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REGISTERED NUMBER: 04984276 (England and Wales)





GILL ASSOCIATES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GILL ASSOCIATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr L Leivers
Miss L Leivers



SECRETARY: Miss L Leivers



REGISTERED OFFICE: 7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



REGISTERED NUMBER: 04984276 (England and Wales)



ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



BANKERS: Lloyds Bank plc
Old Market Square
Nottingham
Nottinghamshire

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,845,437 2,865,479

CURRENT ASSETS
Debtors 6 189,882 54,596
Cash at bank 13,748 19,483
203,630 74,079
CREDITORS
Amounts falling due within one year 7 508,852 448,824
NET CURRENT LIABILITIES (305,222 ) (374,745 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,540,215

2,490,734

CREDITORS
Amounts falling due after more than one
year

8

(400,444

)

(413,023

)

PROVISIONS FOR LIABILITIES (27,696 ) (29,519 )
NET ASSETS 2,112,075 2,048,192

CAPITAL AND RESERVES
Called up share capital 10 108 108
Revaluation reserve 11 2,251,764 2,251,764
Retained earnings (139,797 ) (203,680 )
SHAREHOLDERS' FUNDS 2,112,075 2,048,192

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 30 September 2024 and were signed on its behalf by:





Miss L Leivers - Director


GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Gill Associates Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the value excluding Value Added Tax of rental premiums of property and machinery provided to customers during the year. In respect of the rent provided, all income is taken to profit and loss at the same point as the right to receive consideration has been acquired.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 25% on reducing balance
Motor vehicles - 20% straight line

Land and buildings are accounted for under the revaluation model and depreciated on an annual basis, this is then reviewed against fair value at the balance sheet date.

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 balance sheet date.

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 4 ) .

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 2,676,574 520,776 70,345 3,267,695
Additions - 37,522 - 37,522
At 31 December 2023 2,676,574 558,298 70,345 3,305,217
DEPRECIATION
At 1 January 2023 - 336,345 65,871 402,216
Charge for year 50,675 55,495 2,069 108,239
Revaluation adjustments (50,675 ) - - (50,675 )
At 31 December 2023 - 391,840 67,940 459,780
NET BOOK VALUE
At 31 December 2023 2,676,574 166,458 2,405 2,845,437
At 31 December 2022 2,676,574 184,431 4,474 2,865,479

Included in cost or valuation of land and buildings is freehold land of £ 139,594 (2022 - £ 139,594 ) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2013 397,354 - - 397,354
Valuation in 2018 1,854,409 - - 1,854,409
Cost 424,811 558,298 70,345 1,053,454
2,676,574 558,298 70,345 3,305,217

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 424,811 424,811
Aggregate depreciation 10,182 10,182

Value of land in freehold land and buildings 139,594 139,594

Freehold land and buildings were valued on an open market basis on 11 October 2018 by Colliers International Valuation UK LLP .

The land and buildings were revalued by the directors in the year at £2,676,574.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 55,076 32,855
Amounts owed by related party 17,267 14,076
Other debtors 117,539 7,545
Prepayments and accrued income - 120
189,882 54,596

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,476 24,876
Other loans 22,777 22,777
Hire purchase contracts 34,413 34,413
Trade creditors 24,674 14,306
Amounts owed to related party 100 -
Corporation tax 60,774 22,271
VAT 89,744 93,158
Directors' current accounts 149,170 192,561
Accruals and deferred income 96,724 44,462
508,852 448,824

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 30,476 24,876
Bank loans - 2-5 years 64,086 51,303
Bank loans more 5 yr by instal 7,058 27,978
Other loans - 1-2 years 60,900 53,293
Hire purchase contracts 237,924 255,573
400,444 413,023

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,058 27,978

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 132,096 129,033
Other loans 83,677 76,070
Hire purchase contracts 272,337 289,986
488,110 495,089

Amounts owed on hire purchase are secured against the related asset. Bank loans are secured by the directors personally and the mortgage is secured against the property it relates to.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
4 Ordinary A £1 4 4
4 Ordinary B £1 4 4
108 108

11. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 2,251,764

12. CAPITAL COMMITMENTS

The company had no capital commitments or contingent liabilities at the balance sheet date.

GILL ASSOCIATES LTD (REGISTERED NUMBER: 04984276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. RELATED PARTY DISCLOSURES

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.

During the year the company gave financial assistance to a company under common control of £3,391 (2022 - £7,600).

At the balance sheet date the amounts due from related parties was £17,267, (2022 - £14,076) and amounts owed to related parties was £100 (2022: £NIL).