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REGISTERED NUMBER: 04283394 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Gilchrist's Confectionery Limited

Gilchrist's Confectionery Limited (Registered number: 04283394)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Gilchrist's Confectionery Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: P A Gilchrist
A Gilchrist
N J Gilchrist
M W Gilchrist





REGISTERED OFFICE: 4c Willowtree
Alnwick
Northumberland
NE66 2HA





REGISTERED NUMBER: 04283394 (England and Wales)





ACCOUNTANTS: Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Gilchrist's Confectionery Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gilchrist's Confectionery Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Gilchrist's Confectionery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gilchrist's Confectionery Limited and state those matters that we have agreed to state to the Board of Directors of Gilchrist's Confectionery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gilchrist's Confectionery Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gilchrist's Confectionery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gilchrist's Confectionery Limited. You consider that Gilchrist's Confectionery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gilchrist's Confectionery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS


Date: .............................................

Gilchrist's Confectionery Limited (Registered number: 04283394)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 399,626 366,281

CURRENT ASSETS
Stocks 92,008 85,023
Debtors 5 90,087 110,468
Cash at bank and in hand 132,894 214,173
314,989 409,664
CREDITORS
Amounts falling due within one year 6 420,882 494,843
NET CURRENT LIABILITIES (105,893 ) (85,179 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

293,733

281,102

CREDITORS
Amounts falling due after more than one
year

7

(151,984

)

(149,344

)

PROVISIONS FOR LIABILITIES (54,273 ) (47,938 )
NET ASSETS 87,476 83,820

Gilchrist's Confectionery Limited (Registered number: 04283394)

Balance Sheet - continued
31 January 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 87,474 83,818
SHAREHOLDERS' FUNDS 87,476 83,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 5 September 2024 and were signed on its behalf by:





P A Gilchrist - Director


Gilchrist's Confectionery Limited (Registered number: 04283394)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Gilchrist's Confectionery 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.

The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest pound.

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

Turnover is derived from festivals and events and is measured by the amount of sales at the end of each event. Wholesale is the sale of goods exported and is measured at the point the goods are sent to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Amortisation is not provided.
Plant and machinery etc - 25% on reducing balance per annum and 15% on reducing balance per annum

Tangible assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all costs of purchases and other costs incurred in bringing the stock to its present condition.


Gilchrist's Confectionery Limited (Registered number: 04283394)

Notes to the Financial Statements - continued
for the Year Ended 31 January 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 balance sheet date.

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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

The aggregate benefit of any lease incentives are spread over the the lease term on a straight line basis.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently amortised cost, net of impairment.

Gilchrist's Confectionery Limited (Registered number: 04283394)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised costs using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 31 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 113,979 858,897 972,876
Additions - 88,136 88,136
At 31 January 2024 113,979 947,033 1,061,012
DEPRECIATION
At 1 February 2023 - 606,595 606,595
Charge for year - 54,791 54,791
At 31 January 2024 - 661,386 661,386
NET BOOK VALUE
At 31 January 2024 113,979 285,647 399,626
At 31 January 2023 113,979 252,302 366,281

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 90,087 110,468

Gilchrist's Confectionery Limited (Registered number: 04283394)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,199 40,199
Hire purchase contracts 4,210 6,246
Trade creditors 231,616 263,059
Taxation and social security 65,391 112,632
Other creditors 79,466 72,707
420,882 494,843

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 101,758 142,829
Hire purchase contracts 50,226 6,515
151,984 149,344

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,455 62,526

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 141,957 183,028
Hire purchase contracts 54,436 12,761
196,393 195,789

The bank overdraft is secured on the freehold land and by a guarantee by the director.

The finance leases are secured on the assets concerned.