31 08176741 core:LandBuildings 2022-12-31 08176741 core:PlantMachinery 2022-12-31 08176741 core:Vehicles 2022-12-31 08176741 core:RevaluationReserve 2022-12-31 08176741 bus:Director1 1 2022-12-31 08176741 bus:Director2 1 2022-12-31 iso4217:GBP xbrli:pure